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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. 32 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. 33