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Debt Service
The City's Debt Service provides for the payment of principal and interest on outstanding general obligation bonds, and certificates of obligation. Debt financing is used to pay for large capital improvements to and/or construction of the City's street, water and sewer systems; parks and recreational facilities; police and fire protection facilities; and the flood protection and storm drainage systems.
The City maintains two debt service funds: one for tax-supported debt and one for utility revenue supported debt. Tax-supported debt is funded from the debt service portion of the property tax rate. Revenue supported debt is funded from other revenue sources, such as utility revenues. In order to understand the information presented here, a few key terms need to be defined:
General Obligation Bond (GO Bond) - a municipal bond backed by the credit and taxing power of the issuing jurisdiction rather than the revenue from a given project. GO Bonds are issued with the belief that a municipality will be able to repay its debt obligation through taxation or revenue. The City has a total of $37.9 million in general obligation debt - $36.4 million is tax supported and $1.5 million is revenue supported.
Certificates of Obligation (CO) - a financing mechanism a city may use to pay a contractual obligation incurred in; (1) a construction contract; (2) the purchase of materials, supplies, equipment, machinery, buildings, land, and rights-of-way for authorized needs and purposes; or (3) the payment of professional services, including services provided by tax appraisers, engineers, architects, attorneys, map makers, auditors, financial advisers, and fiscal agents. The City has a total of $13.1 million in certificates of obligation - $10.8 million is tax supported and $2.3 million is revenue supported.
Refunding - a process where bonds are issued for the purpose of retiring outstanding bonds in order to restructure debt, reduce finance costs, and/or alter maturities. This is a complicated and detailed process, but in the simplest terms, bond proceeds from a new issue are used to pay off all or a portion of existing debt. Interest savings of $5,245,487 have been recognized since the City began the practice of refunding bonds in Fiscal Year 2011.
Early Redemption - a process where portions of bond principal are paid off early to reduce interest costs. The City began using early redemption in Fiscal Year 2013 when TxDOT began repayment per the Pass Through Toll Agreement (See 2008 GO Bond detail below). Since 2013, the city has redeemed an additional $11,025,000 in principal that has resulted in $7,660,350 in interest savings.
Combined interest savings from refunding and early redemption total $12.9 million.
CREDIT RATING
Credit ratings are opinions about credit risk. Ratings express an opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time.
The City's credit is reviewed and rated with each bond issue by both Standard & Poor's (S&P) and Moody's Investors Service.
Standard & Poor's Global Ratings - AA-
S&P issues credit ratings in range from 'AAA' (Extremely strong capacity to meet financial commitments) to 'D' (Payment default on a financial commitment or breach of an imputed promise; bankruptcy petition or similar action taken). A plus (+) or minus (-) can be added to ratings from 'AA' to 'CCC' show relative standing within the major rating categories.
The City's rating of 'AA-' indicates a very strong capacity to meet financial commitments.
Moody's Investors Service - Aa3
Moody's issues credit ratings in a range from 'Aaa' (Highest Quality, with minimal risk) to 'C' (Typically in default, with little prospect for recovery of principal and interest). Moody's uses numerical modifiers to indicate a rating is on the higher end (1), mid-range (2), or lower end (3) of a rating category.
The City's rating of 'Aa3' indicates the city is viewed to be high quality with very low credit risk.
COMBINED DEBT SERVICE
The following information represents combined tax supported (General) and revenue supported (Utility) debt. The City's combined debt totals $64,181,835. This is a reduction of $9,638,300 from the prior year's total debt.
Of the total debt, $51,070,000 is tax supported and accounted for in the General Debt Service Fund, and $5,312,631 is utility revenue supported and accounted for in the Utility Debt Service Fund.
| Combined Debt Schedule | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2019 | 4,870,000 | 2,035,513 | 6,905,513 |
| 2020 | 5,040,000 | 1,866,866 | 6,906,866 |
| 2021 | 4,960,000 | 1,687,999 | 6,647,999 |
| 2022 | 5,140,000 | 1,507,799 | 6,647,999 |
| 2023 | 5,340,000 | 1,314,484 | 6,654,484 |
| 2024 | 4,455,000 | 1,122,013 | 5,557,013 |
| 2025 | 4,345,000 | 957,269 | 5,302,269 |
| 2026 | 4,075,000 | 797,100 | 4,872,100 |
| 2027 | 3,625,000 | 636,837 | 4,261,837 |
| 2028 | 1,890,000 | 530,250 | 2,420,250 |
| 2029 | 1,955,000 | 458,775 | 2,413,775 |
| 2030 | 2,040,000 | 383,494 | 2,423,494 |
| 2031 | 2,115,000 | 302,922 | 2,417,922 |
| 2032 | 3,345,000 | 228,125 | 3,573,125 |
| 2033 | 1,515,000 | 86,019 | 1,601,019 |
| 2034 | 515,000 | 19,178 | 534,178 |
| 2035 | 160,000 | 7,350 | 167,350 |
| 2036 | 165,000 | 2,475 | 167,472 |
| Total | 55,550,000 | 13,944,466 | 69,494,466 |
General & Utility Debt by Series
Of the total debt, $64,181,000 is tax supported and accounted for in the General Debt Service Fund and $4,480,000 is utility revenue supported and accounted for in the Utility Debt Service Fund.
| Series | Source | Principal | Interest | Total |
|---|---|---|---|---|
| 2008 General Obligation Bonds | Tax Supported | 7,100,000 | 3,216,450 | 10,316,450 |
| 2011 General Obligation Refunding (2000B and 2003) | Tax Supported | 2,295,000 | 1,316,106 | 3,611,106 |
| 2011 Combo Certificates of Obligation | Tax Supported | 2,940,000 | 832,141 | 3,772,141 |
| 2012 General Obligation Refunding | Tax Supported | 1,065,000 | 39,154 | 1,104,154 |
| 2012 Certificates of Obligation | Tax Supported | 785,000 | 154,775 | 939,775 |
| 2014 Certificates of Obligation | Tax Supported | 4,435,000 | 1,320,044 | 5,755,044 |
| 2014 Certificates of Obligations Refunding (2005A) | Tax Supported | 1,560,000 | 136,781 | 1,696,781 |
| 2015 General Obligation Refunding (2007 GO) | Tax Supported | 8,585,000 | 2,247,213 | 10,832,213 |
| 2016 General Obligation Refunding (2007 GO) | Tax Supported | 6,750,000 | 490,125 | 7,240,125 |
| 2016 Certificates of Obligation | Tax Supported | 2,310,000 | 624,997 | 2,934,997 |
| 2017 Subordinate Lien Pass-Through Toll Revenue and Limited Tax Refunding | Tax Supported | 11,465,000 | 2,574,850 | 14,039,850 |
| 2017 Tax Notes | Tax Supported | 1,780,000 | 159,200 | 1,939,200 |
Total Tax Supported | 51,070,000 | 13,111,835 | 64,181,835 | |
| 2011A General Obligation Refunding (2000B & 2003) | Utility Revenue Supported | 395,000 | 21,581 | 416,581 |
| 2011 Combo Certificates of Obligation | Utility Revenue Supported | 2,170,000 | 615,306 | 2,785,306 |
| 2014 General Obligation Refunding (2005A) | Utility Revenue Supported | 940,000 | 82,762 | 1,022,762 |
| 2014 General Obligation Refunding (2005B) | Utility Revenue Supported | 975,000 | 112,981 | 1,087,981 |
Total Utility Revenue Supported | 4,480,000 | 832,631 | 5,312,631 | |
Total City Debt | 55,550,000 | 13,944,466 | 69,494,466 | |
General Debt Service
General Debt Service is primarily supported by the debt service portion of the City's tax rate. This portion of the tax rate is not flexible and is set by a calculation based on the required fiscal year payments.
Texas Department of Transportation Payment
In addition to revenue from the Debt Service portion of the tax rate, the city receives an annual payment from the Texas Department of Transportation (TxDOT) as part of a Pass-Through Tolling Agreement. This payment is applied to the 2008 General Obligation Bonds and payment details and further information on the agreement can be found on the "2008 GO Bonds" tab.
Other Payments & Information
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. The 2017 Tax Notes were issued to purchase new fire equipment and payments on this issue will also be paid from the fund balance. 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.
| Total Tax Supported Debt | |||
|---|---|---|---|
| Fiscal Year | Principal Due | Interest Due | Total Principal & Interest |
| 2019 | 4,300,000 | 1,889,594 | 6,189,594 |
| 2020 | 4,450,000 | 1,737,891 | 6,187,891 |
| 2021 | 4,555,000 | 1,578,324 | 6,133,324 |
| 2022 | 4,725,000 | 1,410,861 | 6,135,861 |
| 2023 | 4,900,000 | 1,230,894 | 6,130,878 |
| 2024 | 4,000,000 | 1,052,894 | 5,052,894 |
| 2025 | 3,880,000 | 903,413 | 4,783,413 |
| 2026 | 3,905,000 | 754,438 | 4,659,438 |
| 2027 | 3,445,000 | 601,175 | 4,046,175 |
| 2028 | 1,705,000 | 501,888 | 2,206,888 |
| 2029 | 1,760,000 | 438,013 | 2,198,013 |
| 2030 | 1,840,000 | 370,731 | 2,210,731 |
| 2031 | 1,905,000 | 298,591 | 2,203,591 |
| 2032 | 3,345,000 | 228,125 | 3,573,125 |
| 2033 | 1,515,000 | 86,019 | 1,601,019 |
| 2034 | 515,000 | 19,178 | 534,178 |
| 2035 | 160,000 | 7,350 | 167,350 |
| 2036 | 165,000 | 2,475 | 167,475 |
| Total | 51,070,000 | 13,111,835 | 64,181,835 |
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 | 10,316,450 | 507 |
| 2011 General Obligation Bonds | 3,611,106 | 178 |
| 2011 Certificates of Obligation | 3,772,141 | 185 |
| 2012 General Obligation Refunding | 1,104,154 | 54 |
| 2012 Certificates of Obligation | 939,775 | 46 |
| 2014 General Obligation Refunding | 1,696,781 | 83 |
| 2014 Certificates of Obligation | 5,755,044 | 283 |
| 2015 General Obligation Refunding | 10,832,213 | 533 |
| 2016 Certificates of Obligation | 2,934,997 | 144 |
| 2016 General Obligation Refunding | 7,240,125 | 356 |
| 2017 Subordinate Lien Pass-Through Toll Revenue and Limited Tax Refunding | 14,039,850 | 690 |
| 2017 Tax Notes | 1,939,200 | 95 |
| Total Tax-Supported Debt per Capita | 64,181,835 | $3,156 |
| Remaining TxDOT Pass-Through Payments to the City | (16,939,917) | (833) |
| Total Per Capita Debt adjusted for Pass-Through Program | $47,241,918 | $2,323 |
Click on the tabs to see detailed payment schedules for all general bond series.
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 |
| 2018 | 4,019,140 | 2,009,570 | 2,009,570 | 2,005,000 | 631,575 |
| 23,251,483 | 12,057,420 | 11,194,063 | 11,025,000 | 6,515,963 | |
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 & Payment |
| 2019 | - | 344,925 | 344,925 |
| 2020 | - | 344,925 | 344,925 |
| 2021 | - | 344,925 | 344,925 |
| 2022 | - | 344,925 | 344,925 |
| 2023 | 1,040,000 | 344,925 | 1,384,925 |
| 2024 | 885,000 | 290,325 | 1,175,325 |
| 2025 | 990,000 | 243,863 | 1,233,863 |
| 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 | 7,100,000 | 3,216,4503 | 10,316,450 |
2011 TAX AND WATERWORKS AND SEWER SYSTEM (LIMITED PLEDGE) REVENUE CERTIFICATES OF OBLIGATION
Original Issue 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) parks and recreation facilities, including acquisition of land therefor; (c)animal control facilities; (d) professional services rendered in connection with (1) such projects and the financing thereof 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
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.
| 2011 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 2,940,000 | 832,141 | 3,772,141 |
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.
| 2012 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 785,000 | 154,775 | 939,775 |
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 an new animal shelter, and (2) cost of issuance associated with the sale of the Certificates."
Fire Station #2
Total Project Cost: $4,102,209
2014 Certificate of Obligation Allocation: $3,013,994
Completion Date: 4/2017
Animal Shelter
Total Project Cost: $2,138,899
2014 Certificate of Obligation Allocation: $2,000,000
Completion Date: 4/2018
All of the proceeds from the 2014 Certificates of Obligation have been spent.
To date, the 2014 Certificates of Obligation have 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.
| 2014 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 360,000 | 7,200 | 367,200 |
Total | 4,435,000 | 1,320,044 | 5,755,044 |
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): $5,076,272
2014 Certificate of Obligation Allocation: $2,500,000
Estimated Project Completion Date: August 2020
As of 9/30/2018, $535,477 (21%) of the bond proceeds have been spent, leaving and available bond balance of $1,964,523.
| 2016 Certificates of Obligation Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 2,310,000 | 624,997 | 2,934,997 |
2017 TAX NOTES
Original Issue Amount: $2,055,000
Original Date of Issue: August 15, 2017
Maturity Date: February 15, 2024
USE OF BOND PROCEEDS
"Proceeds from the sale 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 the Notes."
2017 Fire Arial Platform
Total Purchase Budget: $1,341,519
2017 Tax Note Allocation: $1,341,519
Estimated Completion Date: December 2018
2017 Fire Engine/Pumper
Total Purchase Budget: $727,500
2017 Tax Note Allocation: $713,481
Cost variance is funded from the General Fund.
Estimated Completion Date: September 2018
As of 9/30/2018, no proceeds have been spent, leaving an available balance of $2,055,000.
| 2017 Tax Note Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 320,00 | 4,800 | 324,800 |
Total | 1,780,000 | 159,200 | 1,939,200 |
- 2011 GO Refunding
- 2012 GO Refunding
- 2014 GO Refunding
- 2015 GO Refunding
- 2016 GO Refunding
- 2017 Refunding
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 and Waterworks and 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 and 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.
| 2011 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 2019 | - | 96,806 | 96,806 |
| 2020 | - | 96,806 | 96,806 |
| 2021 | - | 96,806 | 96,806 |
| 2022 | - | 96,806 | 96,806 |
| 2023 | - | 96,806 | 96,806 |
| 2024 | - | 96,806 | 96,806 |
| 2025 | - | 96,806 | 96,806 |
| 2026 | - | 96,806 | 96,806 |
| 2027 | - | 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 | 1,316,106 | 3,611,106 |
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 and Waterworks and 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 portion of the Central Fire Station Expansion
- A partial widening of Pinson Road (FM740)
Tax and Water works and 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:
-Mulberry Park: Extend Forney MIddle School Parking Lot
-Mulberry Park: ADA Concessions & Restroom at the Baseball Complex
-Mulberry Park: Restrict Access to Parking via fencing
-Mulberry Park: City Maintenance Building
-Mulberry Park: Remove Old Concession and metal buildings
-Henderson Park: Irrigate Soccer Complex
-Henderson Park: Dirtwork
-Mulberry Park: Regrade Baseball Fields
-Eastside Park: Replace Play Structure
-Mulberry Park: Extend Parking lot at Johnson Elementary & Baseball Complex
-Eastside Park: Install Crushed Granite for Shaded Areas
-Mulberry Park: Upgrade Restroom & Concession Facility at the Softball Complex
-Hamblen Park: Install Linear fence and stone park sign
-FISD: Install Practice Fields at 3 Elementary Schools
-FISD: Install Practice Fields at Forney Highschool
-Forney Community Park Design
Bond Issuance Costs
Total Cost: $55,000
All of the proceeds from the 2012 General Obligation Refunding have been spent.
| 2012 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 1955,000 | 1,609 | 196,609 |
Total | 1,065,000 | 39,154 | 1,104,154 |
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 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 and Waterworks and 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 of the proceeds from the 2014 General Obligation Refunding have been spent.
| 2014 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 1,560,000 | 136,781 | 1,696,781 |
2015 GENERAL OBLIGATION REFUNDING
Original Issue Amount: $8,585,000
Original Date of Issue: June 1, 2015
Maturity Date: September 30,2027
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: $8,585,000
Interest Savings: $1,230,068
All of the proceeds from the 2015 General Obligation Refunding have been spent.
| 2015 General Obligation Refunding Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 2019 | - | 329,475 | 329,475 |
| 2020 | - | 329,475 | 329,475 |
| 2021 | - | 329,475 | 329,475 |
| 2022 | - | 329,475 | 329,475 |
| 2023 | 980,000 | 312,325 | 1,292,325 |
| 2024 | 1,805,000 | 263,588 | 2,068,588 |
| 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 |
2016 GENERAL OBLIGATION REFUNDING
Original Issue Amount: $8,220,000
Original Date of Issue: August 2, 2016
Maturity Date: February 15, 2023
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 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.
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 6,750,000 | 490,125 | 7,240,125 |
2017 SUBORDINATE LIEN PASS THROUGH TOLL REVENUE AND LIMITED TAX REFUNDING BONDS
Original Issue Amount: $11,465,000
Original Date of Issue: August 15, 2017
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 advisers, and other professionals in connection with the issuance of the Bonds."
Pass Through Toll Revenue and Limited Tax Bonds, Series 2008
Principal Amount Refunded: $12,170,000
Interest Savings: $1,228,114
All of the proceeds from the 2017 Refunding have been spent.
| 2017 Refunding Payment Schedule | |||
|---|---|---|---|
Fiscal Year | Principal Due | Interest Due | Total Principal & Payment |
| 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 | 2,574,850 | 14,039,850 |