Debt Service - All Funds
FY2023 Annual Budget
Long-Term Debt Analysis - All Funds
Rapid growth challenges the City’s ability to meet the service demands of residents. There is a time lag between demands of growth and the corresponding increase in revenues collected from taxes, fees, etc. This produces a need to finance public facilities by the issuance of bonded debt or by some other financing vehicle. The City’s debt management policy is detailed in the Financial and Budgetary Policy section of this document. As capital needs of the community are identified, the Director of Finance will recommend to management and council how to meet these needs. When debt financing is selected as a means to meet community needs, the Director of Finance will ensure that the City complies with all bond debt covenants.
Comparison of Total Debt Service Payments for the Corresponding Fiscal Years Presented
Summary Schedule Debt Service by Type
Description
General/Certificate Obligation Bond Fund
General Obligation Bonds
Certificates of Obligation Bonds
Water/Wastewater Fund
Water Revenue Bonds
Total Debt - All Funds
Outstanding Principal Principal
09/30/22 Addition Reduction
$34,380,000 $ - $ 7,045,000
9,165,000 650,000
$43,545,000 $ - $ 7,965,000
$ 35,405,000 $ - $ 4,755,000
$ 35,405,000 $ - $ 4,755,000
$78,950,000 $ - $ 12,720,000
Outstanding Interest
09/30/23 Payments
$27,335,000 $ 1,349,528
8,515,000 315,274
$35,850,000 $ 1,664,802
$30,650,000 $ 1,369,950
$30,650,000 $ 1,369,950
$66,500,000 $ 3,034,752
Computation of Legal Debt Margin
Article XI, Section 5, of the Texas Constitution limits the maximum amount that a city can designate for debt service to $2.50 per $100 of assessed valuation. Under City Charter, a limitation on taxes levied for general municipal operating purposes and for the purpose of paying interest and providing a proper sinking fund for paying the outstanding bonds and other obligations of the City, issued for municipal purposes, and any such future bonds or obligations which may be authorized, may not exceed $2.00 per $100 assessed valuation. As a matter of policy, the Attorney General of Texas, in his statutorily required examination of legal proceedings had in the issuance of bonds of a city having a $2.50 tax rate, will not approve the issuance of bonds where total debt service of all tax supported debt requires a tax rate of more than $1.50 per
$100 assessed valuation after making allowance for 10% delinquency in collections.
Assessed value, 2022 tax roll $ 5,150,095,746
Limit on amount designated for debt service
per $100 assessed valuation x $ 1.50
Legal debt service limit $ 77,251,436
Actual amount to be expended by Debt
Service fund for general obligation
debt service during the year ended
September 30, 2022 $15,484,752
Tax Rates - Last Ten Fiscal Years
Fiscal Tax Rate
Year M & O I & S Total
2014 0.3490 0.2506 0.5996
2015 0.3334 0.2506 0.5840
2016 0.3265 0.2446 0.5711
2017 0.3385 0.2507 0.5892
2018 0.3426 0.2526 0.5952
2019 0.3597 0.2627 0.6224
2020 0.3617 0.2498 0.6115
2021 0.3658 0.2457 0.6115
2022 0.3506 0.2376 0.5882
2023 0.3455 0.2127 0.5582
General Obligation Bonds and Combination Tax & Revenue Certificates of Obligation
Schedule of General /Certificate Debt Service by Type
Outstanding Principal Principal Outstanding Interest
09/30/22 Addition Reduction 09/30/23 Payments
Description of Series
General Obligations
General Obligation Refunding Bonds, Series 2012 $ 385,000 $ - $ 385,000 $ - $ 8,662
General Obligation Refunding Bonds, Series 2013A 3,825,000 - 915,000 2,910,000 114,750
General Obligation Refunding Bonds, Series 2013B 1,250,000 - 1,250,000 - 37,500
General Obligation Refunding Bonds, Series 2015 6,355,000 - 1,320,000 5,035,000 233,250
General Obligation Refunding Bonds, Series 2017 15,605,000 - 1,520,000 14,085,000 714,250
General Obligation Refunding Bonds, Series 2019 5,720,000 - 415,000 5,305,000 227,600
General Obligation Refunding Bonds, Series 2020 1,240,000 - 1,240,000 - 13,516
$ 34,380,000 $ - $ 7,045,000 $ 27,335,000 $ 1,349,528
Certificates of Obligation
Certificates of Obligation, Series 2012 1,690,000 - 190,000 1,500,000 57,262
Certificates of Obligation, Series 2014 3,950,000 - 270,000 3,680,000 142,362
Certificates of Obligation, Series 2015 1,795,000 - 110,000 1,685,000 63,525
Certificates of Obligation, Series 2019 1,730,000 - 80,000 1,650,000 52,125
$ 9,165,000 $ - $ 650,000 $ 8,515,000 $ 315,274
Total General/Certificate Debt Service $ 43,545,000 $ - $ 7,965,000 $ 35,850,000 $ 1,664,802
Tax Data and General Obligation Bond Balance
The City Council of the City of Victoria, Texas, sets the total tax rate for the year 2023 at $0.5582 on each one hundred dollars ($100) property valuation and there is levied and shall be assessed and collected for the year 2023, an ad valorem tax of $0.5582 on each one hundred dollars ($100) of cash value thereof estimated in lawful currency of the United States on all real and personal property within the corporate limits of the City on the first day of January, 2023, and upon all franchises granted by the City to any individual, firm or corporation and upon all money and movable property removed from the City prior to said date for the purpose of evading taxation and afterwards returned to the City.
Interest and Sinking Fund Rate $ 0.2127
Maintenance and Operations Tax Rate 0.3455
$ 0.5582
Bonds Outstanding:
$3,910,000 - 2012 General Obligation Refunding Bonds due in annual installments ranging from $320,000 to $385,000 through August 15, 2023; interest varying between 2.00% and 2.250%. Proceeds to be used to refund a portion of the City's currently outstanding general obligation bonds ( C.O. Bonds, Series 2003 ), and to pay costs of issuance of the Bonds. Bond Rating: AA
$3,810,000 - 2012 Certificates of Obligation Bonds due in annual installments ranging from $145,000 to $250,000 through August 15, 2032; interest varying between 2.00% and 3.75%. Proceeds to be used to (i) construct, improve and repair City streets and sidewalks, together with landscape, drainage, utility line replacement, traffic and street signalization and lighting improvements and (ii) pay the costs associated with the issuance of the Certificates. Bond Rating: AA
$9,075,000 - 2013A General Obligation Refunding Bonds due in annual installments ranging from $170,000 to $1,000,000 through August 15, 2026; interest varying between 2.00% and 3.00%. Proceeds to be used to refund a portion of the City's currently outstanding obligations (C.O. Bonds, Series 2005) and to pay costs of issuance of the Series 2013A Bonds. Bond Rating: AA
$15,940,000 - 2013B General Obligation Refunding Bonds due in annual installments ranging from $260,000 to $1,250,000 through August 15, 2023; interest varying between 0.40% and 3.00%. Proceeds to be used to refund a portion of the City's currently outstanding obligations (G.O. Bonds, Series 2003 and G.O. Bonds, Series 2004) and to pay costs of issuance of the Series 2013B Bonds. Bond Rating: AA
$5,945,000 - 2014 Certificates of Obligation Bonds due in annual installments
ranging from $235,000 to $400,000 through August 15, 2034; interest varying
between 2.00% and 4.00%. Proceeds to be used to (i) construct, improve and
repair City streets and sidewalks, together with landscape, drainage, utility line
replacement, traffic and street signalization and lighting improvements and (ii)
pay the costs associated with the issuance of the Certificates. Bond Rating: AA
$11,770,000 - 2015 General Obligation Refunding Bonds due in annual installments ranging from $530,000 to $1,480,000 through August 15, 2027; interest varying between 2.00% and 4.00%. Proceeds to be used to refund a portion of the City's currently outstanding obligations (C.O. Bonds, Series 2006 and C.O. Bonds, Series 2007) and to pay costs of issuance of the Series 2015B Bonds. Bond Rating: AA
$2,445,000 - 2015 Certificates of Obligation Bonds due in annual installments ranging from $85,000 to $170,000 through August 15, 2035; interest varying between 3.00% and 5.00%. Proceeds to be used to (i) construct, improve and repair City streets and sidewalks, together with landscape, drainage, utility line replacement, traffic and street signalization and lighting improvements and (ii) pay the costs associated with the issuance of the Certificates. Bond Rating: AA
$21,880,000 - 2017 General Obligation Refunding Bonds due in annual installments ranging from $840,000 to $2,280,000 through August 15, 2030; interest varying between 4.00% and 5.00%. Proceeds to be used to refund a portion of the City's currently outstanding obligations (C.O. Bond Series 2009B). Bond Rating: AA
$1,960,000 - 2019 Certificates of Obligation Bonds due in annual installments ranging from $75,000 to $125,000 through August 15, 2039; interest varying between 3.00% and 4.00%. Proceeds to be used to (i) construct, improve and repair City streets and sidewalks, together with landscape, drainage, utility line replacement, traffic and street signalization and lighting improvements and (ii) pay the costs associated with the issuance of the Certificates. Bond Rating: AA
$5,750,000 - 2019 General Obligation Refunding Bonds due in annual installments ranging from $415,000 to $620,000 through August 15, 2033; interest varying between 3.00% and 5.00%. Proceeds to be used to refund a portion of the City's currently outstanding obligations (C.O. Bond Series 2009B). Bond Rating: AA
$3,690,000 - 2020 Refunded General Obligation Refunding Bonds due in annual installments ranging from $1,210,000 to $1,240,000 through August 15, 2023; interest 1.09%. Proceeds to be used to refund a portion of the City's currently outstanding obligations (G.O. Refund Bond Series 2010). Bond Rating: AA
Total Bonds Outstanding as of 10/01/2022
Principal Retirements Through September 30, 2023
Principal Additions Through September 30, 2023
Total Bonds Outstanding as of 9/30/2022:
Sinking Fund Balance as of 9/30/2022
NET BALANCE OF BONDS OUTSTANDING
$ 385,000
1,690,000
3,825,000
1,250,000
3,950,000
6,355,000
1,795,000
15,605,000
1,730,000
5,720,000
1,240,000
$ 43,545,000
(7,695,000)
-
$ 35,850,000
(1,104,162)
$ 34,745,838
Summary of Debt Service Charges to Maturity General Obligation Bonds and Tax & Revenue Certificates of Obligation
Fiscal Year
Ending
September 30
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Total
Requirements Interest Principal
9,359,802.00 1,664,802.00 7,695,000.00
6,549,624.00 1,419,624.00 5,130,000.00
6,570,580.00 1,205,580.00 5,365,000.00
6,565,580.00 980,580.00 5,585,000.00
4,780,556.00 745,556.00 4,035,000.00
3,986,842.00 571,842.00 3,415,000.00
3,980,792.00 435,792.00 3,545,000.00
3,965,468.00 305,468.00 3,660,000.00
1,355,875.00 170,875.00 1,185,000.00
1,356,913.00 131,913.00 1,225,000.00
1,356,425.00 91,425.00 1,265,000.00
719,375.00 49,375.00 670,000.00
309,225.00 24,225.00 285,000.00
129,550.00 14,550.00 115,000.00
131,100.00 11,100.00 120,000.00
132,500.00 7,500.00 125,000.00
128,750.00 3,750.00 125,000.00
$51,378,957.00 $7,833,957.00 $43,545,000.00
Balance of
Principal
Outstanding
43,545,000.00
35,850,000.00
30,720,000.00
25,355,000.00
19,770,000.00
15,735,000.00
12,320,000.00
8,775,000.00
5,115,000.00
3,930,000.00
2,705,000.00
1,440,000.00
770,000.00
485,000.00
370,000.00
250,000.00
125,000.00
0.00
Bond Maturity Schedule Requirements to Retire
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 385,000.00
2023 393,662.50 4,331.25 4,331.25 385,000.00 0.00
CERTIFICATES OF OBLIGATION, SERIES 2012
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 1,690,000.00
2023 265,825.00 37,912.50 37,912.50 190,000.00 1,500,000.00
2024 265,125.00 35,062.50 35,062.50 195,000.00 1,305,000.00
2025 264,031.26 32,015.63 32,015.63 200,000.00 1,105,000.00
2026 262,531.26 28,765.63 28,765.63 205,000.00 900,000.00
2027 265,356.26 25,178.13 25,178.13 215,000.00 685,000.00
2028 262,831.26 21,415.63 21,415.63 220,000.00 465,000.00
2029 265,131.26 17,565.63 17,565.63 230,000.00 235,000.00
2030 262,081.26 13,540.63 13,540.63 235,000.00 0.00
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013A
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 3,825,000.00
2023 1,029,750.00 57,375.00 57,375.00 915,000.00 2,910,000.00
2024 1,027,300.00 43,650.00 43,650.00 940,000.00 1,970,000.00
2025 1,029,100.00 29,550.00 29,550.00 970,000.00 1,000,000.00
2026 1,030,000.00 15,000.00 15,000.00 1,000,000.00 0.00
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013B
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 1,250,000.00
2023 1,287,500.00 18,750.00 18,750.00 1,250,000.00 0.00
CERTIFICATES OF OBLIGATION, SERIES 2014
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 3,950,000.00
2023 412,362.50 71,181.25 71,181.25 270,000.00 3,680,000.00
2024 414,262.50 67,131.25 67,131.25 280,000.00 3,400,000.00
2025 415,862.50 62,931.25 62,931.25 290,000.00 3,110,000.00
2026 414,262.50 57,131.25 57,131.25 300,000.00 2,810,000.00
2027 412,262.50 51,131.25 51,131.25 310,000.00 2,500,000.00
2028 412,575.00 46,287.50 46,287.50 320,000.00 2,180,000.00
2029 412,175.00 41,087.50 41,087.50 330,000.00 1,850,000.00
2030 411,450.00 35,725.00 35,725.00 340,000.00 1,510,000.00
2031 415,400.00 30,200.00 30,200.00 355,000.00 1,155,000.00
2032 416,200.00 23,100.00 23,100.00 370,000.00 785,000.00
2033 416,400.00 15,700.00 15,700.00 385,000.00 400,000.00
2034 416,000.00 8,000.00 8,000.00 400,000.00 0.00
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2015
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 6,355,000.00
2023 1,553,250.00 116,625.00 116,625.00 1,320,000.00 5,035,000.00
2024 1,553,650.00 96,825.00 96,825.00 1,360,000.00 3,675,000.00
2025 1,559,250.00 69,625.00 69,625.00 1,420,000.00 2,255,000.00
2026 1,562,450.00 41,225.00 41,225.00 1,480,000.00 775,000.00
2027 798,250.00 11,625.00 11,625.00 775,000.00 0.00
CERTIFICATES OF OBLIGATION, SERIES 2015
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 1,795,000.00
2023 173,525.00 31,762.50 31,762.50 110,000.00 1,685,000.00
2024 173,025.00 29,012.50 29,012.50 115,000.00 1,570,000.00
2025 172,275.00 26,137.50 26,137.50 120,000.00 1,450,000.00
2026 173,675.00 24,337.50 24,337.50 125,000.00 1,325,000.00
2027 174,925.00 22,462.50 22,462.50 130,000.00 1,195,000.00
2028 176,025.00 20,512.50 20,512.50 135,000.00 1,060,000.00
2029 176,975.00 18,487.50 18,487.50 140,000.00 920,000.00
2030 172,775.00 16,387.50 16,387.50 140,000.00 780,000.00
2031 173,400.00 14,200.00 14,200.00 145,000.00 635,000.00
2032 173,688.00 11,844.00 11,844.00 150,000.00 485,000.00
2033 173,625.00 9,312.50 9,312.50 155,000.00 330,000.00
2034 173,200.00 6,600.00 6,600.00 160,000.00 170,000.00
2035 176,800.00 3,400.00 3,400.00 170,000.00 0.00
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 15,605,000.00
2023 2,234,250.00 357,125.00 357,125.00 1,520,000.00 14,085,000.00
2024 2,368,250.00 319,125.00 319,125.00 1,730,000.00 12,355,000.00
2025 2,376,750.00 275,875.00 275,875.00 1,825,000.00 10,530,000.00
2026 2,375,500.00 230,250.00 230,250.00 1,915,000.00 8,615,000.00
2027 2,379,750.00 182,375.00 182,375.00 2,015,000.00 6,600,000.00
2028 2,384,000.00 132,000.00 132,000.00 2,120,000.00 4,480,000.00
2029 2,379,200.00 89,600.00 89,600.00 2,200,000.00 2,280,000.00
2030 2,371,200.00 45,600.00 45,600.00 2,280,000.00 0.00
CERTIFICATES OF OBLIGATION, SERIES 2019
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 1,730,000.00
2023 132,125.00 26,062.50 26,062.50 80,000.00 1,650,000.00
2024 129,725.00 24,862.50 24,862.50 80,000.00 1,570,000.00
2025 131,525.00 23,262.50 23,262.50 85,000.00 1,485,000.00
2026 128,125.00 21,562.50 21,562.50 85,000.00 1,400,000.00
2027 129,725.00 19,862.50 19,862.50 90,000.00 1,310,000.00
2028 131,125.00 18,062.50 18,062.50 95,000.00 1,215,000.00
2029 128,275.00 16,637.50 16,637.50 95,000.00 1,120,000.00
2030 130,425.00 15,212.50 15,212.50 100,000.00 1,020,000.00
2031 127,925.00 13,962.50 13,962.50 100,000.00 920,000.00
2032 130,425.00 12,712.50 12,712.50 105,000.00 815,000.00
2033 127,800.00 11,400.00 11,400.00 105,000.00 710,000.00
2034 130,175.00 10,087.50 10,087.50 110,000.00 600,000.00
2035 132,425.00 8,712.50 8,712.50 115,000.00 485,000.00
2036 129,550.00 7,275.00 7,275.00 115,000.00 370,000.00
2037 131,100.00 5,550.00 5,550.00 120,000.00 250,000.00
2038 132,500.00 3,750.00 3,750.00 125,000.00 125,000.00
2039 128,750.00 1,875.00 1,875.00 125,000.00 0.00
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2019
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 5,720,000.00
2023 642,600.00 113,800.00 113,800.00 415,000.00 5,305,000.00
2024 636,850.00 103,425.00 103,425.00 430,000.00 4,875,000.00
2025 640,350.00 92,675.00 92,675.00 455,000.00 4,420,000.00
2026 637,600.00 81,300.00 81,300.00 475,000.00 3,945,000.00
2027 638,850.00 69,425.00 69,425.00 500,000.00 3,445,000.00
2028 638,850.00 56,925.00 56,925.00 525,000.00 2,920,000.00
2029 637,600.00 43,800.00 43,800.00 550,000.00 2,370,000.00
2030 636,100.00 35,550.00 35,550.00 565,000.00 1,805,000.00
2031 639,150.00 27,075.00 27,075.00 585,000.00 1,220,000.00
2032 636,600.00 18,300.00 18,300.00 600,000.00 620,000.00
2033 638,600.00 9,300.00 9,300.00 620,000.00 0.00
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2020
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements February 15th August 15th August 15th Outstanding
$ 1,240,000.00
2023 1,253,516.00 6,758.00 6,758.00 1,240,000.00 0.00
General Obligation Bonds and Certifications of Obligation Paying Agents
2012 General Obligation Refunding Bonds
2012 Certificates of Obligation
2013A General Obligation Refunding Bonds
2013B General Obligation Refunding Bonds
2014 Certificates of Obligation
2015 General Obligation Refunding Bonds
2015 Certificates of Obligation
2017 General Obligation Refunding Bonds
2019 Certificates of Obligation
2019 General Obligation Refunding Bonds
2020 General Obligation Refunding Bonds
Wilmington Trust, NA
15950 North Dallas Parkway, Suite 550
Dallas, Texas 75248
Phone number 972-383-3154
Utility System Revenue & Refunding Bonds
Schedule of Utility System Debt Service by Type
Outstanding Principal Principal Outstanding Interest
09/30/22 Addition Reduction 09/30/23 Payments
Description of Series
Water Revenue Bonds
Utility System Revenue Bonds, Series 2014 $ 2,475,000 $ - $ 785,000 $ 1,690,000 $ 104,125
Utility System Revenue Refunding Bonds, Series 2015 2,155,000 - 330,000 1,825,000 67,150
Utility System Revenue Refunding Bonds, Series 2016 6,060,000 - 2,285,000 3,775,000 158,050
Utility System Revenue Refunding Bonds, Series 2017 15,170,000 - 610,000 14,560,000 716,400
Utility System Revenue Refunding Bonds, Series 2021 4,025,000 - 570,000 3,455,000 103,500
Utility System Revenue Bonds, Series 2022 5,520,000 - 175,000 5,345,000 220,725
Total Utility System Debt Service $ 35,405,000 $ - $ 4,755,000 $ 30,650,000 $ 1,369,950
Utility System Revenue & Refunding Bond Balance
Outstanding Bonds:
$19,425,000 - Utility System Revenue Bonds, Series 2014 due in annual installments ranging from $625,000 to $1,430,000 through December 1, 2034; interest varying between 2.00% and 5.00%. Proceeds to be used to (i) acquire, construct, improve, enlarge or equip the City's combined utility system, and (ii) to pay the costs of issuance of the Bonds. Bond Rating: AA-
$4,620,000 - Utility System Revenue Refunding Bonds, Series 2015 due in annual installments ranging from $50,000 to $750,000 through December 1, 2027; interest varying between 2.00% and 4.00%. Proceeds to be used to refund a portion of the City's outstanding bonds (Utility System Revenue and Refunding Bonds, Series 2007) and to pay the costs of issuance of the Bonds. Bond Rating: AA-
$9,150,000 - Utility System Revenue Refunding Bonds, Series 2016 due in annual installments ranging from $80,000 to $2,285,000 through December 1, 2027; interest varying between 2.00% and 4.00%. Proceeds to be used to refund a portion of the City's outstanding bonds (Utility System Revenue and Refunding Bonds, Series 2008, Utility System Revenue Bonds, Series 2009, and Utility System Revenue Bonds, Series 2010) and to pay the costs of issuance of the Bonds. Bond Rating: AA-
$16,760,000 - Utility System Revenue Refunding Bonds, Series 2017 due in annual installments ranging from $235,000 to $1,665,000 through December 1, 2034; interest varying between 4.00% and 5.00%. Proceeds to be used to refund a portion of the City's outstanding bonds (Utility System Revenue and Refunding Bonds, Series 2007, Utility System Revenue Bonds, Series 2010, and Utility System Revenue Bonds, Series 2014) and to pay the costs of issuance of the Bonds. Bond Rating: AA-
$4,025,000 - Utility System Revenue Refunding Bonds, Series 2021 due in annual installments ranging from $190,000 to $640,000 through December 1, 2031; interest varying between 2.00% and 3.00%. Proceeds to be used to refund a portion of the City's outstanding bonds (Utility System Revenue Bonds, Series 2012) and to pay the costs of issuance of the Bonds. Bond Rating: AA-
$5,520,000 - Utility System Revenue Bonds, Series 2022 due in annual installments ranging from $175,000 to $385,000 through December 1, 2041; interest varying between 3.00% and 5.00%. Proceeds to be used to (i) acquire, construct, improve, enlarge or equip the City's combined utility system, and (ii) to pay the costs of issuance of the Bonds. Bond Rating: AA-
Outstanding Bonds as of 10/01/22:
Bond Principal Retirements Through September 30, 2023
Total Bonds Outstanding as of 9/30/23:
Sinking Fund Balance as of 9/30/23
NET BALANCE OF BONDS OUTSTANDING
$ 2,475,000
2,155,000
6,060,000
15,170,000
4,025,000
5,520,000
35,405,000
(4,755,000)
$ 30,650,000
-
$30,650,000
Summary of Debt Service Charges to Maturity Utility System Revenue & Refunding Bonds
Fiscal Year
Ending
September 30
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
Total
Requirements Interest Principal
6,124,950.00 1,369,950.00 4,755,000.00 4,202,350.00 1,247,350.00 2,955,000.00 4,197,300.00 1,132,300.00 3,065,000.00 4,204,175.00 999,175.00 3,205,000.00 4,205,325.00 860,325.00 3,345,000.00 3,739,150.00 724,150.00 3,015,000.00 2,552,400.00 612,400.00 1,940,000.00 2,547,150.00 517,150.00 2,030,000.00 2,547,250.00 417,250.00 2,130,000.00 2,012,525.00 327,525.00 1,685,000.00 1,786,975.00 251,975.00 1,535,000.00 1,787,900.00 182,900.00 1,605,000.00 1,792,300.00 117,300.00 1,675,000.00
392,500.00 77,500.00 315,000.00
394,600.00 64,600.00 330,000.00
391,200.00 51,200.00 340,000.00
394,075.00 39,075.00 355,000.00
393,275.00 28,275.00 365,000.00
392,175.00 17,175.00 375,000.00
390,775.00 5,775.00 385,000.00
$44,448,350.00 $9,043,350.00 $35,405,000.00
Balance of
Principal
Outstanding
35,405,000.00
30,650,000.00
27,695,000.00
24,630,000.00
21,425,000.00
18,080,000.00
15,065,000.00
13,125,000.00
11,095,000.00
8,965,000.00
7,280,000.00
5,745,000.00
4,140,000.00
2,465,000.00
2,150,000.00
1,820,000.00
1,480,000.00
1,125,000.00
760,000.00
385,000.00
0.00
Bond Maturity Schedule Requirements to Retire
UTILITY SYSTEM REVENUE BONDS, SERIES 2014
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements December 1st June 1st December 1st Outstanding
$ 2,475,000.00
2023 889,125.00 61,875.00 42,250.00 785,000.00 1,690,000.00
2024 888,875.00 42,250.00 21,625.00 825,000.00 865,000.00
2025 886,625.00 21,625.00 0.00 865,000.00 0.00
UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2015
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements December 1st June 1st December 1st Outstanding
$ 2,155,000.00
2023 397,150.00 36,050.00 31,100.00 330,000.00 1,825,000.00
2024 397,100.00 31,100.00 26,000.00 340,000.00 1,485,000.00
2025 396,750.00 26,000.00 20,750.00 350,000.00 1,135,000.00
2026 399,200.00 20,750.00 13,450.00 365,000.00 770,000.00
2027 399,300.00 13,450.00 5,850.00 380,000.00 390,000.00
2028 395,850.00 5,850.00 0.00 390,000.00 0.00
UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2016
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements December 1st June 1st December 1st Outstanding
$ 6,060,000.00
2023 2,443,050.00 90,450.00 67,600.00 2,285,000.00 3,775,000.00
2024 917,300.00 67,600.00 59,700.00 790,000.00 2,985,000.00
2025 506,500.00 59,700.00 51,800.00 395,000.00 2,590,000.00
2026 931,700.00 51,800.00 34,900.00 845,000.00 1,745,000.00
2027 932,200.00 34,900.00 17,300.00 880,000.00 865,000.00
2028 882,300.00 17,300.00 0.00 865,000.00 0.00
UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2017
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements December 1st June 1st December 1st Outstanding
$ 15,170,000.00
2023 1,326,400.00 365,825.00 350,575.00 610,000.00 14,560,000.00
2024 930,275.00 350,575.00 344,700.00 235,000.00 14,325,000.00
2025 1,342,650.00 344,700.00 327,950.00 670,000.00 13,655,000.00
2026 1,806,400.00 327,950.00 298,450.00 1,180,000.00 12,475,000.00
2027 1,801,025.00 298,450.00 267,575.00 1,235,000.00 11,240,000.00
2028 1,851,400.00 267,575.00 233,825.00 1,350,000.00 9,890,000.00
2029 1,935,025.00 233,825.00 196,200.00 1,505,000.00 8,385,000.00
2030 1,937,775.00 196,200.00 156,575.00 1,585,000.00 6,800,000.00
2031 1,936,525.00 156,575.00 114,950.00 1,665,000.00 5,135,000.00
2032 1,395,025.00 114,950.00 85,075.00 1,195,000.00 3,940,000.00
2033 1,393,775.00 85,075.00 53,700.00 1,255,000.00 2,685,000.00
2034 1,396,100.00 53,700.00 27,400.00 1,315,000.00 1,370,000.00
2035 1,397,400.00 27,400.00 0.00 1,370,000.00 0.00
UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2021
Fiscal Year Balance of
Ending Total Interest Interest Principal Principal
September 30 Requirements December 1st June 1st December 1st Outstanding
$ 4,025,000.00
2023 673,500.00 54,600.00 48,900.00 570,000.00 3,455,000.00
2024 676,950.00 48,900.00 43,050.00 585,000.00 2,870,000.00
2025 672,175.00 43,050.00 34,125.00 595,000.00 2,275,000.00
2026 674,025.00 34,125.00 24,900.00 615,000.00 1,660,000.00
2027 680,200.00 24,900.00 15,300.00 640,000.00 1,020,000.00
2028 217,750.00 15,300.00 12,450.00 190,000.00 830,000.00
2029 221,900.00 12,450.00 9,450.00 200,000.00 630,000.00
2030 215,900.00 9,450.00 6,450.00 200,000.00 430,000.00
2031 219,750.00 6,450.00 3,300.00 210,000.00 220,000.00
2032 223,300.00 3,300.00 0.00 220,000.00 0.00
Utility System Revenue & Refunding Paying Agents
2014 Utility System Revenue Bonds
2015 Utility System Revenue Refunding Bonds
2016 Utility System Revenue Refunding Bonds
2017 Utility System Revenue Refunding Bonds
2021 Utility System Revenue Refunding Bonds
2022 Utility System Revenue Bonds
Wilmington Trust, NA
15950 North Dallas Parkway, Suite 550
Dallas, Texas 75248
Phone number 972-383-3154
City