2023-017 Debt Summary Report February 24,2023 Report No. 2023-017
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, 2022. 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.
This Debt Summary Report is provided annually to City Council for feedback.
CONCLUSION:
If no feedback is received within a week, staff will post the report on the City's website for the
public on Tuesday, March 7, 2023. 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, 2022
STAFF CONTACT:
Randee Klingele, Treasury Manager
(940) 349-8206
Randee.klingele&cityofdenton.com
City of Denton
Debt Summary Report
Fiscal Year Ending September 30, 2022
Contact:
City of Denton Finance Department
Attn: Nicholas Vincent—Interim Director of Finance
215 E. McKinney St.
Denton, Texas 76201
Email: Nick.Vincent@cityofdenton.com
Phone: 940-349-8063
Fax: 940-349-7206
Website: www.cityofdenton.com
Published: February 24, 2023
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.
1
TABLE OF CONTENTS
Introduction.......................................................................................................3
CITYDEBT 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
Glossaryof Terms................................................................................................34
2
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 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:
Mood 's' Standard& Poor's Fitch
General Obligation Debt Not Rated AA+z AA+4
Revenue Bond Debt Not Rated A+3 A
'Moody's does not currently rate any of the City's outstanding debt.
ZS&P GO/CO,May 2022
3S&P Utility System Revenue Bonds.October 2022.
417itch GO/CO,May 2022.
5Fitch Utility System Revenue Bonds,Series 2017&2021. August 2022.
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, 2022, the City
has the Utility System Revenue Bonds, Series 2017 and 2021's outstanding.
OUTSTANDING DEBT:
The City's total outstanding principal and interest as of September 30, 2022, is shown in Table 1 on
page 6 of this report.
4
CITY DEBT SECTION
5
Table 1—Total Outstanding Debt(in millions)as of September 30,2022
Principal Interest Total
GOs $ 336 $ 91 $ 427
COs $ 625 $ 270 $ 895
Revenue Bonds $ 333 $ 148 $ 481
Total $ 1,294 $ 508 $ 1,802
City of Denton
Total Annual Debt Service(Principal&Interest)-All Debt
Fscal Year Ending September 30,2022
FYEnd General Obligation Bonds(GOs) Certificates of Obligation(COs) Revenue
9-30 Tax Supported Revenue Supported Tax Supported Revenue Supported Bonds Total
2023 $ 22,426,455 $ 23,898,764 $ 14,010,690 $ 36,234,346 $ 25,295,259 $ 121,865,514
2024 21,883,462 21,566,619 13,178,750 35,820,875 25,300,313 117,750,019
2025 20,992,455 17,151,254 12,056,075 37,572,700 25,298,018 113,070,502
2026 20,354,450 10,165,850 11,265,875 37,396,375 25,295,282 104,477,833
2027 19,770,472 9,753,125 10,346,188 37,153,603 25,298,300 102,321,688
2028 18,306,025 10,398,850 8,969,519 34,674,206 25,300,530 97,649,130
2029 17,137,353 9,244,325 8,333,575 34,556,353 25,300,299 94,571,906
2030 17,139,625 9,286,575 8,185,362 34,615,963 25,298,164 94,525,689
2031 16,815,872 3,838,750 8,182,881 34,653,388 25,298,194 88,789,084
2032 16,615,956 - 8,064,225 37,215,400 25,299,853 87,195,434
2033 16,416,584 7,733,803 34,650,406 25,295,276 84,096,069
2034 16,127,197 7,138,850 31,434,975 25,301,145 80,002,167
2035 15,860,131 6,635,122 30,022,138 25,296,215 77,813,606
2036 14,282,209 6,405,737 29,123,713 25,299,258 75,110,918
2037 13,201,453 6,164,637 27,962,550 25,297,732 72,626,373
2038 12,066,116 5,583,175 27,933,650 7,223,309 52,806,250
2039 10,689,663 3,443,541 27,945,144 7,224,204 49,302,551
2040 9,447,744 3,181,778 27,132,681 7,225,700 46,987,903
2041 7,839,913 1,797,238 26,553,813 7,222,724 43,413,686
2042 4,258,500 474,300 24,303,622 7,225,125 36,261,547
2043 - - 19,150,300 7,223,201 26,373,501
2044 19,144,316 7,221,587 26,365,903
2045 15,780,903 7,224,314 23,005,217
2046 11,908,497 7,221,224 19,129,721
2047 8,911,097 7,222,160 16,133,257
2048 5,371,084 7,221,888 12,592,972
2049 5,369,781 7,225,170 12,594,951
2050 4,988,369 7,221,849 12,210,218
2051 3,829,531 7,221,769 11,051,300
2052 - - - 1,976,119 - 1,976,119
$ 311,631,636 $ 115,304,112 $ 151,151,321 $ 743,385,897 $ 480,598,061 $ 1,802,071,027
6
Total Annual Debt Service ($)
$140
$120
$100
$80
e $60
$40
$20
$-
M � h � — — a O ;-- N M -.I- h � r — a O N M V V O N
N N N N N N N M M M M M M — — M V
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
M GO-Tax Supported M G0-Revenue Supported NCO-Tax Supported M CO-Revenue Supported o Revenue Bonds
Total Annual Debt Service(%)
■ 17 29%
■26.67%
■6.40%
■GO-Tax Suppoted
■CO-Revenue SnppoAed
■8.39% ■CO-Tax Supported
■CO-RSV CUW Supponwd
■Revuuta Rnnd\
■11.25%
7
City of Denton
Total Annual Debt Service(Principal&Interest)-Tax Supported Debt
Fiscal Year Ending September 30, 2022
FY End General Obligation Bonds Certificates of Obligation
9-30 (GOs) (COS) Total
2023 $ 22,426,455 $ 14,010,690 $ 36,437,145
2024 21,883,462 13,178,750 35,062,212
2025 20,992,455 12,056,075 33,048,530
2026 20,354,450 11,265,875 31,620,325
2027 19,770,472 10,346,188 30,116,659
2028 18,306,025 8,969,519 27,275,544
2029 17,137,353 8,333,575 25,470,928
2030 17,139,625 8,185,362 25,324,988
2031 16,815,872 8,182,881 24,998,753
2032 16,615,956 8,064,225 24,680,181
2033 16,416,584 7,733,803 24,150,387
2034 16,127,197 7,13 8,850 23,266,047
2035 15,860,131 6,635,122 22,495,253
2036 14,282,209 6,405,737 20,687,947
2037 13,201,453 6,164,637 19,366,091
2038 12,066,116 5,583,175 17,649,291
2039 10,689,663 3,443,541 14,133,203
2040 9,447,744 3,181,778 12,629,522
2041 7,839,913 1,797,238 9,637,150
2042 4,258,500 474,300 4,732,800
$ 311,631,636 $ 151,151,321 $ 462,782,957
8
Tax Supported Debt($)
$40
$35
$30
$25
e
$20
$15
$10
$5
N N N N N N N M M M M M M M M M M
O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N
NCO EGO
Tax Supported Debt (%)
■ 32.66%
■GO
■CO
67.34%
9
City of Denton
Total Annual Debt Service(Principal&Interest)-Revenue Supported Debt
Fiscal Year Ending September 30,2022
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2023 $ 23,898,764 $ 36,234,346 $ 25,295,259 $ 85,428,369
2024 21,566,619 35,820,875 25,300,313 82,687,807
2025 17,151,254 37,572,700 25,298,018 80,021,972
2026 10,165,850 37,396,375 25,295,282 72,857,508
2027 9,753,125 37,153,603 25,298,300 72,205,028
2028 10,398,850 34,674,206 25,300,530 70,373,586
2029 9,244,325 34,556,353 25,300,299 69,100,978
2030 9,286,575 34,615,963 25,298,164 69,200,702
2031 3,838,750 34,653,388 25,298,194 63,790,331
2032 - 37,215,400 25,299,853 62,515,253
2033 - 34,650,406 25,295,276 59,945,682
2034 - 31,434,975 25,301,145 56,736,120
2035 - 30,022,138 25,296,215 55,318,353
2036 - 29,123,713 25,299,258 54,422,971
2037 - 27,962,550 25,297,732 53,260,282
2038 - 27,933,650 7,223,309 35,156,959
2039 - 27,945,144 7,224,204 35,169,348
2040 - 27,132,681 7,225,700 34,358,382
2041 - 26,553,813 7,222,724 33,776,536
2042 - 24,303,622 7,225,125 31,528,747
2043 - 19,150,300 7,223,201 26,373,501
2044 - 19,144,316 7,221,587 26,365,903
2045 - 15,780,903 7,224,314 23,005,217
2046 - 11,908,497 7,221,224 19,129,721
2047 - 8,911,097 7,222,160 16,133,257
2048 - 5,371,084 7,221,888 12,592,972
2049 - 5,369,781 7,225,170 12,594,951
2050 - 4,988,369 7,221,849 12,210,218
2051 - 3,829,531 7,221,769 11,051,300
2052 - 1,976,119 - 1,976,119
$ 115,304,112 $ 743,385,897 $ 480,598,061 $ 1,339,288,070
10
Revenue Supported ($)
$90
$80
$70
$GO
$50
$40
$30
$20
$10
N N N N N N N M f��1 INYI M M f�/7 M 1^YI M f�/7 S g g R a 9 9 S 9 R O O O
O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
■GO ■CO ■Revenue Bonds
Revenue Supported (%)
■35.88%
■55.51%
■GO ■CO ■Revenue Bonds
11
City of Denton
Total Annual Debt Service (Principal&Interest)-General Government
Fiscal Year Ending September 30,2022
FY End
9-30 General Airport Water Park Warehouse Total
2023 $ 35,480,945 $ 737,293 $ 170,542 $ 48,366 $ 36,437,145
2024 $ 34,148,625 742,938 170,650 - 35,062,212
2025 $ 32,202,593 674,963 170,974 - 33,048,530
2026 $ 30,776,236 673,663 170,426 - 31,620,325
2027 $ 29,313,582 632,638 170,440 - 30,116,659
2028 $ 26,520,939 583,875 170,730 - 27,275,544
2029 $ 24,721,927 578,181 170,820 - 25,470,928
2030 $ 24,571,749 582,581 170,657 - 25,324,988
2031 $ 24,247,032 581,362 170,358 - 24,998,753
2032 $ 23,925,042 584,484 170,655 - 24,680,181
2033 $ 23,387,972 591,625 170,791 - 24,150,387
2034 $ 22,640,031 455,150 170,866 - 23,266,047
2035 $ 21,991,599 332,878 170,776 - 22,495,253
2036 $ 20,216,362 332,563 139,022 - 20,687,947
2037 $ 19,034,378 331,713 - 19,366,091
2038 $ 17,323,691 325,600 - - 17,649,291
2039 $ 14,133,203 - - - 14,133,203
2040 $ 12,629,522 - - - 12,629,522
2041 $ 9,637,150 - - - 9,637,150
2042 $ 4,732,800 - - - 4,732,800
$ 451,635,378 $ 8,741,505 $ 2,357,708 $ 48,366 $ 462,782,957
12
General Government ($)
$40
$35
$30
$25
q
$20
$15
$10
$5
N N N N N N N M M M M t+�l M M M M M 7
O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N
Warehouse ■Water Park ■Airport ■General
General Government (%)
o.olro
u ■0.51% ■ 1.89%
■97.59%
Warehouse ■Water Park ■Airport ■General
13
City of Denton
Total Annual Debt Service(Principal&Interest)-Electric
Fiscal Year Ending September 30,2022
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2023 $ 15,471,129 21,895,970 $ 25,295,259 $ 62,662,357
2024 14,129,475 21,875,113 25,300,313 61,304,900
2025 10,398,000 23,010,588 25,298,018 58,706,605
2026 5,329,875 23,001,688 25,295,282 53,626,845
2027 5,034,650 23,012,825 25,298,300 53,345,775
2028 5,718,875 21,725,244 25,300,530 52,744,649
2029 4,915,750 21,684,203 25,300,299 51,900,253
2030 4,946,250 21,721,169 25,298,164 51,965,583
2031 2,739,125 21,746,813 25,298,194 49,784,131
2032 23,335,500 25,299,853 48,635,353
2033 - 21,747,853 25,295,276 47,043,129
2034 19,023,731 25,301,145 44,324,877
2035 19,035,788 25,296,215 44,332,003
2036 19,061,125 25,299,258 44,360,383
2037 19,085,175 25,297,732 44,382,907
2038 19,115,163 7,223,309 26,338,472
2039 19,133,050 7,224,204 26,357,254
2040 19,149,556 7,225,700 26,375,257
2041 19,154,781 7,222,724 26,377,505
2042 19,152,622 7,225,125 26,377,747
2043 19,150,300 7,223,201 26,373,501
2044 19,144,316 7,221,587 26,365,903
2045 15,780,903 7,224,314 23,005,217
2046 11,908,497 7,221,224 19,129,721
2047 8,911,097 7,222,160 16,133,257
2048 5,371,084 7,221,888 12,592,972
2049 5,369,781 7,225,170 12,594,951
2050 4,988,369 7,221,849 12,210,218
2051 3,829,531 7,221,769 11,051,300
2052 1,976,119 - 1,976,119
$ 68,683,129 $ 513,097,952 $ 480,598,061 $ 1,062,379,142
14
Electric($)
$70
$60
$50
$40
e
$30
$20
ME
$10
$- y pp op bp pp
N N N N N N M M M M M M M M M M V V V C h h
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
■GO ■CO ■Revenue Bonds
Electric(%)
■6.47%
■45.24% 48.3oNu
■GO ■CO ■Revenue Bonds
15
City of Denton
Total Annual Debt Service(Principal&Interest)-Water
Fiscal Year Ending September 30,2022
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2023 $ 5,818,369 $ 4,421,449 - $ 10,239,819
2024 5,905,975 4,421,188 - 10,327,163
2025 5,636,950 4,733,488 - 10,370,438
2026 3,771,575 4,730,038 - 8,501,613
2027 3,781,175 4,731,372 - 8,512,547
2028 3,453,500 4,369,994 - 7,823,494
2029 3,140,200 4,349,781 - 7,489,981
2030 3,156,950 4,354,519 - 7,511,469
2031 389,500 4,358,150 - 4,747,650
2032 4,791,494 - 4,791,494
2033 - 4,353,781 - 4,353,781
2034 4,347,406 - 4,347,406
2035 3,721,544 - 3,721,544
2036 3,519,294 - 3,519,294
2037 3,026,756 - 3,026,756
2038 3,027,344 - 3,027,344
2039 3,025,691 - 3,025,691
2040 2,832,519 - 2,832,519
2041 2,830,713 - 2,830,713
2042 - 1,688,100 - 1,688,100
$ 35,054,194 $ 77,634,618 $ - $ 112,688,812
16
Water($)
$12
$10
$8
0
° $6
0
5
$4
$2
$-
O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N
■GO ■CO
Water(%)
■68.89% ■31.11%
■GO CO
17
City of Denton
Total Annual Debt Service(Principal&Interest)-Wastewater
Fiscal Year Ending September 30,2022
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2023 1,747,649 6,881,043 - 8,628,693
2024 677,100 6,869,875 - 7,546,975
2025 342,050 7,236,575 - 7,578,625
2026 348,750 7,236,175 - 7,584,925
2027 354,850 7,231,900 - 7,586,750
2028 719,875 6,833,675 - 7,553,550
2029 733,000 6,775,400 - 7,508,400
2030 729,250 6,789,681 - 7,518,931
2031 451,000 6,801,319 - 7,252,319
2032 - 7,292,475 - 7,292,475
2033 6,791,716 - 6,791,716
2034 6,431,256 - 6,431,256
2035 5,976,131 - 5,976,131
2036 5,503,894 - 5,503,894
2037 5,279,944 - 5,279,944
2038 5,287,019 - 5,287,019
2039 5,283,528 - 5,283,528
2040 4,647,706 - 4,647,706
2041 4,064,019 - 4,064,019
2042 - 2,958,000 - 2,958,000
$ 6,103,524 $ 122,171,331 $ - $ 128,274,856
18
Wastewater($)
9
8
7
6
0 5
0
4
3
2
1
N N N N N N N M M M M M M M M M M CD CD C.
O O O O O O O O O O O O O O O O O O O C.
N N N N N N N N N N N N N N N N N N N N
■GO ■co
Wastewater(%)
■95.24% ■ 4.76%
■GO ■CO
19
City of Denton
Total Annual Debt Service(Principal&Interest)-Solid Waste
Fiscal Year Ending September 30,2022
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2023 $ 861,617 $ 3,035,883 $ - $ 3,897,500
2024 854,069 2,654,700 - 3,508,769
2025 774,254 2,592,050 - 3,366,304
2026 715,650 2,428,475 - 3,144,125
2027 582,450 2,177,506 - 2,759,956
2028 506,600 1,745,294 - 2,251,894
2029 455,375 1,746,969 - 2,202,344
2030 454,125 1,750,594 - 2,204,719
2031 259,125 1,747,106 - 2,006,231
2032 - 1,795,931 - 1,795,931
2033 1,757,056 - 1,757,056
2034 1,632,581 - 1,632,581
2035 1,288,675 - 1,288,675
2036 1,039,400 - 1,039,400
2037 570,675 - 570,675
2038 504,125 - 504,125
2039 502,875 - 502,875
2040 502,900 - 502,900
2041 504,300 - 504,300
2042 - 504,900 - 504,900
$ 5,463,265 $ 30,481,996 $ - $ 35,945,260
20
Solid Waste ($}
$4
$4
$3
$3
0
o $2
7
$2
$1
$�
00 N M 00 ON O N
oN oNo ONO oNo oNo oNo oN oM oM OM oM QM oM M oM oM QM 5of `07 '7
N N N N N N N N /'N
■GO NCO
Solid Waste (%)
■84.8% ■ 15.2%
EGO NCO
21
HOUSE BILL 1378 SECTION
22
City of Denton
Summary of Debt Obligations
Fiscal Year Ending September 30,2022
TOTAL TAX-SUPPORTED AND REVENUE DEBT HB 1378 Calculation trl City Calculation 12i
Total Authorized Debt Obligations $ 1,382,800,000 $ 1,382,800,000
Total Principal Of All Outstanding Debt Obligations $ 1,293,945,000 $ 1,293,945,000
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations On Time
And In Full $ 1,802,071,027 $ 1,802,071,027
TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation $ 1,049,845,000 $ 443,198,240
Total Principal Of All Outstanding Debt Obligations Secured By Ad Valorem Taxation $ 960,990,000 $ 354,343,240
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations Secured By
Ad Valorem Taxation On Time And In Full $ 1,321,472,966 $ 462,782,957
PER CAPITA TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation Expressed As A Per Capita
Amount $ 7,144 $ 3,016
Total Principal Of Outstanding Debt Obligations Secured By Ad Valorem Taxation As A Per
Capita Amount $ 6,540 $ 2,411
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations Secured By
Ad Valorem Taxation On Time And hi Full As A Per Capita Amount $ 8,993 $ 3,149
Population Total Used To Calculate Per Capita Figures 146,950 146,950
Source And Year of Data Used To Calculate Per Capita Figures City of Denton City of Denton
Planning Department, Planning Department,
2022 2022
(0 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. The
City currently has a$300 million Utility ECP Program under existing utility debt authorization.
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City of Denton
Individual Debt Obligations
Fiscal Year Ending September 30,2022
Outstanding Debt Principal Principal Combined Final Matu ity Secured By Total Proceeds Proceeds Proceeds Current Credit Rating
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
Certificates of $ 44,675,000 $ 8,575,000 $ 10,079,759 February 15,2032 Yes $ 48,950,742 $ 48,950,742 $ - Not Rated AA+ AA+
Obligation,Series
2012
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
General Obligation $ 33,590,000 $ 2,545,000 $ 2,876,494 February 15,2032 Yes $ 4,152,707 $ 4,152,707 $ - Not Rated AA+ AA+
Refunding and
Improvement Bonds,
Series2012
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.
Certificates of $ 63,520,000 $ 34,835,000 $ 41,652,625 February 15,2033 Yes $ 67,807,600 $ 67,807,600 $ - Not Rated AA+ AA+
Obligation,Series
2013
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 of land for the municipal airport; (t) acquiring, constructing, installing and equipping a
24
Outstanding Debt Principal Principal Combined Final Matu ity Secured By Total Proceeds Proceeds Proceeds Current Credit Rating
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moodys S&P Fitch
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, attorneys,map makers, auditors, and financial advisors,in connection with said projects and said Certificates.
General Obligation $ 10,735,000 $ 4,610,000 $ 5272231 February 15,2033 Yes $ 4,081,275 $ 4,081275 S - Not Rated AA+ AA+
Refunding and
Improvement Bonds,
Series 2013
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.
Certificates of $ 89,180,000 $ 66,310,000 $ 94,828,481 February 15,2044 Yes $ 93,781,795 $ 93,781,795 $ Not Rated AA+ AA+
Obligation,Series 2014
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.
25
Outstanding Debt Principal Principal Combined Final Matu ity Secured By Total Proceeds Proceeds Proceeds Current Credit Rating
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
General Obligation $ 7,330,000 $ 2,700,000 $ 3,273,625 February 15,2034 Yes $ 4,063,543 $ 4,063,543 $ Not Rated AA+ AA+
Refunding and
Improvement Bonds,
Series 2014
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.
General Obligation $ 27,155,000 $ 9,590,000 $ 10,001,150 February 15,2025 Yes $ 147,264 $ 147264 $ - Not Rated AA+ AA+
Refunding Bonds,
Series 2014
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.
Certificates of $ 93,015,000 $ 70,045,000 $ 104,941,019 February 15,2045 Yes $ 97,983,335 $ 97,983,335 $ Not Rated AA+ AA+
Obligation,Series 2015
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)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,
constructing,installing and equipping additions, extensions,renovations 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 station, 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.
26
Outstanding Debt Principal Principal Combined Final Matu ity Secured By Total Proceeds Proceeds Proceeds Current Credit Ratmg
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
General Obligation $ 37,640,000 $ 24 240,000 $ 29277,469 February 15,2035 Yes $ 23,013,425 $ 23,013,425 $ Not Rated AA+ AA+
Refunding and
Improvement Bonds,
Series 2015
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.
General Obligation $ 33,945,000 $ 3,540,000 $ 3,739,125 February 15,2026 Yes $ 37,992,142 $ 37,992,142 $ - Not Rated AA+ AA+
Refunding Bonds,
Series 2015
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.
Certificates of $ 83,305,000 $ 64295,000 $ 93,471,616 February 15,2046 Yes $ 92,340,554 $ 92,340,554 $ Not Rated AA+ AA+
Obligation,Series 2016
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.
27
Outstanding Debt Principal Principal Combined Final Matwity Secured By Total Proceeds Proceeds Proceeds Current Credit Ratmg
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
General Obligation $ 28,930,000 $ 20,540,000 $ 24,577,400 February 15,2036 Yes $ 16,915297 $ 16,915,297 $ Not Rated AA+ AA+
Refunding and
Improvement Bonds,
Series 2016
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.
General Obligation $ 38,425,000 $ 23,115,000 $ 26,833,400 February 15,2030 Yes $ 175,657 $ 175,657 $ - Not Rated AA+ AA+
Refunding Bonds,
Series 2016
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.
Utility System Revenue $ 214,890,000 $ 190,965,000 $ 271,136,875 December 1,2036 No $ 246,164298 $ 246,107,783 $ 56,515 Not Rated A+ A
Bonds,Series 2017
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.
Certificates of $ 90,800,000 $ 66,765,000 $ 102,572,575 February 15,2047 Yes $ 98,365,003 $ 95,118,873 $ 3,246,130 Not Rated AA+ AA+
Obligation,Series 2017
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.
28
Outstanding Debt Principal Principal Combined Final Matu ity Secured By Total Proceeds Proceeds Proceeds Current Credit Ratmg
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
General Obligation $ 29,105,000 $ 13,530,000 $ 17,137,909 February 15,2037 Yes $ 17,294,871 $ 16,868,653 $ 426,218 Not Rated AA+ AA+
Refunding and
Improvement Bonds,
Series 2017
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.
General Obligation $ 19235,000 $ 16,660,000 $ 21,919,038 February 15,2038 Yes $ 19,871,128 $ 19,871,128 $ - Not Rated AA+ AA+
Bonds,Series 2018
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.
Certificates of $ 9,555,000 $ 51990,000 $ 7,485,213 February 15,2038 Yes $ 10,020,370 $ 9,365,186 $ 655,184 Not Rated AA+ AA+
Obligation,Series 2018
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").
Certificates of $ 29,545,000 $ 24,470,000 $ 32,423,235 February 15,2038 Yes $ 31,802,097 $ 24,937,683 $ 6,864,414 Not Rated AA+ AA+
Obligation,Series
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;
29
Outstanding Debt Principal Principal Combined Final Matwity Secured By Total Proceeds Proceeds Proceeds Current Credit Ratmg
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moodys S&P Fitch
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.
General Obligation $ 44,340,000 $ 3U45,000 $ 36243,900 February 15,2039 Yes $ 48,176,707 $ 32,697,284 $ 15,479,423 Not Rated AA+ AA+
Refunding&
Improvement Bonds,
Series 2019
(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.
Certificates of $ 28,755,000 $ 23,780,000 $ 31,608,225 February 15,2049 Yes $ 30,516239 $ 29,009,401 $ 1,506,838 Not Rated AA+ AA+
Obligation,Series 2019
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 proj ects 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.
General Obligation $ 62,080,000 $ 47,770,000 $ 58,140,875 February 15,2040 Yes $ 70,866,956 $ 56,151,038 $ 14,715,918 Not Rated AA+ AA+
Refundmg&
Improvement Bonds,
Series 2020
30
Outstanding Debt Principal Principal Combined Final Matu ity Secured By Total Proceeds Proceeds Proceeds Current Credit Ratmg
Obligations Issued Outstanding � Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
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").
Certificate of $ 58,080,000 $ 53,950,000 $ 69,885,050 February 15,2050 Yes $ 64267,139 $ 58,041,418 $ 6225,721 Not Rated AA+ AA+
ObliPations.Series 2020
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 o£ (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").
General Obligation $ 14,150,000 $ 12,635,000 $ 15,316,600 February 15,2031 Yes $ 17,031,195 $ 17,031,195 $ Not Rated AA+ AA+
Refunding Bonds,
Series 2020A
Proceeds of the Bonds are expected to be used for(i)to refund the bonds described in Schedule I—Schedule of Refunded Obligations(the
"Refunded Obligations")for debt service savings and(ii)to pay the costs associated with the issuance of the Bonds(see"Plan of Financing").
Certificates of $ 97,035,000 $ 93,830,000 $ 126285,578 February 15,2021 Yes $ 104246,453 $ 19,629,962 $ 84,616,490 Not Rated AA+ AA+
Obligation,Series 2021
31
Outstanding Debt Principal Principal Combined Final Matwity Secured By Total Proceeds Proceeds Proceeds Current Credit Ratmg
Obligations Issued Outstanding � Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
PURPOSE . . . Proceeds from the sale of the Certificates will be used for(i)acquisition of equipment for, and acquiring,constructing, installing
and equipping additions, extensions,renovations and improvements to,the City's waterworks and wastewater system; (ii)acquisition of equipment
for, and acquiring, constructing, installing and equipping additions, extensions,renovations and improvements to,the City's electric light and
power system; (iii) constructing and improving streets, including landscaping, drainage,utility line relocations and the acquisition of land and
rights-of-way therefor; (iv)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; (v)renovations to, and equipping of,
existing municipal buildings, including the acquisition and installation of replacement heating,venting and air conditioning equipment,roofing
and flooring; (vi) acquisition and installation of technology equipment including computer equipment and software for various municipal
departments; (vii) constructing,reconstructing,renovating, installing and equipping facility for homeless and indigent shelter and services; and
(viii)renovations to, expansion of, and equipping existing municipal vehicle maintenance facility; 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").
General Obligation $ 54,710,000 $ 52,985,000 $ 68,044,769 February 15,2041 Yes $ 59,608,180 $ 51,859,593 $ 7,748,587 Not Rated AA+ AA+
Bonds,Series 2021
PURPOSE . . . Proceeds from the sale of the Certificates will be used for(i)acquisition of equipment for, and acquiring,constructing, installing
and equipping additions, extensions,renovations and improvements to,the City's waterworks and wastewater system; (ii)acquisition of equipment
for, and acquiring, constructing, installing and equipping additions, extensions,renovations and improvements to,the City's electric light and
power system; (iii) constructing and improving streets, including landscaping, drainage,utility line relocations and the acquisition of land and
rights-of-way therefor; (iv)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; (v)renovations to, and equipping of,
existing municipal buildings, including the acquisition and installation of replacement heating,venting and air conditioning equipment,roofing
and flooring; (vi) acquisition and installation of technology equipment including computer equipment and software for various municipal
departments; (vii) constructing,reconstructing,renovating, installing and equipping facility for homeless and indigent shelter and services; and
(viii)renovations to, expansion of, and equipping existing municipal vehicle maintenance facility; 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").
Utility System Revenue $ 141,990,000 $ 141,990,000 $ 209,461,186 February 15,2050 No $ 141,990,000 $ 141,990,000 $ Not Rated A+ A
Refunding Bonds,
Taxable Series 2021
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Outstanding Debt Principal Principal Combined Final Maturity Secured By Total Proceeds Proceeds Proceeds Current Credit Rating
Obligations Issued Outstanding ' Principal&Interest Date Taxes Received Spent Unspent Moody's S&P Fitch
Proceeds from the sale of the Taxable Series 2021 Bonds will be used to(a)refund outstanding commercial paper notes("Refunded Notes"); and
(b)pay the costs of issuance in connection with the issuance of the Taxable Series 2021 Bonds(See"Plan of Financing—Purpose"and"Plan of
Financing—Refunded Notes").
Certificates of $ 112,155,000 $ 112,155,000 $ 179,303,842 February 15,2052 Yes $ 119,729,679' $ 1,367286 $ 118,362,393 Not Rated AA+ AA+
Obligation,Series 2022
PURPOSE . . . Proceeds from the sale of the Certificates will be used for the purchase, construction and acquisition of certain real and personal
property,to wit: (i) acquiring, constructing, installing and equipping fire stations; (ii)acquisition of vehicles and equipment for the fire,police,
building inspections,community improvement services, animal services, streets and traffic control, facilities management, airport,technology
services, fleet management,warehouse management and parks and recreation departments; (iii)renovations to, and equipping of, existing
municipal buildings, including the acquisition and installation of replacement heating,venting and air conditioning equipment,roofing and
flooring; (iv)acquisition and installation of electric generator equipment for municipal buildings; (v)acquiring, constructing and installing door
security systems, including security system technology equipment and software, for municipal buildings; (vi)constructing,reconstructing,
renovating, installing and equipping municipal parks; (vii)renovations to, expansion of, and equipping existing municipal vehicle maintenance
facility; and(viii) 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; (ix)acquisition of equipment for, and acquiring, constructing, installing
and equipping additions, extensions,renovations and improvements to,the City's waterworks and wastewater system; and(x)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 the Certificates (see "Plan of
Financing").
General Obligation $ 71285,000 $ 71,85,000 $ 104,81,763 February 15,2042 Yes $ 76,874,578' $ 17,145,023 $ 59,729555 Not Rated AA+ AA+
Bonds,Series 2022
PURPOSE . . . Proceeds of the Bonds are expected to be used for(i)various street improvements, (ii)public safety facilities, (iii)the acquisition of
park land, (iv)refunding the obligations described in Schedule I—Schedule of Refunded Obligations (the "Refunded Obligations")for debt service
savings , and(v)to pay the costs associated with the issuance of the Bonds(see "Plan of Financing").
TOTAL $ 1,669,155,000 $ 1,293,945,000 $ 1,802,071,027 $ 19648,230,227 $ 19328,596,840 $319,633,386
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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.
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Glossary of Terms
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.
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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