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Tax-Supported Debt Per Capita
Debt Service per capita is calculated using the Forney Economic Development Corporation population estimate for 2017 of 19,122.
| Bond Series | Total Principal & Interest | Debt Per Capita |
|---|---|---|
| 2008 General Obligation Bonds | 15,033,713 | 786 |
| 2011 General Obligation Bonds | 3,707,913 | 194 |
| 2011 Certificates of Obligation | 4,064,347 | 213 |
| 2012 General Obligation Refunding | 1,362,821 | 71 |
| 2012 Certificates of Obligation | 1,004,125 | 53 |
| 2014 General Obligation Refunding | 1,935,044 | 101 |
| 2014 Certificates of Obligation | 6,101,206 | 319 |
| 2015 General Obligation Refunding | 11,161,688 | 584 |
| 2016 Certificates of Obligation | 3,092,903 | 162 |
| 2016 General Obligation Refunding | 8,883,375 | 465 |
| 2017 Subordinate Lien Pass-Through Toll Revenue and Limited Tax Refunding | 14,501,801 | 758 |
| 2017 Tax Notes | 2,259,568 | 118 |
| Total Tax-Supported Debt per Capita | $73,108,503 | $3,823 |
| Remaining TxDOT Pass-Through Payments to the City | (20,959,057) | (1,096) |
| City's Remaining Obligation for Pass-Through Toll Bonds (2008 and 2017) | 8,576,457 | NA |
| Total Per Capita Debt adjusted for Pass-Through Program | $52,149,446 | $2,727 |
Click on the tabs to see detailed payment schedules for all general bond series.
- 2008 GO Bonds
- 2011 GO Refunding
- 2011 Combo CO
- 2012 GO Refunding
- 2012 CO
- 2014 GO Refunding
- 2014 CO
- 2015 GO Refunding
- 2016 CO
- 2016 GO Refunding
- 2017 Refunding
- 2017 Tax Notes
2008 General Obligation Bonds
Original Issue Amount: $39,605,000
Original Date of Issue: July 15, 2008
Maturity Date: August 15, 2033
Use of Bond Proceeds
Proceeds from the sale of the Bonds will be used to (i) provide funds for the design, development, construction, extension, expansion and/or improvement of certain state highway facilities and roadways located within the City and as more specifically described in the {Pass Through} Agreement, (ii) pay interest on the Bonds for the period authorized by State law, and (iii) pay the costs of issuance on the Bonds...
Initial Design of Three Pass-Through Toll Projects
Total Project Cost: $9,598,084
2008 Bond Allocation: $8,687,712
Completion Date: March 2013
FM 548 at US Highway 80 Roadway Reconstruction & Widening
Total Project Cost: $14,818,921
2008 Bond Allocation: $8,867,416
Completion Date: October 2015
FM 740 Roadway Reconstruction & Widening
Total Project Cost: $7,084,333
2008 Bond Allocation: $4,889,896
Completion Date: May 2016
FM 741 Roadway Reconstruction & Widening
Total Project Cost: $13,604,976
2008 Bond Allocation: $13,604,976
Completion Date: October 2015
Bond Interest
Recognizing that there would be a gap between the time where bond payments became due and the time that the Texas Department of Transportation (TxDOT) began making the Pass-Through Reimbursements, $3,239,848 of the bond issue was used to decrease the annual Series 2008 Bond Payments from Fiscal Year 2009 to Fiscal Year 2012. This reduced the impact on the debt service tax rate over three years.
Bond Issuance Costs
Total Cost: $315,153
All of the proceeds from the 2008 General Obligation Bonds have been spent.
Pass-Through Toll Program: Early Redemption
The Pass-Through Toll Program is an agreement between the City and the TxDOT. With this agreement, the City sold the 2008 General Obligation Bonds to fund the expansion of three state-owned roadways within the city limits and oversaw the construction. Upon completion of the projects, responsibility for maintenance of the roadways was returned to the state and TxDOT began to reimburse the City annually.
TxDOT began making annual payments to the City in Fiscal Year 2013. This repayment is structured with a minimum annual payment and an additional accelerated portion (the amount above the guaranteed minimum annual payment) based on traffic counts. The minimum annual payment is $2,009,570. The City Council has deemed any amount above the minimum payment be held as committed fund balance and, if possible, used for early redemption in order to reduce future interest payments. As of October 2017, the City has redeemed an additional $9,184,493 resulting in $5,884,388 in interest savings.
| Early Redemption Payment History & Interest Savings | |||||
|---|---|---|---|---|---|
| Fiscal Year | Pass Through Reimbursement Amount | Amount Applied to the annual 2008 Bond Payments | Remaining Available for Early Redemption | Early Redemption | Interest Savings |
| 2013 | 3,606,373 | 2,009,570 | 1,596,803 | 1,590,000 | 1,359,450 |
| 2014 | 3,685,934 | 2,009,570 | 1,676,364 | 1,675,000 | 1,281,313 |
| 2015 | 3,901,756 | 2,009,570 | 1,892,186 | 1,890,000 | 1,260,175 |
| 2016 | 4,019,140 | 2,009,570 | 2,009,570 | 1,955,000 | 1,088,700 |
| 2017 | 4,019,140 | 2,009,570 | 2,009,570 | 1,989,475 | 894.750 |
| NA | 19,232,343 | 10,047,850 | 9,184,493 | 9,099,475 | 5,884,388 |
Refunding
The following amounts have been refunded from the 2008 General Obligation Bonds:
2011 General Obligation Refunding
Principal Amount Refunded: $1,200,000
Interest Savings: $94,825
2017 Subordinate Lien Pass-Through Toll Revenue & Limited Tax Refunding
Principal Amount Refunded: $11,465,000
Interest Savings:$1,200,000
| Series 2008 Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | 1,575,000 | 505,688 | 2,080,688 |
| 2019 | NA | 442,688 | 442,688 |
| 2020 | NA | 442,688 | 442,688 |
| 2021 | NA | 442,688 | 442,688 |
| 2022 | NA | 442,688 | 442,688 |
| 2023 | 1,040,000 | 442,688 | 1,482,688 |
| 2024 | 1,890,000 | 388,088 | 2,278,088 |
| 2025 | 1,990,000 | 288,863 | 2,278,863 |
| 2026 | 910,000 | 199,313 | 1,109,313 |
| 2027 | 600,000 | 158,363 | 758,636 |
| 2028 | 160,000 | 126,863 | 286,863 |
| 2029 | 170,000 | 119,463 | 289,463 |
| 2030 | 185,000 | 111,388 | 296,388 |
| 2031 | 240,000 | 102,600 | 342,600 |
| 2032 | 900,000 | 91,200 | 991,200 |
| 2033 | 1,020,000 | 48,450 | 1,068,450 |
| Total | 10,680,000 | 4,353,713 | 15,033,713 |
2011 General Obligation Refunding
Original Issue Amount: $2,295,000
Original Date of Issue: August 2, 2011
Maturity Date: August 15, 2032
Interest savings from this refunding will be $114,573.
Use of Bond Proceeds
Proceeds from the sale of the Tax-Exempt Bonds will be used (i) to refund a portion of the City's outstanding tax-exempt debt ...as described on Schedule 1
{in the Official Statement} for restructuring purposes ... and (ii) to pay the costs of issuance associated with the sale of the Tax-Exempt Bonds..
Tax & Waterworks & Sewer System (Limited Pledge) Revenue Certificates of Obligation, Series 2005A
Principal Amount Refunded: $20,000
Interest Savings: $410
Proceeds from the 2005A Certificates of Obligation funded:
- East Side Drainage Project
General Obligation Bonds, Series 2007
Principal Amount Refunded: $910,000
Interest Savings: $19,338
Pass-Through Toll Revenue & Limited Tax Bonds, Series 2008
Principal Amount Refunded: $1,200,000
Interest Savings: $94,825
Bond Issuance Costs
Total Cost: $165,000
All of the proceeds from the 2011 General Obligation Refunding have been spent.
| Series 2011 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Interest & Penalty |
| 2018 | NA | 96,806 | 96,806 |
| 2019 | NA | 96,806 | 96,806 |
| 2020 | NA | 96,806 | 96,806 |
| 2021 | NA | 96,806 | 96,806 |
| 2022 | NA | 96,806 | 96,806 |
| 2023 | NA | 96,806 | 96,806 |
| 2024 | NA | 96,806 | 96,806 |
| 2025 | NA | 96,806 | 96,806 |
| 2026 | NA | 96,806 | 96,806 |
| 2027 | NA | 96,806 | 96,806 |
| 2028 | 95,000 | 96,806 | 191,806 |
| 2029 | 95,000 | 93,006 | 188,006 |
| 2030 | 100,000 | 89,206 | 189,206 |
| 2031 | 105,000 | 85,081 | 190,081 |
| 2032 | 1,900,000 | 80,750 | 1,980,750 |
| Total | 2,295,000 | 1,412,913 | 3,707,913 |
2011 Tax & Waterworks & Sewer System (Limited Pledge) Revenue Certificates of Obligation
Original Issue Tax-Supported Amount: $3,685,000 (6,675,000 total issue)
Original Date of Issue: August 2, 2011
Maturity Date: February 15, 2031
Use of Bond Proceeds
Proceeds from the sale of the Certificates will be used for (a) street improvements, including drainage, curbs, gutters, bridges, utility line relocation, traffic signalization, and the acquisition of land and rights-of-way therefor; (b) park and recreation facilities, including acquisition of land there for; (c) animal control facilities; (d) professional services rendered in connection with (1) such projects and the financing there of and (2) the design of a new fire station; and (e) cost of issuance associated with the sale of the Certificates.
Bond Issuance
Total Cost: $149,690
Gateway Bridge Design
Total Project Cost: $2,735,310
2011 Certificate of Obligation Allocation: $2,735,310
Completion Date: June 2013
Mick Spellman Amphitheater at Forney Community Park
Total Project Cost: $2,684,675
2011 Certificate of Obligation Allocation: $200,000 - designated for Park Trails as part of the Amphitheater project
Completion Date: May 15, 2012
Fire Station #2 Design
Total Project Cost: $4,102,209
Design Cost: $405,066
2011 Certificate of Obligation Allocation: $337,215
Completion Date: Design was complete in December 2015, project is ongoing.
Animal Shelter Design
Total Project Cost: $2,138,899
Design Cost: $107,780
2011 Certificate of Obligation Allocation: $100,000
Completion Date: Design was completed in April 2015, project is ongoing.
Liberty Hill Redesign
Total Project Cost: $162,785
2011 Certificate of Obligation Allocation: $162,785
Completion Date: September 2014
All of the proceeds from the 2011 Certificates of Obligation have been spent.
| Series 2011 Certificates of Obligation: Tax Supported Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | 175,000 | 117,206 | 292,206 |
| 2019 | 180,000 | 111,881 | 291,881 |
| 2020 | 185,000 | 106,406 | 291,406 |
| 2021 | 190,000 | 99,831 | 289,831 |
| 2022 | 200,000 | 92,031 | 292,031 |
| 2023 | 205,000 | 83,931 | 288,931 |
| 2024 | 215,000 | 75,531 | 290,531 |
| 2025 | 225,000 | 66,731 | 291,731 |
| 2026 | 230,000 | 57,631 | 287,631 |
| 2027 | 240,000 | 48,231 | 288,231 |
| 2028 | 250,000 | 38,431 | 288,431 |
| 2029 | 260,000 | 28,231 | 288,231 |
| 2030 | 275,000 | 17,394 | 292,394 |
| 2031 | 285,000 | 5,878 | 290,878 |
| Total | 3,115,000 | 949,347 | 4,064,347 |
2012 General Obligation Refunding
Original Issue Amount: $2,235,000
Original Date of Issue: November 6, 2012
Maturity Date: February 15, 2023
Interest savings from this refunding will be $448,695.
Use of Bond Proceeds
Proceeds from the sale of the Bonds will be used to refund a portion of the City's outstanding debt ...and to pay the costs of issuance associated with the issuance of the Bonds.
Tax & Waterworks & Sewer System Surplus Revenue Certificates of Obligation, Series 2000B
Principal Amount Refunded: $350,000
Interest Savings: $63,937
Proceeds from the 2000B Certificates of Obligation funded:
- A partial widening of Pinson Road (FM740)
- A portion of the Central Fire Station Expansion
Tax & Waterworks & Sewer System Surplus Revenue Certificates of Obligation, Series 2003
Principal Amount Refunded: $1,830,000
Interest Savings: $384,759
Proceeds from the 2003 Certificates of Obligation funded:
- Forney ISD: Install Practice Fields at 3 Elementary Schools
- Forney ISD: Install Practice Fields at Forney High School
- Eastside Park: Install Crushed Granite for Shaded Areas
- Eastside Park: Replace Play Structure
- Forney Community Park Design
- Hamblen Park: Install Linear fence and stone park sign
- Henderson Park: Dirtwork
- Henderson Park: Irrigate Soccer Complex
- Mulberry Park: ADA Concessions and Restroom at the Baseball Complex
- Mulberry Park: City Maintenance Building
- Mulberry Park: Extend Forney Middle School Parking Lot
- Mulberry Park: Extend Parking lot at Johnson Elementary and Baseball Complex
- Mulberry Park: Regrade Baseball Fields
- Mulberry Park: Remove Old Concession and metal buildings
- Mulberry Park: Restrict Access to Parking via Fence
- Mulberry Park: Upgrade Restroom and Concession Facility at the Softball Complex
Bond Issuance
Total Cost: $55,000
All of the proceeds from the 2012 General Obligation Refunding have been spent.
| Series 2012 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | 240,000 | 18,668 | 258,668 |
| 2019 | 240,000 | 14,468 | 254,468 |
| 2020 | 245,000 | 10,830 | 255,830 |
| 2021 | 190,000 | 7,568 | 197,568 |
| 2022 | 195,000 | 4,680 | 199,680 |
| 2023 | 195,000 | 1,609 | 196,609 |
| Total | 1,305,000 | 57,821 | 1,362,821 |
2012 Certificates of Obligation
Original Issue Amount: $1,030,000
Original Date of Issue: November 6, 2012
Maturity Date: February 15, 2032
Use of Bond Proceeds
Proceeds from the sale of the Certificates will be used for the purpose of paying contractual obligations incurred for (i) the acquisition of Mulberry Park: and (ii) paying legal, fiscal and engineering fees in connection with such project.
Mulberry Park Purchase
Total Project Cost: $1,030,000
2007 Bond Allocation: $1,030,000
Completion Date: March 2013
All of the proceeds from the 2012 Certificates of Obligation have been spent.
| Series 2012 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | 45,000 | 19,350 | 64,350 |
| 2019 | 45,000 | 18,450 | 63,450 |
| 2020 | 45,000 | 17,550 | 62,550 |
| 2021 | 45,000 | 16,650 | 61,650 |
| 2022 | 50,000 | 15,700 | 65,700 |
| 2023 | 50,000 | 14,700 | 64,700 |
| 2024 | 55,000 | 13,650 | 68,650 |
| 2025 | 55,000 | 12,550 | 67,550 |
| 2026 | 55,000 | 11,313 | 66,313 |
| 2027 | 60,000 | 9,875 | 69,875 |
| 2028 | 60,000 | 8,375 | 68,375 |
| 2029 | 65,000 | 6,813 | 71,813 |
| 2030 | 65,000 | 5,025 | 70,025 |
| 2031 | 65,000 | 3,075 | 68,075 |
| 2032 | 70,000 | 1,050 | 71,050 |
| Total | 830,000 | 174,125 | 1,004,125 |
2014 General Obligation Refunding
Original Issue Tax Supported Amount: $2,148,109 ($3,440,000 total issue)
Original Date of Issue: November 4, 2014
Maturity Date: February 15, 2025
Interest savings from this refunding will be $213,278.
Use of Bond Proceeds
Proceeds from the sale of the Bonds will be used (i) to refund a portion of the City's outstanding debt (the Refunded Obligations) as described on Schedule I
[in the Official Statement} and (ii) to pay the costs of issuance associated with the sale of the Bonds..
Tax & Waterworks & Sewer System Surplus Revenue Certificates of Obligation, Series 2005A
Principal Amount Refunded: $2,148,109
Interest Savings: $213,278
Proceeds from the 2005A Certificates of Obligation funded:
- Eastside Drainage Project
All proceeds from the 2014 General Obligation Refunding have been spent.
| Series 2014 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Interest & Penalty |
| 2018 | 195,000 | 43,263 | 238,263 |
| 2019 | 200,000 | 36,850 | 236,850 |
| 2020 | 210,000 | 30,700 | 240,700 |
| 2021 | 215,000 | 24,325 | 239,325 |
| 2022 | 220,000 | 18,900 | 238,900 |
| 2023 | 230,000 | 14,113 | 244,113 |
| 2024 | 240,000 | 8,825 | 248,825 |
| 2025 | 245,000 | 3,069 | 248,069 |
| Total | 1,755,000 | 180,044 | 1,935,044 |
2014 Certificates of Obligation
Original Issue Amount: $4,945,000
Original Date of Issue: November 4, 2014
Maturity Date: February 15, 2034
Use of Bond Proceeds
Proceeds from the sale of the Certificates will be used for (i) the construction of public works, to wit: (a) constructing and equipping a new fire station and (b) constructing and equipping a new animal shelter, and (2) cost of issuance associated with the sale of the Certificates.
Fire Station Number 2
Total Project Cost (Budget): $4,102,209
2014 Certificate of Obligation Allocation: $3,013,994
Estimated Project Completion Date: February 2017
Animal Shelter
Total Project Cost: $2,138,899
2014 Certificate of Obligation Allocation: $2,000,000
Estimated Project Completion Date: April 2017
All of the bond proceeds from the 2014 Certificates of Obligation have been spent.
To date, the 2014 Certificate of Obligation has not impacted the debt service tax rate. These payments have been made from fund balance in the General Debt Service Fund. This fund balance is the result of interest collected in the fund, as well as delinquent and penalty taxes that have accumulated over prior years and is restricted to use on debt payments.
| Series 2014 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | 210,000 | 136,163 | 346,163 |
| 2019 | 215,000 | 131,913 | 346,913 |
| 2020 | 220,000 | 127,563 | 347,563 |
| 2021 | 230,000 | 123,063 | 353,063 |
| 2022 | 235,000 | 118,413 | 353,413 |
| 2023 | 240,000 | 113,363 | 353,363 |
| 2024 | 250,000 | 107,538 | 357,538 |
| 2025 | 260,000 | 100,838 | 360,838 |
| 2026 | 265,000 | 93,619 | 358,619 |
| 2027 | 275,000 | 86,194 | 361,194 |
| 2028 | 285,000 | 78,138 | 363,138 |
| 2029 | 295,000 | 69,069 | 364,069 |
| 2030 | 310,000 | 59,238 | 369,238 |
| 2031 | 320,000 | 47,800 | 367,800 |
| 2032 | 330,000 | 34,800 | 364,800 |
| 2033 | 345,000 | 21,300 | 366,300 |
| 2034 | 360,000 | 7,200 | 367,200 |
| Total | 4,645,000 | 1,456,206 | 6,101,206 |
2015 General Obligation Refunding
Original Issue Amount: $8,585,000
Original Date of Issue: June 1, 2015
Maturity Date: September 30, 2027
Interest savings from this refunding will be $1,230,068.
Use of Bond Proceeds
Proceeds from the sale of the Bonds will be used (i) to refund certain outstanding obligations of the City described on Schedule I
{in the Official Statement}... for debt savings; and (ii) to pay the costs associated with the issuance of the Bonds.
General Obligation Bonds, Series 2007
Principal Amount Refunded: $8,955,000
Interest Savings: $1,230,068
All of the proceeds from the 2015 General Obligation Refunding have been spent.
| Series 2015 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | NA | 329,475 | 329,475 |
| 2019 | NA | 329,475 | 329,475 |
| 2020 | NA | 329,475 | 329,475 |
| 2021 | NA | 329,475 | 329,475 |
| 2022 | NA | 329,475 | 329,475 |
| 2023 | 980,000 | 312,325 | 1,292,325 |
| 2024 | 1,805,000 | 263,587 | 2,068,587 |
| 2025 | 1,865,000 | 194,700 | 2,059,700 |
| 2026 | 1,935,000 | 118,700 | 2,053,700 |
| 2027 | 2,000,000 | 40,000 | 2,040,000 |
| Total | 8,585,000 | 2,576,688 | 11,161,688 |
2016 Certificates of Obligation
Original Issue Amount: $2,500,000
Original Date of Issue: August 2, 2016
Maturity Date: February 15, 2034
Use of Bond Proceeds
Proceeds from the sale of the Certificates will be used for (1) street improvements, including drainage, curbs, gutters, utility line relocation, street lighting, and /or the acquisition of land and rights-of-way therefor, and (2) the cost of issuance associated with the sale of the Certificates.
Redbud Roadway Reconstruction
Total Project Cost (Budget): $2,833,079
2016 Certificate of Obligation Allocation: $2,500,000
Estimated Project Completion Date: July 2018
As of September 30, 2017, $127,767 (5%) of the bond proceeds have been spent, leaving an available bond balance of $2,372,233.
| Series 2016 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest Due |
| 2018 | 95,000 | 69,906 | 157,906 |
| 2019 | 100,000 | 60,956 | 160,956 |
| 2020 | 100,000 | 58,956 | 158,956 |
| 2021 | 105,000 | 56,906 | 161,906 |
| 2022 | 105,000 | 54,281 | 159,281 |
| 2023 | 110,000 | 51,056 | 161,056 |
| 2024 | 115,000 | 47,681 | 162,681 |
| 2025 | 120,000 | 44,156 | 164,156 |
| 2026 | 120,000 | 39,956 | 159,956 |
| 2027 | 125,000 | 36,306 | 161,306 |
| 2028 | 130,000 | 33,675 | 163,675 |
| 2029 | 130,000 | 30,831 | 160,831 |
| 2030 | 135,000 | 27,681 | 162,681 |
| 2031 | 140,000 | 24,156 | 164,156 |
| 2032 | 145,000 | 20,325 | 165,325 |
| 2033 | 150,000 | 16,269 | 166,269 |
| 2034 | 155,000 | 11,978 | 166,978 |
| 2035 | 160,000 | 7,350 | 167,350 |
| 2036 | 165,000 | 2,475 | 167,475 |
| Total | 2,405,000 | 687,903 | 3,092,903 |
2016 General Obligation Refunding
Original Issue Amount: $8,220,000
Original Date of Issue: August 2, 2016
Maturity Date: February 15, 2023
Interest savings from this refunding will be $700,088.
Use of Bond Proceeds
Proceeds from the sale of the Bonds will be used (i) to refund a portion of the City's outstanding debt (the Refunded Obligations) as described on Schedule I
{in the Official Statement} ...and (ii) to pay the costs of issuance associated with the sale of the Bonds...
General Obligation Bonds, Series 2007
Principal Amount Refunded: $8,475,000
Interest Savings: $700,088
All of the proceeds from the 2016 General Obligation Refunding have been spent.
| Series 2016 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Interest & Penalty |
| 2018 | 1,420,000 | 223,250 | 1,643,250 |
| 2019 | 1,460,000 | 187,150 | 1,647,150 |
| 2020 | 1,500,000 | 142,750 | 1,642,750 |
| 2021 | 1,545,000 | 97,075 | 1,642,075 |
| 2022 | 1,590,000 | 50,050 | 1,640,050 |
| 2023 | 655,000 | 13,100 | 668,100 |
| Total | 8,170,000 | 713,375 | 8,883,375 |
2017 Subordinate Lien Pass-Through Toll Revenue & Limited Tax Refunding
Original Issue Amount: $11,465,000
Original Date of Issue: August 15, 2016
Maturity Date: August 15, 2031
Use of Bond Proceeds
Proceeds from the sale of the Bonds will be used (i) to refund a portion of the 2008 Bonds (as shown in Schedule I) (the "Refunded Bonds") and (II) for payment of professional services of attorneys, financial advisors and other professionals in connection with the issuance of the Bonds.
General Obligation Bonds, Series 2008
Principal Amount Refunded: $11,465,000
Interest Savings: $1,228,114
| Series 2017 Payment Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2018 | NA | 461,951 | 461,951 |
| 2019 | 1,585,000 | 511,670 | 2,096,670 |
| 2020 | 1,660,000 | 432,480 | 2,092,480 |
| 2021 | 1,745,000 | 349,450 | 2,094,450 |
| 2022 | 1,830,000 | 262,200 | 2,092,200 |
| 2023 | 885,000 | 170,700 | 1,055,700 |
| 2024 | 115,000 | 144,150 | 259,150 |
| 2025 | 120,000 | 140,700 | 260,700 |
| 2026 | 390,000 | 137,100 | 527,100 |
| 2027 | 145,000 | 125,400 | 270,400 |
| 2028 | 725,000 | 119,600 | 844,600 |
| 2029 | 745,000 | 90,600 | 835,600 |
| 2030 | 770,000 | 60,800 | 830,800 |
| 2031 | 750,000 | 30,000 | 780,000 |
| Total | 11,465,000 | 3,036,801 | 14,501,801 |
2017 Tax Notes
Original Issue Amount: $2,055,000
Original Date of Issue: August 15, 2016
Maturity Date: February 15, 2024
Use of Proceeds
Proceeds from the sales of the Notes will be used to pay for (i) public safety equipment and (II) professional services of attorneys, financial advisers, and other professionals in connection with the projects and the issuance of notes.
2017 Fire Arial Platform
Total Purchase Budget: $1,341,519
2017 Tax Note Allocation: $1,341,519
Estimated Purchase Completion Date: July 2018
2017 Fire Engine/Pumper
Total Purchase Budget: $727,500
2017 Tax Note Allocation: $713,481
Cost variance is funded form the General Fund.
Estimated Purchase Completion Date: July 2018
As of September 30, 2017, $0.00 (0%) of the 2017 Tax Notes have been expended.
| 2017 Tax Notes | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Interest & Penalty |
| 2018 | 275,000 | 45,368 | 320,368 |
| 2019 | 275,000 | 45,050 | 320,050 |
| 2020 | 285,000 | 39,450 | 324,450 |
| 2021 | 290,000 | 32,250 | 322,250 |
| 2022 | 300,000 | 23,400 | 323,400 |
| 2023 | 310,000 | 14,250 | 324,250 |
| 2024 | 320,000 | 4,800 | 324,800 |
| Total | 2,055,000 | 204,568 | 2,259,568 |