2020-022 Debt SummaryDate: March 6, 2020 Report No. 2020-022
INFORMAL STAFF REPORT
TO MAYOR AND CITY COUNCIL
SUBJECT:
Debt Summary Report of City’s outstanding debt
BACKGROUND:
Attached is the Debt Summary Report with principal and interest outstanding as of September
30, 2019. This report is prepared on an annual basis to provide residents and the public with a
comprehensive and easy to understand summary of the City’s debt profile. Additionally, this
report includes required information in accordance with Texas Local Government Code 140.008
(House Bill 1378).
The report provides a high level introduction to the types and uses of debt issued by the City as
well as the most recent bond ratings. Staff has differentiated between tax-supported and revenue-
supported debt to give the public a better understanding of which debt is paid for by property
taxes versus rate revenues. Furthermore, the report details the principal and interest for each
major service area of the City and provides two visual representations by dollar amount and
percentages.
On February 18, 2020 the City’s Audit/ Finance Committee reviewed the Debt Summary Report
and recommended that it be submitted to the full City Council for any additional feedback.
CONCLUSION:
If no feedback is received, Staff will post the report on the City’s website for the public on
Friday, March 13, 2020. The report is intended to be updated annually in conjunction with the
City’s fiscal year end.
ATTACHMENT(S):
Debt Summary Report as of September 30, 2019
STAFF CONTACT:
David Gaines, Director of Finance
(940)-349-8260
David.Gaines@cityofdenton.com
REQUESTOR:
Regular report
Date: March 6, 2020 Report No. 2020-022
PARTICIPATING DEPARTMENTS:
Finance
STAFF TIME TO COMPLETE REPORT: The estimated amount of cumulative staff time to
complete the report is 6 hours.
City of Denton
Debt Summary Report
Fiscal Year Ending September 30, 2019
Contact:
City of Denton Finance Department
Attn: David Gaines – Director of Finance
215 E. McKinney St.
Denton, Texas 76201
Email: DavidGaines@cityofdenton.com
Phone: 940-349-8260
Fax: 940-349-7206
Website: www.cityofdenton.com
Published: March 6, 2020
Disclaimer: Data provided in this report is as of the date of publication, constitutes existing long-
term debt obligations only, and has been prepared pursuant to Texas Local Government Code
140.008 (House Bill 1378). This report does not include forward looking statements nor does it
include debt that may be incurred in the future. Interested parties should refer to the City’s
audited financial statements and other disclosure documents when investing.
TABLE OF CONTENTS
Introduction…………………………………………………………………………………………. 3
CITY DEBT SECTION
Schedule – Total Annual Debt Service by Type of Debt…………………………………………....6
Bar & Pie Charts – Total Annual Debt Service by Type of Debt………………………………....... 7
Schedule – Tax Supported Debt Service…………………………………………………………… 8
Bar & Pie Charts – Tax Supported Debt Service…………………………………………………… 9
Schedule – Revenue Supported Debt Service………………………………………………………. 10
Bar & Pie Charts – Revenue Supported Debt Service……………………………………………… 11
Schedule – General Government Debt Service……………………………………………………...12
Bar & Pie Charts – General Government Debt Service………………………………………….…. 13
Schedule – Electric Debt Service…………………………………………………………………… 14
Bar & Pie Charts – Electric Debt Service…………………………………………………………... 15
Schedule – Water Debt Service…………………………………………………………………….. 16
Bar & Pie Charts – Water Debt Service…………………………………………………………….. 17
Schedule – Wastewater Debt Service………………………………………………………………. 18
Bar & Pie Charts – Wastewater Debt Service……………………………………………………….19
Schedule – Solid Waste Debt Service………………………………………………………………. 20
Bar & Pie Charts – Solid Waste Debt Service………………………………………………….…... 21
HOUSE BILL 1378 SECTION
Summary of Debt Obligations……………………………………………………………..……..….23
Individual Debt Obligations………………………………………………………………….…..….24
Glossary of Terms………………………………………………………………………….……..…30
INTRODUCTION
This report is divided into two sections. The first section (City Debt) presents the City’s outstanding
debt by the manner in which the City intends to pay for such debt (tax-supported versus revenue-
supported). Additionally, this section provides a breakdown of the City’s outstanding debt by
purpose (i.e., General Government, Electric, Water, Wastewater, Solid Waste and Airport). The
second section (House Bill 1378) is intended to comply with reporting requirements pursuant to
Texas Local Government Code 140.008.
The City of Denton utilizes long-term debt to finance non-operating expenses, which may include
equipment, facilities, and the acquisition of land. Unlike the Federal Government, the City generally
issues debt for the purchase or construction of capital assets and infrastructure improvements, and
cannot issue debt to fund operating expenses or deficit spending. All debt issued by the City must be
approved by the Texas Attorney General’s Office prior to the final sale of the debt. Additional
information on the City’s outstanding debt including statistical comparisons and ratios can be found
in the City’s Comprehensive Annual Financial Report, which is located on the City’s website under
the Finance Department. (www.cityofdenton.com)
The City issues two types of long-term debt: General Obligation Debt and Revenue Bond Debt. The
City also differentiates between tax-supported and revenue-supported debt to provide the public with
a clear understanding of which debt will be paid by property taxes versus rate revenues. The
following table shows the latest bond ratings for each type of debt for which ratings are given:
Moody’s1 Standard & Poor’s Fitch
General Obligation Debt Aa1 AA+ AA+
Revenue Bond Debt2 Not Rated AA- A+
1Moody’s upgraded General Obligation Debt in June 2019. Moody’s has not rated a new a revenue bond debt issue since
2008, although surveillance ratings remain unchanged. All revenue bond debt previously rated by Moody’s has been
refunded or paid off.
2Ratings for the Utility System Revenue Bonds, Series 2017 which were originally rated in December 2016. Fitch rating
was affirmed in December 2019.
GENERAL OBLIGATION DEBT:
The largest category of debt is General Obligation Debt. It consists of two categories of bonds:
General Obligation Bonds (GOs) and Certificates of Obligation (COs).
GOs are generally voter approved and backed by the full faith and credit of the City (property tax
pledge) and must be approved at an election. Voter approval may be granted during one of two
general election dates each year. GOs which are issued to refund outstanding debt do not require
voter approval. Under the City’s debt policy, GOs strive to have a final maturity of twenty (20)
years or less.
COs do not require voter approval and generally have a dual pledge of a specific City revenue source
as well and the full faith and credit of the City. Some examples of pledged City revenues are
electric, water, wastewater, and drainage revenues. Under the City’s debt policy, COs will strive to
have a final maturity of thirty (30) years or less. Historically, COs have mostly been issued with
twenty (20) year final maturities for general government purposes. In 2010, the City began issuing
COs not only for general government purposes which are repaid by property taxes, but also for utility
related projects of the City. The CO’s issued for utility purposes are repaid from the specific utility
fund for which the debt was issued. CO’s have a lower interest rate than revenue bonds, due to the
pledge of full faith and credit of the City. A portion of the interest savings to the City’s utilities
through issuing CO’s (instead of revenue bonds) is being paid to the general government and placed
in the Street Improvement Fund.
REVENUE BOND DEBT:
The second category of debt is Revenue Bond Debt. This debt is secured by only a pledge of the
operating revenues of the City’s Electric, Water and Wastewater Funds (collectively known as the
“Utility System”) and not the full faith and credit of the City. Under the City’s debt policy, revenue
bonds will strive to have a final maturity of thirty (30) years or less. Historically, most revenue
bonds have been issued with a twenty (20) year final maturity. As of September 30, 2019, the City
only has the Utility System Revenue Bonds, Series 2017 outstanding.
OUTSTANDING DEBT:
The City’s total outstanding principal and interest as of September 30, 2019 is shown in Table 1 on
page 6 of this report.
CITY DEBT SECTION
Principal Interest Total
GOs 254.19$ 55.90$ 310.09$
COs 498.45$ 222.08$ 720.53$
Revenue Bonds 214.89$ 110.47$ 325.36$
Total 967.53$ 388.45$ 1,355.98$
FY End Revenue
9-30 Tax Supported Revenue Supported Tax Supported Revenue Supported Bonds Total
2020 15,504,188$ 28,653,464$ 11,210,244$ 36,444,172$ 18,075,500$ 109,887,567$
2021 15,167,335 24,906,686 10,424,881 34,609,794 18,076,750 103,185,446
2022 14,257,092 22,245,367 9,645,494 33,379,056 18,073,125 97,600,134
2023 12,964,271 17,038,151 8,176,244 31,288,681 18,073,625 87,540,971
2024 12,422,512 14,676,694 7,340,594 30,912,482 18,077,000 83,429,281
2025 11,539,139 11,934,629 6,212,044 30,808,557 18,077,125 78,571,493
2026 10,898,846 4,896,300 6,048,206 30,693,907 18,073,500 70,610,759
2027 10,323,102 4,438,525 5,884,475 30,491,853 18,075,875 69,213,830
2028 8,842,240 3,152,100 5,435,469 30,136,228 18,077,375 65,643,411
2029 7,664,149 1,929,825 4,810,197 30,083,265 18,075,750 62,563,187
2030 7,667,158 1,933,575 4,653,269 30,182,283 18,074,625 62,510,909
2031 7,356,453 - 4,593,113 26,079,468 18,077,375 56,106,409
2032 7,177,619 - 4,569,900 24,245,069 18,077,375 54,069,963
2033 6,967,872 - 4,549,078 21,678,225 18,073,125 51,268,300
2034 6,683,359 - 3,952,900 18,454,719 18,077,750 47,168,728
2035 6,415,844 - 3,448,272 17,040,681 18,074,375 44,979,172
2036 4,831,847 - 3,222,200 16,142,131 18,076,125 42,272,303
2037 3,749,966 - 2,984,275 14,983,306 18,075,875 39,793,422
2038 2,613,828 - 2,398,163 14,942,281 - 19,954,272
2039 1,238,300 - 258,825 14,961,106 - 16,458,231
2040 - - - 14,155,556 - 14,155,556
2041 - - - 14,159,163 - 14,159,163
2042 - - - 14,155,319 - 14,155,319
2043 - - - 14,155,444 - 14,155,444
2044 - - - 14,150,238 - 14,150,238
2045 - - - 10,782,097 - 10,782,097
2046 - - - 6,919,544 - 6,919,544
2047 - - - 3,921,800 - 3,921,800
2048 - - - 376,650 - 376,650
2049 - - - 380,625 - 380,625
174,285,118$ 135,805,315$ 109,817,841$ 610,713,698$ 325,362,250$ 1,355,984,223$
Table 1 - Total Outstanding Debt (in millions) as of September 30, 2019
General Obligation Bonds (GOs)Certificates of Obligation (COs)
City of Denton
Total Annual Debt Service (Principal & Interest) - All Debt
Fiscal Year Ending September 30, 2019
Aa1
$-
$20
$40
$60
$80
$100
$120
202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049MillionsTotal Annual Debt Service ($)
Revenue Bonds
CO - Revenue Supported
CO - Tax Supported
GO - Revenue Supported
GO - Tax Supported
12%
13%
5%
48%
22%
Total Annual Debt Service (%)
GO - Tax Supported
GO - Revenue Supported
CO - Tax Supported
CO - Revenue Supported
Revenue Bonds
FY End General Obligation Bonds Certificates of Obligation
9-30 (GOs)(COs)Total
2020 15,504,188$ 11,210,244$ 26,714,431$
2021 15,167,335 10,424,881 25,592,216
2022 14,257,092 9,645,494 23,902,586
2023 12,964,271 8,176,244 21,140,514
2024 12,422,512 7,340,594 19,763,105
2025 11,539,139 6,212,044 17,751,182
2026 10,898,846 6,048,206 16,947,052
2027 10,323,102 5,884,475 16,207,577
2028 8,842,240 5,435,469 14,277,709
2029 7,664,149 4,810,197 12,474,346
2030 7,667,158 4,653,269 12,320,426
2031 7,356,453 4,593,113 11,949,566
2032 7,177,619 4,569,900 11,747,519
2033 6,967,872 4,549,078 11,516,950
2034 6,683,359 3,952,900 10,636,259
2035 6,415,844 3,448,272 9,864,116
2036 4,831,847 3,222,200 8,054,047
2037 3,749,966 2,984,275 6,734,241
2038 2,613,828 2,398,163 5,011,991
2039 1,238,300 258,825 1,497,125
174,285,118$ 109,817,841$ 284,102,959$
City of Denton
Total Annual Debt Service (Principal & Interest) - Tax Supported Debt
Fiscal Year Ending September 30, 2019
Aa1
$-
$5
$10
$15
$20
$25
$30
20202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsTax Supported Debt ($)
GO
CO
61%
39%
Tax Supported Debt (%)
GO
CO
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2020 28,653,464$ 36,444,172$ 18,075,500$ 83,173,136$
2021 24,906,686 34,609,794 18,076,750 77,593,230
2022 22,245,367 33,379,056 18,073,125 73,697,547
2023 17,038,151 31,288,681 18,073,625 66,400,457
2024 14,676,694 30,912,482 18,077,000 63,666,176
2025 11,934,629 30,808,557 18,077,125 60,820,311
2026 4,896,300 30,693,907 18,073,500 53,663,707
2027 4,438,525 30,491,853 18,075,875 53,006,253
2028 3,152,100 30,136,228 18,077,375 51,365,703
2029 1,929,825 30,083,265 18,075,750 50,088,840
2030 1,933,575 30,182,283 18,074,625 50,190,483
2031 - 26,079,468 18,077,375 44,156,843
2032 - 24,245,069 18,077,375 42,322,444
2033 - 21,678,225 18,073,125 39,751,350
2034 - 18,454,719 18,077,750 36,532,469
2035 - 17,040,681 18,074,375 35,115,056
2036 - 16,142,131 18,076,125 34,218,256
2037 - 14,983,306 18,075,875 33,059,181
2038 - 14,942,281 - 14,942,281
2039 - 14,961,106 - 14,961,106
2040 - 14,155,556 - 14,155,556
2041 - 14,159,163 - 14,159,163
2042 - 14,155,319 - 14,155,319
2043 - 14,155,444 - 14,155,444
2044 - 14,150,238 - 14,150,238
2045 - 10,782,097 - 10,782,097
2046 - 6,919,544 - 6,919,544
2047 - 3,921,800 - 3,921,800
2048 - 376,650 - 376,650
2049 - 380,625 - 380,625
135,805,315$ 610,713,698$ 325,362,250$ 1,071,881,263$
City of Denton
Total Annual Debt Service (Principal & Interest) - Revenue Supported Debt
Fiscal Year Ending September 30, 2019
Aa1
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049MillionsRevenue Supported ($)
Revenue Bonds
CO
GO
13%
57%
30%
Revenue Supported (%)
GO
CO
Revenue Bonds
FY End
9-30 General Airport Water Park Warehouse Total
2020 25,674,413$ 759,804$ 231,463$ 48,752$ 26,714,431$
2021 24,552,272 762,923 229,084 47,936 25,592,216
2022 22,896,536 724,659 232,027 49,364 23,902,586
2023 20,235,483 686,259 170,542 48,230 21,140,514
2024 18,901,783 690,672 170,650 - 19,763,105
2025 16,956,371 623,838 170,974 - 17,751,182
2026 16,156,713 619,913 170,426 - 16,947,052
2027 15,455,750 581,388 170,440 - 16,207,577
2028 13,523,104 583,875 170,730 - 14,277,709
2029 11,725,345 578,181 170,820 - 12,474,346
2030 11,567,188 582,581 170,657 - 12,320,426
2031 11,197,845 581,363 170,358 - 11,949,566
2032 10,992,380 584,484 170,655 - 11,747,519
2033 10,754,534 591,625 170,791 - 11,516,950
2034 10,010,244 455,150 170,866 - 10,636,259
2035 9,360,461 332,878 170,776 - 9,864,116
2036 7,582,462 332,563 139,022 - 8,054,047
2037 6,402,528 331,713 - - 6,734,241
2038 4,686,391 325,600 - - 5,011,991
2039 1,497,125 - - - 1,497,125
270,128,928$ 10,729,467$ 3,050,282$ 194,282$ 284,102,959$
City of Denton
Total Annual Debt Service (Principal & Interest) - General Government
Fiscal Year Ending September 30, 2019
;
$-
$5
$10
$15
$20
$25
$30
20202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsGeneral Government ($)
Airport
Warehouse
Water Park
General
0.1%1.1%3.8%
95.1%
General Government (%)
Warehouse
Water Park
Airport
General
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2020 13,914,082$ 22,376,476$ 18,075,500$ 54,366,058$
2021 13,164,825 22,336,364 18,076,750 53,577,939
2022 12,386,225 22,322,263 18,073,125 52,781,613
2023 10,841,125 22,327,163 18,073,625 51,241,913
2024 9,477,025 22,332,064 18,077,000 49,886,089
2025 6,782,750 22,321,114 18,077,125 47,180,989
2026 1,679,500 22,345,451 18,073,500 42,098,451
2027 1,355,250 22,384,431 18,075,875 41,815,556
2028 841,500 22,407,800 18,077,375 41,326,675
2029 - 22,403,813 18,075,750 40,479,563
2030 - 22,470,062 18,074,625 40,544,687
2031 - 19,917,256 18,077,375 37,994,631
2032 - 18,345,994 18,077,375 36,423,369
2033 - 16,759,322 18,073,125 34,832,447
2034 - 14,030,500 18,077,750 32,108,250
2035 - 14,040,406 18,074,375 32,114,781
2036 - 14,068,881 18,076,125 32,145,006
2037 - 14,092,681 18,075,875 32,168,556
2038 - 14,121,206 - 14,121,206
2039 - 14,138,956 - 14,138,956
2040 - 14,155,556 - 14,155,556
2041 - 14,159,163 - 14,159,163
2042 - 14,155,319 - 14,155,319
2043 - 14,155,444 - 14,155,444
2044 - 14,150,238 - 14,150,238
2045 - 10,782,097 - 10,782,097
2046 - 6,919,544 - 6,919,544
2047 - 3,921,800 - 3,921,800
2048 - 376,650 - 376,650
2049 - 380,625 - 380,625
70,442,282$ 478,698,635$ 325,362,250$ 874,503,167$
City of Denton
Total Annual Debt Service (Principal & Interest) - Electric
Fiscal Year Ending September 30, 2019
Aa1
$-
$10
$20
$30
$40
$50
$60
202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049MillionsElectric ($)
Revenue Bonds
CO
GO
8%
55%
37%
Electric (%)
GO
CO
Revenue Bonds
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2020 9,977,800$ 2,901,220$ - 12,879,020$
2021 8,167,800 2,896,406 - 11,064,206
2022 6,980,175 2,904,306 - 9,884,481
2023 4,703,800 2,906,206 - 7,610,006
2024 4,779,775 2,913,531 - 7,693,306
2025 4,793,250 2,908,931 - 7,702,181
2026 2,917,375 2,927,131 - 5,844,506
2027 2,917,875 2,933,015 - 5,850,890
2028 2,254,500 2,935,862 - 5,190,362
2029 1,929,825 2,926,900 - 4,856,725
2030 1,933,575 2,943,531 - 4,877,106
2031 - 1,957,006 - 1,957,006
2032 - 1,960,000 - 1,960,000
2033 - 1,521,438 - 1,521,438
2034 - 1,518,438 - 1,518,438
2035 - 890,075 - 890,075
2036 - 686,550 - 686,550
2037 193,950 193,950
2038 193,475 193,475
2039 192,850 192,850
51,355,750$ 41,210,818$ -$ 92,566,568$
City of Denton
Total Annual Debt Service (Principal & Interest) - Water
Fiscal Year Ending September 30, 2019
Aa1
$-
$2
$4
$6
$8
$10
$12
$14
20202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsWater ($)
CO
GO
55%
45%
Water (%)
GO
CO
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2020 4,053,113$ 3,425,463$ - 7,478,576$
2021 2,875,925 3,106,962 - 5,982,887
2022 2,250,875 3,006,712 - 5,257,587
2023 1,071,125 3,001,512 - 4,072,637
2024 - 2,996,062 - 2,996,062
2025 - 2,992,012 - 2,992,012
2026 - 2,998,962 - 2,998,962
2027 - 2,998,162 - 2,998,162
2028 - 3,009,987 - 3,009,987
2029 - 2,966,237 - 2,966,237
2030 - 2,977,484 - 2,977,484
2031 - 2,647,062 - 2,647,062
2032 - 2,644,519 - 2,644,519
2033 - 2,141,159 - 2,141,159
2034 - 1,777,450 - 1,777,450
2035 - 1,323,400 - 1,323,400
2036 - 850,925 - 850,925
2037 - 630,375 - 630,375
2038 - 627,600 - 627,600
2039 - 629,300 - 629,300
10,251,038$ 46,751,346$ -$ 57,002,383$
City of Denton
Total Annual Debt Service (Principal & Interest) - Wastewater
Fiscal Year Ending September 30, 2019
Aa1
$-
$1
$2
$3
$4
$5
$6
$7
$8
20202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsWastewater ($)
CO
GO
18%
82%
Wastewater (%)
GO
CO
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2020 708,469$ 7,741,013$ - 8,449,482$
2021 698,136 6,270,063 - 6,968,199
2022 628,092 5,145,776 - 5,773,867
2023 422,101 3,053,801 - 3,475,902
2024 419,894 2,670,826 - 3,090,719
2025 358,629 2,586,501 - 2,945,129
2026 299,425 2,422,363 - 2,721,788
2027 165,400 2,176,244 - 2,341,644
2028 56,100 1,782,579 - 1,838,679
2029 - 1,786,316 - 1,786,316
2030 - 1,791,207 - 1,791,207
2031 - 1,558,144 - 1,558,144
2032 - 1,294,556 - 1,294,556
2033 - 1,256,306 - 1,256,306
2034 - 1,128,331 - 1,128,331
2035 - 786,800 - 786,800
2036 - 535,775 - 535,775
2037 - 66,300 - 66,300
3,756,246$ 44,052,900$ -$ 47,809,145$
City of Denton
Total Annual Debt Service (Principal & Interest) - Solid Waste
Fiscal Year Ending September 30, 2019
Aa1
$-
$1
$2
$3
$4
$5
$6
$7
$8
$9
202020212022202320242025202620272028202920302031203220332034203520362037MillionsSolid Waste ($)
CO
GO
8%
92%
Solid Waste (%)
GO
CO
HOUSE BILL 1378 SECTION
TOTAL TAX-SUPPORTED AND REVENUE DEBT HB 1378 Calculation (1)City Calculation (2)
Total Authorized Debt Obligations 982,195,000$ 982,195,000$
Total Principal Of All Outstanding Debt Obligations 967,530,000$ 967,530,000$
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations On Time And
In Full 1,355,984,223$ 1,355,984,223$
TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation 982,195,000$ 233,732,956$
Total Principal Of All Outstanding Debt Obligations Secured By Ad Valorem Taxation 967,530,000$ 219,067,956$
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations Secured By Ad
Valorem Taxation On Time And In Full 1,355,984,223$ 284,102,959$
PER CAPITA TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation Expressed As A Per Capita
Amount 7,173$ 1,707$
Total Principal Of Outstanding Debt Obligations Secured By Ad Valorem Taxation As A Per Capita
Amount 7,066$ 1,600$
+
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations Secured By Ad
Valorem Taxation On Time And In Full As A Per Capita Amount 9,903$ 2,075$
Population Total Used To Calculate Per Capita Figures 136,927 136,927
Source And Year of Data Used To Calculate Per Capita Figures City of Denton Planning
Department, 2019
City of Denton Planning
Department, 2019
City of Denton
Summary of Debt Obligations
Fiscal Year Ending September 30, 2019
(1) For all "Authorized Debt Obligations" amounts and calculations, the City has included all voted but unissued amounts and all amounts of debt that were authorized by
the City Council to be issued, but, as of the end of the fiscal year remained unissued, as well as all outstanding debt as of the end of the fiscal year.
(2) City Calculation excludes general obligation debt issued for Enterprise Funds (Electric, Water, Wastewater and Solid Waste) since the City has paid that debt with
revenues from each respective fund. General obligation debt is issued with a limited pledge of Utility System revenue for this purpose.
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
Certificates of Obligation,
Series 2007A
7,065,000.00$ -$ -$ February 15, 2017 Yes 7,131,492.75$ 6,697,794.39$ 433,698.36$ Proceeds fromthe sale of the Certificates willbe used for improvements to
the City's drainage and storm sewer systems and acquisition of related
equipment;and also for the purpose of paying allor a portion of the City's
contractual obligations for professional services,including engineers,
architects,attorneys,map makers,auditors,and financial advisors,in
connection with said Certificates.
Aa2 AA+Not Rated
General Obligations Bonds,
Series 2008
7,300,000.00$ -$ -$ February 15, 2018 Yes 7,400,580.31$ 7,389,414.79$ 11,165.52$ Proceeds from the sale of the Bonds will be used (a)for various street
improvements,senior center improvements and park land acquisitions and
improvements, and (b) to pay the costs of issuing the Bonds.
Aa2 AA+Not Rated
Certificates of Obligation,
Series 2008
10,685,000.00$ -$ -$ February 15, 2018 Yes 10,746,326.08$ 10,746,326.08$ -$ Proceeds from the sale of the Certificates will be used for (a)acquisition of
land for,and design,construction and equipping of,a public safety radio
antenna;(b)renovations and improvements to,and equipping of,existing
municipal facilities,including City Hall East and City libraries;(c)
improvements to the City's solid waste disposal system and acquisition of
related equipment;(d)acquisition of land for,and design,construction and
equipping of,animalshelter;(e)acquisitionof vehiclesandequipment forthe
City's motor pool;and (f)acquisition of land for and improvements to
municipal parks;and also for the purpose of paying all or a portion of the
City's contractual obligations for professional services,inlcluding engineers,
architects,attorneys,map makers,auditors and financial advisors,in
connection with the preparation of the City's master plan for downtown
improvements, and with said Certficates of Obligation.
Aa2 AA+Not Rated
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2019
Current Credit Rating
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2019
Current Credit Rating
Certificates of Obligation,
Series 2013
63,520,000.00$ 43,505,000.00$ 54,547,950.31$ February 15, 2033 Yes 67,807,600.00$ 67,807,600.00$ -$ Proceeds from the sale of the Certificates will be used for (a)acquisition of
vehicles and equipment for,and acquiring,constructing,installing and
equipping additions,extensions,renovations and improvements to,theCity's
solid waste disposal system,including the acquisition of land for the City
landfill;(b)renovations to,and equipping of,existing municipal buildings,
including the acquisition and installation ofreplacement heating,venting and
air conditioning equipment,roofing and flooring;(c)acquisition of vehicles
and equipment for the fire,police,building inspections,animal services,
streets and traffic control,facilities management,and parks and recreation
departments;(d)constructing andimproving streets,including installation of
traffic signals;(e)acquisition ofland for the municipal airport;(t)acquiring,
constructing,installing and equipping a public safety training facility;(g)
acquiring,constructing,installing and equipping additions,extensions,
renovations and improvements to existing fire stations,(h)acquiring,
constructing,installing and equipping two animal shelters;(i)acquisition of
equipment for,and acquiring,constructing,installing and equipping
additions,extensions,renovations and improvements to,the City's
waterworks and sewer system;and G)acquisition of equipment for,and
acquiring,constructing,installing and equipping additions,extensions,
renovations and improvementsto,the City's electric light and power system;
and also for the purpose of paying all or a portion ofthe City's contractual
obligations for professional services,including engineers,architects,
attomeys,map makers,auditors,and financial advisors,in connection with
said projects and said Certificates.
Not Rated AA+AA+
Certificates of Obligation,
Series 2014
89,180,000.00$ 74,060,000.00$ 111,069,343.75$ February 15, 2044 Yes 93,781,044.89$ 88,215,971.18$ 5,565,073.71$ Proceedsofthe saleofthe Certificates willbe used (a)acquisitionofvehicles
and equipment for,and acquiring,constructing,installing and equipping
additions,extensions,renovations and improvements to,the City's solid
waste disposal system,including the acquisition of land for the City landfill;
(b)renovations to,and equipping of,existing municipal buildings,including
the acquisition and installation of replacement heating,venting and air
conditioning equipment,roofing and flooring;(c)acquisitionofvehicles and
equipment for the fire,police,building inspections,animal services,streets
and traffic control,facilities management,and parks and recreation
departments;(d)constructing andimproving streets,including installation of
traffic signals;(e)acquiring,constructing,installing and equipping hangars
for the municipal airport;(f)acquiring,constructing,installing andequipping
additions,extensions,renovations and improvements to the Civic Center
Pool facilities;(g)acquiring,constructing,installing and equipping
replacement facility for Fire Station Number 2,including related site
preparation;(h)acquisition of equipment for,and acquiring,constructing,
installing and equippingadditions,extensions,renovations and improvements
to,theCity'swaterworksand sewer system;(i)acquisition of equipment for,
and acquiring,constructing,installing and equipping additions,extensions,
renovations and improvementsto,the City's electric light and power system;
and also for the purpose of paying all or a portion ofthe City's contractual
obligations for professional services,including engineers,architects,
attorneys,map makers,auditors,and financial advisors,in connection with
said projects and said Certificates.
Not Rated AA+AA+
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2019
Current Credit Rating
Certificates of Obligation,
Series 2015
93,015,000.00$ 78,685,000.00$ 123,149,679.00$ February 15, 2045 Yes 97,983,335.00$ 92,653,678.00$ 5,329,657.00$ Proceedsofthe saleofthe Certificates willbe used (a)acquisitionofvehicles
and equipment for,and acquiring,constructing,installing and equipping
additions,extensions,renovations and improvements to,the City's solid
waste disposal system,including the acquisition of land for the City landfill;
(b)renovations to,and equipping of,existing municipal buildings,including
the acquisition and installation of replacement heating,venting and air
conditioning equipment,oofing and flooring;(c)acquisition of vehicles and
equipment for the fire,police,building inspections,animal services,streets
and traffic control,facilities management,and parks and recreation
departments;(d)acquiring,constructing,installing and equipping parking
facilities;(e)acquisition of land and buildings to be used for administration
facilities and/or park purposes;(f)acquiring,onstructing,installing and
equipping additions,extensions,enovations and improvements to the Civic
Center Pool facilities;and (g)acquiring,constructing,installing and
equipping replacement facility for Fire Station Number 2,including related
site preparation,and acquiring,constructing,installing and equipping a new
fire tation,including the acquisition of land therefor;(h)acquisition of
vehicles and equipment for,and acquiring,constructing,installing and
equipping additions,extensions,renovations and improvements to,theCity's
waterworks and sewer system;and (i)acquisition of equipment for,and
acquiring,constructing,installing and equipping additions,extensions,
renovations and improvementsto,the City's electric light and power system,
and also for the purpose of paying all or a portion ofthe City's contractual
obligations for professional services,including engineers,architects,
attorneys,map makers,auditors,and financial advisors,in connection with
said projects and said Certificates.
Not Rated AA+AA+
General Obligation
Refunding and
Improvement Bonds, Series
2015
37,640,000.00$ 31,430,000.00$ 39,739,808.00$ February 15, 2035 Yes 23,013,424.58$ 20,832,654.38$ 2,180,770.20$ Proceeds of the Bonds are expected to be used (i)to refund certain
outstanding obligations of the City for debt service savings;(ii)for street
improvements,public safety facilities improvements,stormwater drainage
andflood control improvements,and park system improvements,and (iii)to
pay the costs associated with the issuance of the Bonds.
Not Rated AA+AA+
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2019
Current Credit Rating
Certificates of Obligation,
Series 2016
83,305,000.00$ 73,890,000.00$ 111,585,759.63$ February 15, 2046 Yes 92,340,554.08$ 80,935,881.54$ 11,404,672.54$ Proceeds from the sale of the Certificates will be used (a)acquisition of
vehicles and equipment for,and acquiring,constructing ,installing and
equipping additions,extensions,renovations and improvements to,theCity's
solid waste disposal system,including the acquisition of land for the City
landfill;(b)renovations to,and equipping of,existing municipal buildings,
including the acquisition and installation ofreplacement heating,venting and
air conditioning equipment,roofing and flooring;(c)acquisition of vehicles
and equipment for the fire,police,building inspections,community
improvement services ,animalservices,streets and traffic control,facilities
management,and parks and recreation departments;(d)acquiring ,
constructing,installing and equipping additions,extensions,renovations and
improvements to parking facilities;(e)constructing and improving streets,
including landscaping,drainage,utilityline relocations and the acquisition of
land and rights-of-way therefor;(f)acquiring,constructing,installing and
equipping a new fire training facility;and (g)acquisition of land for a new
fire station;(h)acquisition of vehicles and equipment for,and acquiring,
constructing,installing and equipping additions,extensions,renovations and
improvementsto,theCity's waterworks and sewersystem;and (i)acquisition
of equipment for,and acquiring,constructing,installing and equipping
additions,extensions,renovations and improvements to,the City's electric
light andpowersystem,and also for the purpose ofpaying all ora portion of
the City's contractual obligations for professional services,including
engineers,architects,attorneys,map makers,auditors ,and financial
advisors, in connection with said projects and said Certificates.
Not Rated AA+AA+
General Obligation
Refunding and
Improvement Bonds, Series
2016
28,930,000.00$ 25,840,000.00$ 32,678,575.00$ February 15, 2036 Yes 16,915,296.52$ 15,276,921.23$ 1,638,375.29$ Proceeds of the Bonds are expected to be used (i)to refimd certain
outstanding obligations of the City for debt service savings;(ii)for street
improvements,public safety facilities improvements,stormwater drainage
andfloodcontrolimprovements,andpark system improvements ,and (iii)to
pay the costs associated with the issuance of the Bonds.
Not Rated AA+AA+
Utility System Revenue
Bonds, Series 2017
214,890,000.00$ 214,890,000.00$ 325,362,250.00$ December 1, 2037 No 246,164,298.03$ 232,699,710.19$ 13,464,587.84$ Proceeds from the sale of the Series 2017 Bonds willbe used to (a)acquire
and construct additions and improvements to the City's electric light and
power system including new quick start peak power generation facilities;(b)
fund capitalized interest on the Series 2017 Bonds;and (c)pay the costs of
issuance in connection with the issuance of the Series 2017 Bonds.
Not Rated AA-A+
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2019
Current Credit Rating
Certificates of Obligation,
Series 2017
90,800,000.00$ 82,150,000.00$ 127,576,200.00$ February 15, 2047 Yes 98,365,003.11$ 59,585,741.56$ 38,779,261.55$ Proceeds from the sale of the Certificates will be used for (a)acquisition of
vehicles and equipment for,and acquiring,constructing,installing and
equipping additions,extensions,renovations and improvements to,theCity's
solid waste disposal system;(b)renovations to,and equipping of,existing
municipal buildings,including the acquisition and installation of replacement
heating,venting and air conditioning equipment,roofing and flooring;(c)
acquisition of vehicles and equipment for the fire,police,building
inspections,community improvement services,animal services,streets and
traffic control,facilities management,and parks and recreation departments;
(d)acquiring,constructing,installing and equipping additions,extensions,
renovations and improvements to parking facilities;(e)constructing and
improving streets,including landscaping,drainage,utilitylinerelocations and
the acquisition of land and rights-of-way therefor;(f)acquisition of
equipment for,and acquiring,constructing,installing and equipping
additions,extensions,renovations and improvements to,the City's electric
light andpowersystem;and also for the purpose ofpaying all ora portion of
the City's contractual obligations for professional services,including
engineers,architects,attorneys,map makers,auditors,and financialadvisors,
in connection with said projects and said Certificates.
Not Rated AA+AA+
General Obligation
Refunding and
Improvement Bonds, Series
2017
29,105,000.00$ 21,425,000.00$ 26,881,578.33$ February 15, 2037 Yes 17,294,870.71$ 1,755,362.38$ 15,539,508.33$ Proceeds of the Bonds are expected to be used (i)to refund certain
outstanding obligations of the City described on Schedule I attached hereto
(the "Refunded Obligations")for debt service savings;(ii)for street
improvements and public safety facilities improvements,and (iii)to pay the
costs associated with the issuance of the Bonds.
Not Rated AA+AA+
General Obligation Bonds,
Series 2018
19,235,000.00$ 18,695,000.00$ 26,038,862.91$ February 15, 2038 Yes 19,871,127.54$ -$ 19,871,127.54$ Proceeds of the Bonds are expected to be used (i)street improvements,
storm water drainage and flood control improvements,and park system
improvements;and (ii)to pay the costs associated with the issuance of the
Bonds.
Not Rated AA+AA+
Certificates of Obligation,
Series 2018
9,555,000.00$ 8,740,000.00$ 11,136,587.56$ February 15, 2038 Yes 10,020,369.57$ 5,295,894.14$ 4,724,475.43$ Proceeds will be used for (a)renovations to,and equipping of,existing
municipal buildings,including the acquisition and installation of replacement
heating,venting and air conditioning equipment,roofing and flooring;(b)
acquisition of vehicles and equipment for the fire,police,building
inspections,community improvement services,animal services,streets and
traffic control,facilities management,and parks and recreation departments;
(c)acquiring,constructing,installing and equipping additions,extensions,
renovations and improvements to runways and taxiways at the municipal
airport;and (d)acquiring,constructing,renovating,installing and equipping
fire stations,including the acquisition of land therefor:and also for the
purpose of paying all or a portion of the City's contractual obligations for
professional services,including engineers,architects,attorneys,map makers,
auditors,and financial advisors,in connection with said projects and the
Certificates (see "Plan of Financing").
Not Rated AA+AA+
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2019
Current Credit Rating
Certificates of Obligation,
Series 2018A
29,545,000.00$ 28,250,000.00$ 39,684,540.78$ February 15, 2038 Yes 31,802,096.74$ 5,461,253.23$ 26,340,843.51$ Proceeds from the sale of the Certificates will be used for (a)renovating,
constructing,expanding,improving and equipping existing municipal service
center building;(b)constructing and improving streets,including
landscaping,drainage,utility line relocations and the acquisition ofland and
rights-of-way therefor;(c)constructing,reconstructing and improving
vehicle roadways at the municipal airport;(d)acquiring,constructing,
installing and equipping fire stations,including the acquisition of land
therefor;(e)acquiring,constructing,installing and equipping a public safety
facility for the police department,including the acquisition of land therefor;
(acquiring and installing a radio communications system for the City;and
also for the purpose of paying all or a portion of the City's contractual
obligations for professional services,including engineers,architects,
attorneys, map makers, auditors, and financial advisors.
Not Rated AA+AA+
General Obligation
Refunding & Improvement
Bonds, Series 2019
44,340,000.00$ 44,340,000.00$ 54,821,081.96$ February 15, 2039 Yes 48,176,707.02$ 28,738,853.14$ 19,437,853.88$ (i)up to $28,620,000 for the public purpose of refunding the Refunded
Obligations,(ii)for the purpose of the acquisition of property and making
improvementsfor publicpurposesinsaid Issuer,to wit:(A)$14,580,000 for
street improvements,(B)$705,000 for stormwater drainage and flood
control improvements, and (C) $4,085,000 for park system improvements.
Not Rated AA+AA+
Certificates of Obligation,
Series 2019
28,755,000.00$ 28,755,000.00$ 39,301,427.80$ February 15, 2049 Yes 30,516,238.82$ 1,270,553.31$ 29,245,685.51$ Proceeds will be used for acquisition of equipment for,and acquiring,
constructing,installing and equipping additions,extensions,renovations and
improvements to,the (a)Issuer's waterworks system;(b)Issuer's
wastewater system;and(c)theIssuer's electric light and power system;and
also for the purpose of paying all or a portion of the Issuer's contractual
obligations for professional services,including engineers,architects,
attorneys,map makers,auditors,and financial advisors,in connection with
said projects and said Certificates of Obligation;and up to $10,110,000 in
principal amount for the purpose of:renovations to,and equipping of,
existing municipal buildings,(a)including the acquisition and installation of
replacement heating,venting and air conditioning equipment,roofing and
flooring;(b)acquisition of vehicles and equipment for the fire,police,
building inspections,community improvement services,animal services,
streets and traffic control,facilities management,and parks and recreation
departments;(c)constructing and improving streets,including landscaping,
drainage,utilitylinerelocations andtheacquisition of land andrights-of-way
therefor;(d)acquiring,constructing,installing and equipping a public safety
facility for the police department,including the acquisition of land therefor;
(e)acquiring,extending,constructing,renovating,improving and equipping
parking facilities,including the acquisition of land therefor;and (f)
acquisition and installation of technology equipment including computer
equipment and software for various municipal departments;and also for the
purpose of paying allor a portion of the Issuer's contractual obligations for
professional services,including engineers,architects,attorneys,map makers,
auditors,and financial advisors,in connection with said projects and said
Certificates of Obligation.
Not Rated AA+AA+
TOTAL 886,865,000.00$ 774,655,000.00$ 1,123,573,645.03$ 919,330,365.75$ 725,363,609.54$ 193,966,756.21$