Debt Service - All Funds

FY2022 Adopted 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/Wastewaster Fund


Water Revenue Bonds



Total Debt - All Funds

Outstanding Principal Principal

09/30/21 Addition Reduction




$40,815,000 $ - $ 6,435,000

10,690,000 1,525,000

$51,505,000 $ - $ 7,960,000




$ 35,845,000 $ - $ 5,785,000

$ 35,845,000 $ - $ 5,785,000


$87,350,000 $ - $ 13,745,000

Outstanding Interest

09/30/22 Payments




$34,375,000 $ 1,557,270

9,165,000 370,597

$43,540,000 $ 1,927,867




$30,060,000 $ 1,335,088

$30,060,000 $ 1,335,088


$73,605,000 $ 3,262,955


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, 2021 tax roll $ 4,678,294,583

Limit on amount designated for debt service

per $100 assessed valuation x $ 1.50


Legal debt service limit $ 70,174,419


Actual amount to be expended by Debt

Service fund for general obligation

debt service during the year ended

September 30, 2022 $ 9,887,867


Tax Rates - Last Ten Fiscal Years

Fiscal Tax Rate

Year M & O I & S Total

2013 0.3550 0.2506 0.6056


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


General Obligation Bonds and Combination Tax & Revenue Certificates of Obligation

Schedule of General /Certificate Debt Service by Type

Outstanding Principal Principal Outstanding Interest

09/30/21 Addition Reduction 09/30/22 Payments

Description of Series



General Obligations


General Obligation Refunding Bonds, Series 2012 $ 765,000 $ - $ 380,000 $ 385,000 $ 16,738

General Obligation Refunding Bonds, Series 2013A 4,685,000 - 860,000 3,825,000 140,550

General Obligation Refunding Bonds, Series 2013B 2,485,000 - 1,235,000 1,250,000 74,550

General Obligation Refunding Bonds, Series 2015 7,625,000 - 1,270,000 6,355,000 284,050

General Obligation Refunding Bonds, Series 2017 17,055,000 - 1,450,000 15,605,000 786,750

General Obligation Refunding Bonds, Series 2019 5,720,000 - - 5,720,000 227,600

General Obligation Refunding Bonds, Series 2020 2,480,000 - 1,240,000 1,240,000 27,032


$ 40,815,000 $ - $ 6,435,000 $ 34,380,000 $ 1,557,270



Certificates of Obligation


Certificates of Obligation, Series 2012 2,370,000 495,000 680,000 1,690,000 81,375

Certificates of Obligation, Series 2013 400,000 - 400,000 - 15,760

Certificates of Obligation, Series 2014 4,215,000 - 265,000 3,950,000 150,313

Certificates of Obligation, Series 2015 1,900,000 - 105,000 1,795,000 68,775

Certificates of Obligation, Series 2019 1,805,000 - 75,000 1,730,000 54,375

$ 10,690,000 $ 495,000 $ 1,525,000 $ 9,165,000 $ 370,598



Total General/Certificate Debt Service $ 51,505,000 $ 495,000 $ 7,960,000 $ 43,545,000 $ 1,927,868


Tax Data and General Obligation Bond Balance

The City Council of the City of Victoria, Texas, sets the total tax rate for the year 2022 at $0.5882 on each one hundred dollars ($100) property valuation and there is levied and shall be assessed and collected for the year 2022, an ad valorem tax of $0.5882 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, 2021, 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 $ 0.2376

Maintenance and Operations Tax Rate 0.3506

$ 0.5882

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


$9,095,000 2013 Certificates of Obligation Bonds due in annual installments

ranging from $345,000 to $675,000 through August 15, 2033; interest varying

between 3.00% and 4.49%. 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


$5,945,000 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 10/01/2021


Principal Retirements Through September 30, 2022


Principal Additions Through September 30, 2022


Total Bonds Outstanding as of 9/30/2022:

Sinking Fund Balance as of 9/30/2022


NET BALANCE OF BONDS OUTSTANDING

$ 765,000






2,370,000







4,685,000






2,485,000







400,000







4,215,000







7,625,000







1,900,000







17,055,000





1,805,000







5,720,000





2,480,000





$ 51,505,000


(7,965,000)


-


$ 43,540,000

(1,004,543)


$ 42,535,457

Summary of Debt Service Charges to Maturity General Obligation Bonds and Tax & Revenue Certificates of Obligation

Fiscal Year

Ending

September 30


2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039


Total

Requirements Interest Principal




9,887,867.00 1,927,867.00 7,960,000.00

9,378,366.00 1,683,366.00 7,695,000.00

6,568,187.50 1,438,187.50 5,130,000.00

6,589,143.76 1,224,143.76 5,365,000.00

6,584,143.76 999,143.76 5,585,000.00

4,799,118.76 764,118.76 4,035,000.00

4,005,406.26 590,406.26 3,415,000.00

3,999,356.26 454,356.26 3,545,000.00

3,984,031.26 324,031.26 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



$61,415,333.56 $9,910,333.56 $51,505,000.00


Balance of

Principal

Outstanding


51,505,000.00


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


$ 765,000.00


2022 396,737.50 8,368.75 8,368.75 380,000.00 385,000.00

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

$ 2,370,000.00

2022 761,375.00 40,687.50 40,687.50 680,000.00 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

2031 0.00 0.00 0.00 0.00 0.00

2032 0.00 0.00 0.00 0.00 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


$ 4,685,000.00

2022 1,000,550.00 70,275.00 70,275.00 860,000.00 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


$ 2,485,000.00

2022 1,309,550.00 37,275.00 37,275.00 1,235,000.00 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 2013


Fiscal Year Balance of

Ending Total Interest Interest Principal Principal

September 30 Requirements February 15th August 15th August 15th Outstanding


$ 400,000.00

2022 415,760.00 7,880.00 7,880.00 400,000.00 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


$ 4,215,000.00

2022 415,312.50 75,156.25 75,156.25 265,000.00 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


$ 7,625,000.00

2022 1,554,050.00 142,025.00 142,025.00 1,270,000.00 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


$ 1,900,000.00

2022 173,775.00 34,387.50 34,387.50 105,000.00 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


$ 17,055,000.00

2022 2,236,750.00 393,375.00 393,375.00 1,450,000.00 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


$ 1,805,000.00


2022 129,375.00 27,187.50 27,187.50 75,000.00 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

2022 227,600.00 113,800.00 113,800.00 0.00 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


$ 2,480,000.00

2022 1,267,032.00 13,516.00 13,516.00 1,240,000.00 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

2013 Certificates of Obligation

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

09/30/21 Addition Reduction 09/30/22 Payments

Description of Series


Water Revenue Bonds

Utility System Revenue Bonds, Series 2010 $ 375,000 $ - $ 375,000 $ - $ 7,500

Utility System Revenue Bonds, Series 2012 4,760,000 - 560,000 4,200,000 145,513

Utility System Revenue Bonds, Series 2014 3,225,000 - 750,000 2,475,000 138,750

Utility System Revenue Bonds, Series 2015 2,905,000 - 750,000 2,155,000 83,350

Utility System Revenue Bonds, Series 2015B 560,000 - 560,000 - 11,200

Utility System Revenue Refunding Bonds, Series 2016 8,295,000 - 2,235,000 6,060,000 203,250

Utility System Revenue Refunding Bonds, Series 2017 15,725,000 - 555,000 15,170,000 745,525


Total Utility System Debt Service $ 35,845,000 $ - $ 5,785,000 $ 30,060,000 $ 1,335,088


Utility System Revenue & Refunding Bond Balance

Outstanding Bonds:


$7,550,000 Utility System Revenue Bonds, Series 2010 due in annual installments ranging from $270,000 to $530,000 through December 1, 2031; interest varying between 2.00% and 4.00%. 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-


$9,155,000 Utility System Revenue Bonds, Series 2012 due in annual

installments ranging from $245,000 to $410,000 through December 1, 2032;

interest varying between 2.00% and 3.75%. 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-


$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-


$7,880,000 Utility System Revenue Refunding Bonds, Series 2015B due in

annual installments ranging from $520,000 to $2,135,000 through December 1,

2022; 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 2005) 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-



Outstanding Bonds as of 10/01/21:


Bond Principal Retirements Through September 30, 2022


Total Bonds Outstanding as of 9/30/22:


Sinking Fund Balance as of 9/30/22


NET BALANCE OF BONDS OUTSTANDING



$ 375,000





4,760,000




3,225,000





2,905,000






560,000







8,295,000








15,725,000









35,845,000


(5,785,000)


$ 30,060,000


-


$30,060,000

Summary of Debt Service Charges to Maturity Utility System Revenue & Refunding Bonds

Fiscal Year

Ending

September 30


2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Total

Requirements Interest Principal




7,120,087.50 1,335,087.50 5,785,000.00 5,759,212.50 1,174,212.50 4,585,000.00 3,839,487.50 1,054,487.50 2,785,000.00 3,835,006.25 945,006.25 2,890,000.00 3,840,012.50 820,012.50 3,020,000.00 3,838,946.88 688,946.88 3,150,000.00 3,376,375.01 561,375.01 2,815,000.00 2,184,456.26 459,456.26 1,725,000.00 2,184,418.76 374,418.76 1,810,000.00 2,184,971.88 284,971.88 1,900,000.00 1,644,618.75 204,618.75 1,440,000.00 1,393,775.00 138,775.00 1,255,000.00 1,396,100.00 81,100.00 1,315,000.00 1,397,400.00 27,400.00 1,370,000.00

$43,994,868.79 $8,149,868.79 $35,845,000.00


Balance of

Principal

Outstanding


35,845,000.00


30,060,000.00

25,475,000.00

22,690,000.00

19,800,000.00

16,780,000.00

13,630,000.00

10,815,000.00

9,090,000.00

7,280,000.00

5,380,000.00

3,940,000.00

2,685,000.00

1,370,000.00

0.00


Bond Maturity Schedule Requirements to Retire

UTILITY SYSTEM REVENUE BONDS, SERIES 2010


Fiscal Year Balance of

Ending Total Interest Interest Principal Principal

September 30 Requirements December 1st June 1st December 1st Outstanding


$ 375,000.00

2022 382,500.00 7,500.00 0.00 375,000.00 0.00


UTILITY SYSTEM REVENUE BONDS, SERIES 2012



Fiscal Year Balance of

Ending Total Interest Interest Principal Principal

September 30 Requirements December 1st June 1st December 1st Outstanding


$ 4,760,000.00

2022 705,512.50 76,956.25 68,556.25 560,000.00 4,200,000.00

2023 703,487.50 68,556.25 59,931.25 575,000.00 3,625,000.00

2024 705,937.50 59,931.25 51,006.25 595,000.00 3,030,000.00

2025 702,481.25 51,006.25 41,475.00 610,000.00 2,420,000.00

2026 702,712.50 41,475.00 31,237.50 630,000.00 1,790,000.00

2027 706,421.88 31,237.50 20,184.38 655,000.00 1,135,000.00

2028 246,825.01 20,184.38 16,640.63 210,000.00 925,000.00

2029 249,431.26 16,640.63 12,790.63 220,000.00 705,000.00

2030 246,643.76 12,790.63 8,853.13 225,000.00 480,000.00

2031 248,446.88 8,853.13 4,593.75 235,000.00 245,000.00

2032 249,593.75 4,593.75 0.00 245,000.00 0.00


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



$ 3,225,000.00

2022 888,750.00 76,875.00 61,875.00 750,000.00 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


$ 2,905,000.00

2022 833,350.00 47,300.00 36,050.00 750,000.00 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 2015B


Fiscal Year Balance of

Ending Total Interest Interest Principal Principal

September 30 Requirements December 1st June 1st December 1st Outstanding


$ 560,000.00

2022 571,200.00 11,200.00 0.00 560,000.00 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


$ 8,295,000.00

2022 2,438,250.00 112,800.00 90,450.00 2,235,000.00 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



$ 15,725,000.00

2022 1,300,525.00 379,700.00 365,825.00 555,000.00 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 Paying Agents

2010 Utility System Revenue Bonds

2012 Utility System Revenue Bonds

2014 Utility System Revenue Bonds

2015 Utility System Revenue Bonds

2015B Utility System Revenue Refunding Bonds

2016 Utility System Revenue Refunding Bonds

2017 Utility System Revenue Refunding Bonds



Wilmington Trust, NA

15950 North Dallas Parkway, Suite 550

Dallas, Texas 75248

Phone number 972-383-3154

City