2021-012 Debt Summary ReportDate: February 26, 2021 Report No. 2021-012
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, 2020. 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 10, 2021 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
Monday, March 15, 2021. 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, 2020
STAFF CONTACT: Cassey Ogden, Director of Finance (940) 349-7195
Cassandra.Ogden@cityofdenton.com
City of Denton
Debt Summary Report
Fiscal Year Ending September 30, 2020
Contact:
City of Denton Finance Department
Attn: Cassandra Ogden – Director of Finance
215 E. McKinney St.
Denton, Texas 76201
Email: Cassandra.Ogden@cityofdenton.com
Phone: 940-349-7195
Fax: 940-349-7206
Website: www.cityofdenton.com
February 10, 2021
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………………………………………………………………………….……..…32
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 (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 May 2020.
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 COs issued for utility purposes are repaid from the specific utility
fund for which the debt was issued. COs 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
3
through issuing COs (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, 2020, 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, 2020 is shown in Table 1 on
page 6 of this report.
4
CITY DEBT SECTION
5
Principal Interest Total
GOs 272.06$ 59.06$ 331.12$
COs 496.19$ 214.07$ 710.26$
Revenue Bonds 207.31$ 99.98$ 307.29$
Total 975.56$ 373.11$ 1,348.67$
FY End Revenue
9-30 Tax Supported Revenue Supported Tax Supported Revenue Supported Bonds Total
2021 16,766,638$ 28,056,038$ 12,390,037$ 32,580,796$ 18,076,750$ 107,870,259$
2022 15,854,379 25,417,642 11,617,131 31,327,550 18,073,125 102,289,826
2023 14,566,207 20,245,026 10,145,006 29,200,075 18,073,625 92,229,939
2024 14,017,563 17,923,069 9,308,331 28,780,751 18,077,000 88,106,714
2025 13,140,052 15,219,329 8,175,481 28,642,751 18,077,125 83,254,738
2026 12,498,206 8,226,800 7,380,069 28,478,376 18,073,500 74,656,950
2027 11,919,462 7,813,725 7,218,013 28,231,321 18,075,875 73,258,396
2028 10,441,725 6,575,225 6,763,531 27,830,471 18,077,375 69,688,327
2029 9,272,072 5,406,950 6,135,644 27,724,846 18,075,750 66,615,262
2030 9,270,425 5,449,325 5,984,084 27,780,242 18,074,625 66,558,702
2031 8,958,403 - 5,981,363 27,827,868 18,077,375 60,845,009
2032 8,772,869 - 5,953,600 25,989,644 18,077,375 58,793,488
2033 8,570,872 - 5,932,753 23,423,950 18,073,125 56,000,700
2034 8,278,559 - 5,336,650 20,202,219 18,077,750 51,895,178
2035 8,012,744 - 4,837,422 18,790,881 18,074,375 49,715,422
2036 6,434,797 - 4,606,250 17,889,481 18,076,125 47,006,653
2037 5,353,316 - 4,367,775 16,732,256 18,075,875 44,529,222
2038 4,216,978 - 3,785,563 16,692,231 - 24,694,772
2039 2,845,600 - 1,644,575 16,711,456 - 21,201,631
2040 1,600,850 - 1,378,650 15,900,756 - 18,880,256
2041 - - - 15,319,563 - 15,319,563
2042 - - - 15,316,319 - 15,316,319
2043 - - - 15,316,644 - 15,316,644
2044 - - - 15,311,238 - 15,311,238
2045 - - - 11,942,497 - 11,942,497
2046 - - - 8,073,994 - 8,073,994
2047 - - - 5,079,900 - 5,079,900
2048 - - - 1,532,950 - 1,532,950
2049 - - - 1,534,725 - 1,534,725
2050 - - - 1,156,450 - 1,156,450
190,791,715$ 140,333,128$ 128,941,928$ 581,322,200$ 307,286,750$ 1,348,675,721$
Table 1 - Total Outstanding Debt (in millions) as of September 30, 2020
General Obligation Bonds (GOs)Certificates of Obligation (COs)
City of Denton
Total Annual Debt Service (Principal & Interest) - All Debt
Fiscal Year Ending September 30, 2020
6
$-
$20
$40
$60
$80
$100
$120
202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050MillionsTotal Annual Debt Service ($)
GO - Tax Supported GO - Revenue Supported CO - Tax Supported CO - Revenue Supported Revenue Bonds
14%
10%
10%
43%
23%
Total Annual Debt Service (%)
GO - Tax Supported GO - Revenue Supported CO - Tax Supported CO - Revenue Supported Revenue Bonds
7
FY End General Obligation Bonds Certificates of Obligation
9-30 (GOs)(COs)Total
2021 16,766,638$ 12,390,037$ 29,156,675$
2022 15,854,379 11,617,131 27,471,510
2023 14,566,207 10,145,006 24,711,213
2024 14,017,563 9,308,331 23,325,894
2025 13,140,052 8,175,481 21,315,533
2026 12,498,206 7,380,069 19,878,275
2027 11,919,462 7,218,013 19,137,475
2028 10,441,725 6,763,531 17,205,256
2029 9,272,072 6,135,644 15,407,716
2030 9,270,425 5,984,084 15,254,509
2031 8,958,403 5,981,363 14,939,766
2032 8,772,869 5,953,600 14,726,469
2033 8,570,872 5,932,753 14,503,625
2034 8,278,559 5,336,650 13,615,209
2035 8,012,744 4,837,422 12,850,166
2036 6,434,797 4,606,250 11,041,047
2037 5,353,316 4,367,775 9,721,091
2038 4,216,978 3,785,563 8,002,541
2039 2,845,600 1,644,575 4,490,175
2040 1,600,850 1,378,650 2,979,500
190,791,715$ 128,941,928$ 319,733,643$
City of Denton
Total Annual Debt Service (Principal & Interest) - Tax Supported Debt
Fiscal Year Ending September 30, 2020
8
$-
$5
$10
$15
$20
$25
$30
20212022202320242025202620272028202920302031203220332034203520362037203820392040MillionsTax Supported Debt ($)
CO GO
60%
40%
Tax Supported Debt (%)
GO CO
9
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2021 28,056,038$ 32,580,796$ 18,076,750$ 78,713,584$
2022 25,417,642 31,327,550 18,073,125 74,818,316
2023 20,245,026 29,200,075 18,073,625 67,518,726
2024 17,923,069 28,780,751 18,077,000 64,780,819
2025 15,219,329 28,642,751 18,077,125 61,939,205
2026 8,226,800 28,478,376 18,073,500 54,778,676
2027 7,813,725 28,231,321 18,075,875 54,120,921
2028 6,575,225 27,830,471 18,077,375 52,483,071
2029 5,406,950 27,724,846 18,075,750 51,207,546
2030 5,449,325 27,780,242 18,074,625 51,304,192
2031 - 27,827,868 18,077,375 45,905,243
2032 - 25,989,644 18,077,375 44,067,019
2033 - 23,423,950 18,073,125 41,497,075
2034 - 20,202,219 18,077,750 38,279,969
2035 - 18,790,881 18,074,375 36,865,256
2036 - 17,889,481 18,076,125 35,965,606
2037 - 16,732,256 18,075,875 34,808,131
2038 - 16,692,231 - 16,692,231
2039 - 16,711,456 - 16,711,456
2040 - 15,900,756 - 15,900,756
2041 - 15,319,563 - 15,319,563
2042 - 15,316,319 - 15,316,319
2043 - 15,316,644 - 15,316,644
2044 - 15,311,238 - 15,311,238
2045 - 11,942,497 - 11,942,497
2046 - 8,073,994 - 8,073,994
2047 - 5,079,900 - 5,079,900
2048 - 1,532,950 - 1,532,950
2049 - 1,534,725 - 1,534,725
2050 - 1,156,450 - 1,156,450
140,333,128$ 581,322,200$ 307,286,750$ 1,028,942,078$
City of Denton
Total Annual Debt Service (Principal & Interest) - Revenue Supported Debt
Fiscal Year Ending September 30, 2020
10
$-
$10
$20
$30
$40
$50
$60
$70
$80
202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050MillionsRevenue Supported ($)
GO CO Revenue Bonds
14%
56%
30%
Revenue Supported (%)
GO CO Revenue Bonds
11
FY End
9-30 General Airport Water Park Warehouse Total
2021 28,116,731$ 762,923$ 229,084$ 47,936$ 29,156,675$
2022 26,465,461 724,659 232,027 49,364 27,471,510
2023 23,806,182 686,259 170,542 48,230 24,711,213
2024 22,464,572 690,672 170,650 - 23,325,894
2025 20,520,721 623,838 170,974 - 21,315,533
2026 19,087,936 619,913 170,426 - 19,878,275
2027 18,385,647 581,388 170,440 - 19,137,475
2028 16,450,652 583,875 170,730 - 17,205,256
2029 14,658,715 578,181 170,820 - 15,407,716
2030 14,501,271 582,581 170,657 - 15,254,509
2031 14,188,045 581,363 170,358 - 14,939,766
2032 13,971,330 584,484 170,655 - 14,726,469
2033 13,741,209 591,625 170,791 - 14,503,625
2034 12,989,194 455,150 170,866 - 13,615,209
2035 12,346,511 332,878 170,776 - 12,850,166
2036 10,569,462 332,563 139,022 - 11,041,047
2037 9,389,378 331,713 - - 9,721,091
2038 7,676,941 325,600 - - 8,002,541
2039 4,490,175 - - - 4,490,175
2040 2,979,500 - - - 2,979,500
306,799,631$ 9,969,663$ 2,818,820$ 145,530$ 319,733,643$
City of Denton
Total Annual Debt Service (Principal & Interest) - General Government
Fiscal Year Ending September 30, 2020
12
$-
$5
$10
$15
$20
$25
$30
20212022202320242025202620272028202920302031203220332034203520362037203820392040MillionsGeneral Government ($)
Warehouse Water Park Airport General
0.0%0.9%3.1%
96.0%
General Government (%)
Warehouse Water Park Airport General
13
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2021 15,140,172$ 21,139,689$ 18,076,750$ 54,356,610$
2022 14,384,075 21,104,538 18,073,125 53,561,738
2023 12,859,050 21,087,313 18,073,625 52,019,988
2024 11,515,625 21,072,414 18,077,000 50,665,039
2025 8,846,900 21,034,189 18,077,125 47,958,214
2026 3,773,150 21,029,076 18,073,500 42,875,726
2027 3,474,600 21,041,506 18,075,875 42,591,981
2028 2,992,875 21,036,300 18,077,375 42,106,550
2029 2,183,375 21,003,391 18,075,750 41,262,516
2030 2,208,875 21,039,427 18,074,625 41,322,927
2031 - 21,074,106 18,077,375 39,151,481
2032 - 19,500,869 18,077,375 37,578,244
2033 - 17,915,272 18,073,125 35,988,397
2034 - 15,186,000 18,077,750 33,263,750
2035 - 15,199,106 18,074,375 33,273,481
2036 - 15,225,431 18,076,125 33,301,556
2037 - 15,251,731 18,075,875 33,327,606
2038 - 15,277,406 - 15,277,406
2039 - 15,296,956 - 15,296,956
2040 - 15,314,956 - 15,314,956
2041 - 15,319,563 - 15,319,563
2042 - 15,316,319 - 15,316,319
2043 - 15,316,644 - 15,316,644
2044 - 15,311,238 - 15,311,238
2045 - 11,942,497 - 11,942,497
2046 - 8,073,994 - 8,073,994
2047 - 5,079,900 - 5,079,900
2048 - 1,532,950 - 1,532,950
2049 - 1,534,725 - 1,534,725
2050 - 1,156,450 - 1,156,450
77,378,697$ 466,413,953$ 307,286,750$ 851,079,400$
City of Denton
Total Annual Debt Service (Principal & Interest) - Electric
Fiscal Year Ending September 30, 2020
14
$-
$10
$20
$30
$40
$50
$60
202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050MillionsElectric ($)
GO CO Revenue Bonds
9%
55%
36%
Electric (%)
GO CO Revenue Bonds
15
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2021 8,906,782$ 1,994,643$ $ - 10,901,425$
2022 7,724,825 2,000,143 - 9,724,968
2023 5,453,375 1,992,943 - 7,446,318
2024 5,542,850 1,987,668 - 7,530,518
2025 5,565,950 1,976,968 - 7,542,918
2026 3,700,575 1,980,668 - 5,681,243
2027 3,710,175 1,978,753 - 5,688,928
2028 3,060,750 1,970,500 - 5,031,250
2029 2,749,325 1,947,912 - 4,697,237
2030 2,763,825 1,953,525 - 4,717,350
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
2040 - - - -
49,178,432$ 28,897,504$ -$ 78,075,936$
City of Denton
Total Annual Debt Service (Principal & Interest) - Water
Fiscal Year Ending September 30, 2020
16
$-
$2
$4
$6
$8
$10
$12
20212022202320242025202620272028202920302031203220332034203520362037203820392040MillionsWater ($)
GO CO
63%
37%
Water (%)
GO CO
17
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2021 3,133,018 3,386,852 - 6,519,870
2022 2,506,300 3,286,143 - 5,792,443
2023 1,329,300 3,279,068 - 4,608,368
2024 262,475 3,266,493 - 3,528,968
2025 260,550 3,264,943 - 3,525,493
2026 267,250 3,264,018 - 3,531,268
2027 273,350 3,260,068 - 3,533,418
2028 272,750 3,268,343 - 3,541,093
2029 280,250 3,215,943 - 3,496,193
2030 281,875 3,225,725 - 3,507,600
2031 - 3,238,612 - 3,238,612
2032 - 3,234,219 - 3,234,219
2033 - 2,730,934 - 2,730,934
2034 - 2,369,450 - 2,369,450
2035 - 1,914,900 - 1,914,900
2036 - 1,441,725 - 1,441,725
2037 - 1,220,275 - 1,220,275
2038 - 1,221,350 - 1,221,350
2039 - 1,221,650 - 1,221,650
2040 - 585,800 - 585,800
8,867,118$ 51,896,513$ -$ 60,763,631$
City of Denton
Total Annual Debt Service (Principal & Interest) - Wastewater
Fiscal Year Ending September 30, 2020
18
-
1
2
3
4
5
6
7
20212022202320242025202620272028202920302031203220332034203520362037203820392040MillionsWastewater ($)
GO CO
15%
85%
Wastewater (%)
GO CO
19
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs COs Bonds Total
2021 876,066$ 6,059,613$ -$ 6,935,679$
2022 802,442 4,936,726 - 5,739,167
2023 603,301 2,840,751 - 3,444,052
2024 602,119 2,454,176 - 3,056,294
2025 545,929 2,366,651 - 2,912,579
2026 485,825 2,204,613 - 2,690,438
2027 355,600 1,950,994 - 2,306,594
2028 248,850 1,555,329 - 1,804,179
2029 194,000 1,557,601 - 1,751,601
2030 194,750 1,561,566 - 1,756,316
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
2038 - - - -
2039 - - - -
2040 - - - -
4,908,881$ 34,114,230$ -$ 39,023,112$
City of Denton
Total Annual Debt Service (Principal & Interest) - Solid Waste
Fiscal Year Ending September 30, 2020
20
$-
$1
$2
$3
$4
$5
$6
$7
20212022202320242025202620272028202920302031203220332034203520362037203820392040MillionsSolid Waste ($)
GO CO
13%
87%
Solid Waste (%)
GO CO
21
HOUSE BILL 1378 SECTION
22
TOTAL TAX-SUPPORTED AND REVENUE DEBT HB 1378 Calculation (1)City Calculation (2)
Total Authorized Debt Obligations 1,183,365,000$ 1,183,365,000$
Total Principal Of All Outstanding Debt Obligations 975,565,000$ 975,565,000$
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations On Time And
In Full 1,348,675,721$ 1,348,675,721$
TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation 976,055,000$ 457,282,532$
Total Principal Of All Outstanding Debt Obligations Secured By Ad Valorem Taxation 768,255,000$ 249,482,532$
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations Secured By Ad
Valorem Taxation On Time And In Full 1,041,388,971$ 319,733,643$
PER CAPITA TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation Expressed As A Per Capita
Amount 6,925$ 3,244$
Total Principal Of Outstanding Debt Obligations Secured By Ad Valorem Taxation As A Per Capita
Amount 5,450$ 1,770$
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 7,388$ 2,268$
Population Total Used To Calculate Per Capita Figures 140,956 140,956
Source And Year of Data Used To Calculate Per Capita Figures City of Denton Planning
Department, 2020
City of Denton Planning
Department, 2020
City of Denton
Summary of Debt Obligations
Fiscal Year Ending September 30, 2020
(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. The City currently has a
$100 million GO ECP Program under existing GO debt authorization.
(2) City Calculation excludes general obligation debt issued for Enterprise Funds (Electric, Water, Wastewater and Solid Waste) since the City has paid that debt with
revenues from each respective fund. General obligation debt is issued with a limited pledge of Utility System revenue for this purpose.
23
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
Certificates of Obligation,
Series 2011
32,100,000.00$ 16,505,000.00$ 20,997,093.96$ February 15, 2031 Yes 32,381,815.73$ 32,381,815.73$ -$ Proceeds from the sale of the Certificates will be used for (a) acquisition of
equipment for, and acquiring, constructing, installing and equipping
additions, extensions, renovations and improvements to, the City's
waterworks and sewer system; (b) acquisition of equipment for, and
acquiring, constructing, installing and equipping additions, extensions,
renovations and improvements to, the City's electric light and power system;
(c) acquisition of vehicles and equipment for, and acquiring, constructing,
installing and equipping additions, extensions, renovations and improvements
to, the City's solid waste disposal system; (d) renovations to, and equipping
of, existing municipal buildings, including City Hall East; and (e) acquisition
of vehicles and equipment for the City's motor pool, 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 said Certificates of
Obligation.
Aa1 AA+ Not Rated
General Obligation
Refunding and
Improvement Bonds, Series
2011
10,845,000.00$ 2,025,000.00$ 2,425,368.77$ February 15, 2031 Yes 2,332,407.86$ 2,332,407.86$ -$ Proceeds of the Bonds are expected to be used (i) to refund certain
outstanding obligations of the City for debt service savings and (ii) for
various street improvements and park land acquisitions and improvements,
and (iii) to pay the costs associated with the issuance of the Bonds.
Aa1 AA+ Not Rated
Certificates of Obligation,
Series 2012
44,675,000.00$ 25,280,000.00$ 32,266,671.94$ February 15, 2032 Yes 48,950,741.64$ 48,950,741.64$ -$ 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, the City'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 and flooring; (c) acquisition
of vehicles and equipment for the fire, police, streets and traffic control,
facilities management, and parks and recreation departments; (d) constructing
and improving streets, including installation of traffic signals; (e) acquisition
of equipment for, and acquiring, constructing, installing and equipping
additions, extensions, renovations and improvements to, the City's
waterworks and sewer system; (f) acquisition of equipment for, and
acquiring, constructing, installing and equipping additions, extensions,
renovations and improvements to, the City's electric light and power system;
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 the
design of an animal shelter and with said projects and said Certificates
Not Rated AA+ AA+
General Obligation
Refunding and
Improvement Bonds, Series
2012
33,590,000.00$ 14,125,000.00$ 15,532,493.80$ February 15, 2032 Yes 4,152,706.97$ 4,152,706.97$ -$ Proceeds of the Bonds are expected to be used (i) to refund certain
outstanding obligations of the City for debt service savings and (ii) for
various street improvements and park land acquisitions and improvements,
and (iii) to pay the costs associated with the issuance of the Bonds.
Not Rated AA+ AA+
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2020
Current Credit Rating
24
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, 2020
Current Credit Rating
Certificates of Obligation,
Series 2013
63,520,000.00$ 40,695,000.00$ 50,214,575.29$ 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, 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) 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 and improving 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 improvements to, the City's electric light and power system;
and also for the purpose of paying all or a portion of the 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+
General Obligation
Refunding and
Improvement Bonds, Series
2013
10,735,000.00$ 6,335,000.00$ 7,408,206.30$ February 15, 2033 Yes 4,081,275.34$ 4,081,275.34$ -$ Proceeds of the Bonds are expected to be used (i) to refund certain
outstanding obligations of the City for debt service savings; (ii) for various
street improvements, and (iii) to pay the costs associated with the issuance of
the Bonds.
Not Rated AA+ AA+
25
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, 2020
Current Credit Rating
Certificates of Obligation,
Series 2014
89,180,000.00$ 71,580,000.00$ 105,630,806.25$ February 15, 2044 Yes 93,781,044.89$ 93,781,044.89$ -$ Proceeds of 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, 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) 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 and improving streets, including installation of
traffic signals; (e) acquiring, constructing, installing and equipping hangars
for the municipal airport; (f) acquiring, constructing, installing and equipping
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 equipping additions, extensions, renovations and improvements
to, the City's waterworks and sewer system; (i) acquisition of equipment for,
and acquiring, constructing, installing and equipping additions, extensions,
renovations and improvements to, the City's electric light and power system;
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 said Certificates.
Not Rated AA+ AA+
General Obligation
Refunding and
Improvement Bonds, Series
2014
7,330,000.00$ 3,055,000.00$ 3,812,200.02$ February 15, 2034 Yes 4,063,543.45$ 4,063,543.45$ -$ Proceeds of the Bonds are expected to be used (i) to refund certain
outstanding obligations of the City for debt service savings; (ii) for various
street improvements, and (iii) to pay the costs associated with the issuance of
the Bonds.
Not Rated AA+ AA+
General Obligation
Refunding Bonds, Series
2014
27,155,000.00$ 16,625,000.00$ 18,119,725.00$ February 15, 2025 Yes 147,264.26$ 147,264.26$ -$ Proceeds of the Bonds are expected to be used (i) to refund certain
outstanding obligations of the City for debt service savings; (ii) to refinance a
portion of the City's contractual obligations to the Texas Municipal Power
Agency (the "TMPA") under a power sales contract with the TMPA,
specifically in respect to the refunding of approximately $13,430,000 in
maturity value of certain outstanding TMPA bonds; and (iii) to pay the costs
associated with the issuance of the Bonds.
Not Rated AA+ AA+
26
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2020
Current Credit Rating
Certificates of Obligation,
Series 2015
93,015,000.00$ 74,485,000.00$ 115,617,041.00$ February 15, 2045 Yes 97,983,335.00$ 96,003,428.72$ 1,979,906.28$ Proceeds of 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, 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, the City's
waterworks and sewer system; and (i) acquisition of equipment for, and
acquiring, constructing, installing and equipping additions, extensions,
renovations and improvements to, the City's electric light and power system,
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 said Certificates.
Not Rated AA+ AA+
General Obligation
Refunding and
Improvement Bonds, Series
2015
37,640,000.00$ 29,150,000.00$ 36,250,196.00$ February 15, 2035 Yes 23,013,424.58$ 23,013,424.58$ -$ 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
and flood control improvements, and park system improvements, and (iii) to
pay the costs associated with the issuance of the Bonds.
Not Rated AA+ AA+
General Obligation
Refunding Bonds, Series
2015
33,945,000.00$ 9,645,000.00$ 10,501,000.00$ February 15, 2026 Yes 163,600.05$ 163,600.05$ -$ Proceeds of the Bonds will be used (i) to currently refund in part, and
advance refund in part, certain outstanding obligations of the City for debt
service savings; (ii) to refinance a portion of the City's contractual obligations
to the Texas Municipal Power Agency (the "TMPA") under a power sales
contract with the TMPA, specifically in respect to the refunding of
approximately $3,430,000 in maturity value of certain outstanding TMPA
bonds; and (iii) to pay the costs associated with the issuance of the Bonds.
Not Rated AA+ AA+
27
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2020
Current Credit Rating
Certificates of Obligation,
Series 2016
83,305,000.00$ 70,260,000.00$ 104,942,253.37$ 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, 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) 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, utility line 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
improvements to, the City's waterworks and sewer system; and (i) acquisition
of equipment for, and acquiring, constructing, installing and equipping
additions, extensions, renovations and improvements to, the City's electric
light and power system, 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 said Certificates.
Not Rated AA+ AA+
General Obligation
Refunding and
Improvement Bonds, Series
2016
28,930,000.00$ 24,155,000.00$ 29,981,050.00$ February 15, 2036 Yes 16,915,296.52$ 16,915,296.52$ -$ 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
and flood control improvements, and park system improvements , and (iii) to
pay the costs associated with the issuance of the Bonds.
Not Rated AA+ AA+
General Obligation
Refunding Bonds, Series
2016
38,425,000.00$ 28,490,000.00$ 34,531,275.00$ February 15, 2030 Yes 175,656.87$ 175,656.87$ -$ Proceeds from the sale of the Bonds, together with funds contributed by the
City, are expected to be used (i) refund all outstanding obligations of the
City's Utility System for debt service savings; and (ii) 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$ 207,310,000.00$ 307,286,750.00$ December 1, 2037 No 246,164,298.03$ 238,155,809.06$ 8,008,488.97$ Proceeds from the sale of the Series 2017 Bonds will be 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+
28
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, 2020
Current Credit Rating
Certificates of Obligation,
Series 2017
90,800,000.00$ 77,260,000.00$ 119,242,000.00$ February 15, 2047 Yes 98,365,003.11$ 79,530,796.59$ 18,834,206.52$ 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, the City'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, utility line relocations 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 and power system; 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 said Certificates.
Not Rated AA+ AA+
General Obligation
Refunding and
Improvement Bonds, Series
2017
29,105,000.00$ 18,545,000.00$ 23,274,122.07$ February 15, 2037 Yes 17,294,870.71$ 15,797,309.36$ 1,497,561.35$ 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$ 18,050,000.00$ 24,665,337.89$ February 15, 2038 Yes 19,871,127.54$ 2,277,313.44$ 17,593,814.10$ 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$ 7,855,000.00$ 9,920,637.56$ February 15, 2038 Yes 10,020,369.57$ 9,534,741.83$ 485,627.74$ 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+
29
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, 2020
Current Credit Rating
Certificates of Obligation,
Series 2018A
29,545,000.00$ 27,055,000.00$ 37,266,647.02$ February 15, 2038 Yes 31,802,096.74$ 11,213,890.69$ 20,588,206.05$ 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 of land 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$ 39,780,000.00$ 48,634,850.00$ 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
improvements for public purposes in said Issuer, to wit: (A) $14,580,000 for
street improvements, (B) $705,000 for stormwater drainage and flood
control improvements, and (C) $4,085,000 for park system improvements.
Not Rated AA+ AA+
Certificates of Obligation,
Series 2019
28,755,000.00$ 27,140,000.00$ 36,739,925.00$ February 15, 2049 Yes 30,516,238.82$ 8,201,693.07$ 22,314,545.75$ 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) the Issuer'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 $10,110,000 in principal amount for the
purpose of: renovations to, and equipping of, existing municipal buildings, (a)
including the acquisition and installation of replacement heating, venting and
air conditioning equipment, roofing and flooring; (b) acquisition of vehicles
and equipment for the fire, police, building inspections, community
improvement services, animal services, streets and traffic control, facilities
management, and parks and recreation departments; (c) constructing and
improving streets, including landscaping, drainage, utility line relocations and
the acquisition of land and rights-of-way therefor; (d) acquiring,
constructing, installing and equipping a public safety facility for the police
department, including the acquisition of land therefor; (e) acquiring,
extending, constructing, renovating, improving and equipping parking
facilities, including the acquisition of land therefor; and (f) acquisition and
installation of technology equipment including computer equipment and
software for various municipal departments; and also for the purpose of
paying all or a portion of the Issuer's contractual obligations for professional
services, including engineers, architects, attorneys, map makers, auditors, and
financial advisors, in connection with said projects and said Certificates of
Obligation.
Not Rated AA+ AA+
30
Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Official Stated
Obligations Issued Outstanding Principal & Interest Date Ad Valorem Taxes Received Spent Unspent Purpose Moody's S&P Fitch
City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30, 2020
Current Credit Rating
General Obligation
Refunding & Improvement
Bonds, Series 2020
62,080,000.00$ 62,080,000.00$ 75,989,018.35$ February 15, 2040 Yes 70,866,955.65$ 44,329,910.81$ 26,537,044.84$ Proceeds of the Bonds are expected to be used for (i) various street
improvements, park system improvements and public safety facilities for the
police department, (ii) to refund the bonds described in Schedule I –
Schedule of Refunded Obligations (the "Refunded Obligations") for debt
service savings and (iii) to pay the costs associated with the issuance of the
Bonds (see "Plan of
Financing").
Not Rated AA+ AA+
Certificate of Obligations,
Series 2020
58,080,000.00$ 58,080,000.00$ 77,426,476.68$ February 15, 2050 Yes 64,267,138.90$ 3,548,011.30$ 60,719,127.60$ Proceeds will be used for the purpose of paying all or a portion of the Issuer's
contractual obligations incurred pursuant to contracts for the purchase,
construction and acquisition of certain real and personal property, to wit: up
to $37,120,000 in principal amount for the purpose of: (a) acquisition of
equipment for, and acquiring, constructing, installing and equipping
additions, extensions, renovations and improvements to, the Issuer's
wastewater system; and (b) acquisition of equipment for, and acquiring,
constructing, installing and equipping additions, extensions, renovations and
improvements to, the Issuer'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 $27,250,000 in principal amount for
the purpose of: (a) acquisition of vehicles and equipment for the fire, police,
building inspections, community improvement services, animal services,
streets and traffic control, facilities management, and parks and recreation
departments; (b) acquiring, constructing, installing and equipping additions,
extensions, renovations and improvements to existing fire stations; (c)
acquiring, constructing, reconstructing, renovating, installing and equipping a
municipal government building for municipal development services and other
municipal administrative purposes, and the acquisition of land and interests in
land and properties therefor; (d) acquiring, constructing, reconstructing,
renovating, installing and equipping municipal parks; (e) acquiring land and
building for facility for homeless and indigent shelter and services; and also
for the purpose of paying all or a portion of the Issuer's contractual
obligations for professional services, including engineers, architects,
attorneys, map makers, auditors, and financial advisors, in connection with
said projects and said Certificates of Obligation (collectively, the "Projects").
Not Rated AA+ AA+
TOTAL 1,220,775,000.00$ 975,565,000.00$ 1,348,675,721.27$ 1,125,635,073.33$ 916,234,017.71$ 209,401,055.62$
31
Glossary of Terms
The HB 1378 Section of the Annual Debt Report contains terminology provided by the Texas Comptroller’s Office.
To assist the reader of this document in understanding these terms, a glossary of terms has been included in the
document as provided by the Texas Comptroller’s Office.
Political Subdivision. Political subdivisions are counties, municipalities, school districts, junior college districts,
other special districts, or other subdivisions of state government.
Total Authorized Debt Obligations. Debt obligations are defined in the bill as issued public securities which are
instruments, including bonds, certificates, notes, or other types of obligations authorized to be issued by an issuer
under a statute, a municipal home-rule charter, or the constitution of this state. Issuance is the process of
authorizing, selling and delivering public debt. Public security authorization means a resolution, order or
ordinance that is approved or adopted, or any other action taken in a proceeding, by the governing body of an
issuer in authorizing the issuance of a public security.
Total Principal of all Outstanding Debt Obligations. Total amount borrowed (par) of all obligations that have yet to
be repaid.
Combined Principal and Interest required to pay all Outstanding Debt Obligations on time and in full. Total
amount borrowed (par) that has yet to be repaid plus the cost of interest.
Total Authorized Debt Obligations Secured by Ad Valorem Taxation. Total debt obligations secured by a pledge of
property taxes.
Total Principal of all Outstanding Debt Obligations secured by Ad Valorem Taxation. Total amount borrowed (par)
of obligations secured by a pledge of property taxes that have yet to be repaid.
Combined Principal and Interest required to pay all Outstanding Debt Obligations secured by Ad Valorem
Taxation on time and in full. Total amount borrowed (par) of all property tax-secured obligations plus the cost
of interest.
Total Authorized Debt Obligations secured by Ad Valorem Taxation expressed as a Per Capita Amount. Total
authorized debt obligations secured by a pledge of property taxes divided by the population of the political
subdivision.
Total Principal of Outstanding Debt Obligations secured by Ad Valorem Taxation as a Per Capita Amount. Total
amount borrowed (par) secured by a pledge of property taxes divided by the population of the political
subdivision.
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. Total debt obligations secured by a pledge of property
taxes plus the cost of debt service on these obligations divided by the population of the political subdivision.
Population total used to calculate per capita figures. The denominator used to calculate per capita figures. This is
a population total for the political subdivision.
Source and Year of population figure used to calculate Per Capita figures. The source of population data
comprising the denominator of per capita figures.
Outstanding Debt Obligation. An issued public security that has yet to be repaid.
Conduit or Component Debt. Debt that is not a legal liability of the political subdivision but is secured by another
entity.
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Glossary of Terms
Principal Issued. Total amount borrowed (par).
Principal Outstanding. Total amount borrowed (par) of obligation that has yet to be repaid.
Combined principal and interest required to pay each Outstanding Debt Obligation on time and in full. The total
amount borrowed (par) plus the cost of interest for each individual debt obligation or bond series.
Final Maturity Date. The final payment date of individual debt obligation at which point all principal and interest
will be paid off.
Secured in any way by Ad Valorem Taxes. Indicates which individual debt obligations are in part or whole pledged
with property taxes.
Total Proceeds Received. Total assets received from the sale of a new issue of public securities.
Proceeds Spent. The portion of total proceeds received that have been spent.
Proceeds Unspent. The portion of total proceeds received that are remaining to be spent.
Official stated purpose for which the debt obligation was authorized. The reason for the debt issuance as defined in
ballot language, if applicable, or the Official Statement.
Current Credit Rating. Existing rating given by any nationally recognized credit rating organization to debt
obligations.
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