2024-008 Debt Summary Report Date: February 23,2024 Report No. 2024-008
INFORMAL STAFF REPORT
TO MAYOR AND CITY COUNCIL
SUBJECT:
City's Debt Summary Report (FY End 2023 Outstanding Debt)
BACKGROUND:
Attached is the Debt Summary Report with principal and interest outstanding as of September
30, 2023. This report is prepared on an annual basis to provide residents 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 this report on the City's website for the
public the week of March 4, 2024. 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, 2023
STAFF CONTACT:
Randee Klingele, Treasury Manager
(940) 349-8206
Randee.kingelegcityofdenton.com
City of Denton
Debt Summary Report
Fiscal Year Ending September 30, 2023
Contact:
City of Denton Finance Department
Attn: Vis Bouaphanthavong—Assistant Director of Finance
215 E. McKinney St.
Denton, Texas 76201
Email: Vis.Bouaphanthavonggcityofdenton.com
Phone: 940-349-7743
Fax: 940-349-7206
Website: www.ciiyofdenton.com
Published: February 23, 2024
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
Schedule—Airport and Internal Service Funds............................................................. 22
Bar&Pie Charts—Airport and Internal Service Funds.................................................... 23
HOUSE BILL 1378 SECTION
Summary of Debt Obligations...................................................................................25
Individual Debt Obligations.....................................................................................26
Glossaryof Terms................................................................................................31
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. 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+2 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 2023
'S&P Utility System Revenue Bonds,October 2022.
4Fitch GO/CO,June 2023.
5Fitch Utility System Revenue Bonds,Series 2017&2021,August 2023.
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 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
as 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. 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 through issuing COs (instead of revenue bonds) is being applied to the Street
Improvement Fund.
3
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. As of September 30,2023,the City has the Utility System Revenue
Bonds, Series 2017 and 202l's outstanding.
OUTSTANDING DEBT:
The City's total outstanding principal and interest as of September 30, 2023, is shown on page 6 of this
report.
4
CITY DEBT SECTION
5
Total Outstanding Debt(in millions) as of September 30, 2023
Principal Interest Total
GOs $ 370 $ 105 $ 475
COs $ 708 $ 330 $ 1,038
Revenue Bonds $ 320 $ 135 $ 455
Total $ 1,398 $ 570 $ 1,968
City of Denton
Total Annual Debt Service(Principal&Interest)-All Debt
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds(GOs) Certificates of Obligation(COs) Revenue
9-30 Tax Supported Revenue Supported Tax Supported Revenue Supported Bonds Total
2024 $ 24,640,579 $ 25,143,940 $ 14,372,267 $ 42,029,452 $ 25,300,313 $ 131,486,550
2025 23,819,294 22,507,975 13,584,238 41,553,294 25,298,018 126,762,818
2026 23,194,181 15,525,200 12,785,063 41,376,219 25,295,282 118,175,945
2027 22,641,656 15,054,625 11,869,613 41,139,369 25,298,300 116,003,563
2028 21,160,225 13,665,100 10,560,719 40,692,456 25,300,530 111,379,030
2029 19,996,128 12,523,700 8,836,187 40,243,044 25,300,299 106,899,359
2030 19,998,919 12,596,700 8,679,625 40,276,606 25,298,164 106,850,014
2031 19,681,216 7,171,625 8,667,025 40,294,350 25,298,194 101,112,409
2032 19,507,219 5,853,375 8,526,316 40,325,534 25,299,853 99,512,297
2033 19,280,809 3,269,750 8,202,869 40,364,125 25,295,276 96,412,829
2034 18,554,297 - 7,583,119 40,362,356 25,301,145 91,800,917
2035 18,288,231 7,199,213 38,832,447 25,296,215 89,616,106
2036 16,712,184 6,975,281 37,927,569 25,299,258 86,914,293
2037 15,629,053 6,733,719 36,771,369 25,297,732 84,431,873
2038 14,491,966 6,150,244 36,733,981 7,223,309 64,599,500
2039 13,119,013 4,345,509 36,404,575 7,224,204 61,093,301
2040 11,875,594 4,085,250 35,598,709 7,225,700 58,785,253
2041 10,266,138 2,700,525 35,014,625 7,222,724 55,204,011
2042 6,684,400 1,628,200 32,516,822 7,225,125 48,054,547
2043 2,427,600 1,463,700 27,049,600 7,223,201 38,164,101
2044 - - 23,164,716 7,221,587 30,386,303
2045 19,799,103 7,224,314 27,023,417
2046 15,929,897 7,221,224 23,151,121
2047 12,930,897 7,222,160 20,153,057
2048 9,389,384 7,221,888 16,611,272
2049 9,391,381 7,225,170 16,616,551
2050 9,007,869 7,221,849 16,229,718
2051 7,851,331 7,221,769 15,073,100
2052 5,994,419 - 5,994,419
2053 - - - 4,018,800 - 4,018,800
$ 341,968,701 $ 133,311,990 $ 154,948,680 $ 882,984,299 $ 455,302,803 $ 1,968,516,472
6
Total Annual Debt Service($)
$140.0
0
0
$120.0
$100.0
$80.0
$60.0
$40.0
$20.0
$0.0 p� p �p
N N N N N N G M M M pM oM pM M pM p� p� O pR p R p� pO R 7 h h
N N N N N N N N N N N N N N N N N N G N N N N N N C N C N
■GO-Tax Supported ■GO-Revenue Supported ■CO-Tax Supported ■CO-Revenue Supported ■Revenue Bonds
Total Annual Debt Service(%)
CO-Tax Supported,
GO-Revenue 7.87%
Supported,6.77% CO-Revenue
Supported,44.86%
GO-Tax Supported,
1737%
Revenue Bonds,
23.13%
7
City of Denton
Total Annual Debt Service(Principal&Interest)-Tax Supported Debt
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds Certificates of Obligation
9-30 (GOs) (COS) Total
2024 $ 24,640,579 $ 14,372,267 $ 39,012,846
2025 23,819,294 13,584,238 37,403,531
2026 23,194,181 12,785,063 35,979,244
2027 22,641,656 11,869,613 34,511,269
2028 21,160,225 10,560,719 31,720,944
2029 19,996,128 8,836,187 28,832,316
2030 19,998,919 8,679,625 28,678,544
2031 19,681,216 8,667,025 28,348,241
2032 19,507,219 8,526,316 28,033,534
2033 19,280,809 8,202,869 27,483,678
2034 18,554,297 7,583,119 26,137,416
2035 18,288,231 7,199,213 25,487,444
2036 16,712,184 6,975,281 23,687,466
2037 15,629,053 6,733,719 22,362,772
2038 14,491,966 6,150,244 20,642,209
2039 13,119,013 4,345,509 17,464,522
2040 11,875,594 4,085,250 15,960,844
2041 10,266,138 2,700,525 12,966,663
2042 6,684,400 1,628,200 8,312,600
2043 2,427,600 1,463,700 3,891,300
$ 341,968,701 $ 154,948,680 $ 496,917,381
8
Tax Supported Debt (S)
$40.0
0
$35.0
$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$0.0
V1 %0 I— 00 O% O t- 00 O% O cV M
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 cV
NCO ■GO
Tax Supported Debt (O o)
CO
31.18%
GO
68.82°o
9
City of Denton
Total Annual Debt Service(Principal&Interest)-Revenue Supported Debt
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds Certificates of Obligation
9-30 GOs Cos Revenue Bonds Total
2024 $ 25,143,940 $ 42,029,452 $ 25,300,313 $ 92,473,704
2025 22,507,975 41,553,294 25,298,018 89,359,287
2026 15,525,200 41,376,219 25,295,282 82,196,701
2027 15,054,625 41,139,369 25,298,300 81,492,294
2028 13,665,100 40,692,456 25,300,530 79,658,086
2029 12,523,700 40,243,044 25,300,299 78,067,043
2030 12,596,700 40,276,606 25,298,164 78,171,471
2031 7,171,625 40,294,350 25,298,194 72,764,169
2032 5,853,375 40,325,534 25,299,853 71,478,762
2033 3,269,750 40,364,125 25,295,276 68,929,151
2034 - 40,362,356 25,301,145 65,663,502
2035 - 38,832,447 25,296,215 64,128,662
2036 - 37,927,569 25,299,258 63,226,827
2037 - 36,771,369 25,297,732 62,069,101
2038 - 36,733,981 7,223,309 43,957,290
2039 - 36,404,575 7,224,204 43,628,779
2040 - 35,598,709 7,225,700 42,824,410
2041 - 35,014,625 7,222,724 42,237,349
2042 - 32,516,822 7,225,125 39,741,947
2043 - 27,049,600 7,223,201 34,272,801
2044 - 23,164,716 7,221,587 30,386,303
2045 - 19,799,103 7,224,314 27,023,417
2046 - 15,929,897 7,221,224 23,151,121
2047 - 12,930,897 7,222,160 20,153,057
2048 - 9,389,384 7,221,888 16,611,272
2049 - 9,391,381 7,225,170 16,616,551
2050 - 9,007,869 7,221,849 16,229,718
2051 - 7,851,331 7,221,769 15,073,100
2052 - 5,994,419 - 5,994,419
2053 - 4,018,800 - 4,018,800
$ 133,311,990 $ 882,984,299 $ 455,302,803 $ 1,471,599,092
10
Revenue Supported ($)
$100.0
a
0
$90.0
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$0.0 ■ . ,
O O O O O O O O O O O O O O O O cq � cq 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 N N N N N N N
■GOs ■COs ■Revenue Bonds
Revenue Supported (%)
CO
60.00%
GO
9.06%
Revenue Bonds
30.94%
11
City of Denton
Total Annual Debt Service (Principal & Interest)
General Government
Fiscal Year Ending September 30, 2023
FY End
9-30 General Water Park Total
2024 $ 38,842,196 $ 170,650 $ 39,012,846
2025 37,232,557 170,974 37,403,531
2026 35,808,817 170,426 35,979,244
2027 34,340,829 170,440 34,511,269
2028 31,550,214 170,730 31,720,944
2029 28,661,496 170,820 28,832,316
2030 28,507,886 170,657 28,678,544
2031 28,177,882 170,359 28,348,241
2032 27,862,880 170,655 28,033,534
2033 27,312,887 170,791 27,483,678
2034 25,966,550 170,866 26,137,416
2035 25,316,667 170,776 25,487,444
2036 23,548,444 139,022 23,687,466
2037 22,362,772 - 22,362,772
2038 20,642,209 - 20,642,209
2039 17,464,522 - 17,464,522
2040 15,960,844 - 15,960,844
2041 12,966,663 - 12,966,663
2042 8,312,600 - 8,312,600
2043 3,891,300 - 3,891,300
$ 494,730,215 2,187,166 $ 496,917,381
12
General Government ($)
$40.0
a
S $35.0
$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$0.0 '
,-t 4n %D h W Os O "t V1 �O l- W 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 c1
■General ■Water Park
General Government (%)
General
99.56%
Water Park
0.44%
13
City of Denton
Total Annual Debt Ser%ice(Principal&Interest)-Electric
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2024 16,887,634 $ 23,074,270 $ 25,300,313 $ 65,262,217
2025 14,317,875 23,047,150 25,298,018 62,663,043
2026 9,251,375 23,037,800 25,295,282 57,584,457
2027 8,945,650 23,055,625 25,298,300 57,299.575
2028 8,349,750 23,050,281 25,300,530 56,700,561
2029 7,567,375 22,986,800 25,300,299 55,854,474
2030 7,622,375 23,003,713 25,298,164 55,924,252
2031 5,428,375 23,010,325 25,298,194 53,736,894
2032 4,265,875 23,027,138 25,299,853 52,592,865
2033 2,665,000 23,038,544 25,295,276 50,998,819
2034 - 23,044,606 25,301,145 48,345,752
2035 - 23,057,163 25,296,215 48,353,378
2036 - 23,083,375 25,299,258 48,382,633
2037 - 23,108,425 25,297,732 48,406,157
2038 - 23,134,413 7,223,309 30,357,722
2039 - 23,153,050 7,224,204 30,377,254
2040 - 23,171,656 7,225,700 30,397,357
2041 - 23,176,181 7,222,724 30,398,905
2042 - 23,174,422 7,225,125 30,399,547
2043 - 23,168,500 7,223,201 30,391,701
2044 - 23,164,716 7,221,587 30,386,303
2045 - 19,799,103 7,224,314 27,023,417
2046 - 15,929,897 7,221,224 23,151,121
2047 - 12,930,897 7,222,160 20,153,057
2048 - 9,389,384 7,221,888 16,611,272
2049 - 9,391,381 7,225,170 16,616,551
2050 - 9,007,869 7,221,849 16,229,718
2051 - 7,851,331 7,221,769 15,073,100
2052 - 5,994,419 - 5,994,419
2053 - 4,018,800 - 4.018.800
$ 85,301,284 $ 579,081,233 $ 455,302,803 $ 1,119,685,320
14
Electric ($)
$70.0
a
0
$60.0
$50.0
$40.0
S30.0
S20.0
S 10.0
S0.0
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 rt
■Revenue Bonds ■CO ■GO
Electric (%)
Revenue Bonds
40.66%
CO
51.720% GO
7.62°ib
15
City of Denton
Total Annual Debt Service(Principal&Interest)-Water
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2024 $ 5,976,248 $ 5,873,736 $ - $ 11,849,984
2025 5,986,450 5,868,181 11,854,631
2026 4,121,200 5,862,881 - 9,984,081
2027 4,130,175 5,866,256 - 9,996,431
2028 3,474,500 5,855,144 - 9,329,644
2029 3,161,200 5,833,056 - 8,994,256
2030 3,177,950 5,839,044 - 9,016,994
2031 410,500 5,841,925 - 6,252,425
2032 430,500 5,845,094 - 6,275,594
2033 - 5,854,956 - 5,854,956
2034 - 5,846,206 - 5,846,206
2035 - 5,220,594 - 5,220,594
2036 - 5,020,969 - 5,020,969
2037 - 4,528,306 - 4,528,306
2038 - 4,526,019 - 4,526,019
2039 - 4,523,616 - 4,523,616
2040 - 4,333,219 - 4,333,219
2041 - 4,328,213 - 4,328,213
2042 - 3,190,200 - 3,190,200
2043 - 1,499,400 - 1,499,400
$ 30,868,723 $ 101,557,014 $ - $ 132,425,737
16
Water ($)
$12.0
a
0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
,:T kn t0 [- W O% O M 'IT V*) %D [- W O% O
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 C
N N N N . N N . . . N N N . N N . N N
■GOS ■COS
Water (%)
GO
23.31%
CO
76.69%
17
City of Denton
Total Annual Debt Service(Principal&Interest)-Wastewater
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2024 $ 1,070,651 $ 7,643,095 $ - $ 8,713,746
2025 1,100,800 7,639,706 - 8,740,506
2026 1,113,125 7,636,506 - 8,749,631
2027 1,118,225 7,634,206 - 8,752,431
2028 1,076,125 7,644,681 - 8,720,806
2029 1,086,500 7,581,569 - 8,668,069
2030 1,089,250 7,590,406 - 8,679,656
2031 816,500 7,600,650 - 8,417,150
2032 857,500 7,602,819 - 8,460,319
2033 348,500 7,606,950 - 7,955,450
2034 - 7,605,356 - 7,605,356
2035 - 7,151,231 - 7,151,231
2036 - 6,677,994 - 6,677,994
2037 - 6,455,919 - 6,455,919
2038 - 6,462,619 - 6,462,619
2039 - 6,456,503 - 6,456,503
2040 - 5,820,906 - 5,820,906
2041 - 5,240,519 - 5,240,519
2042 - 4,131,100 - 4,131,100
2043 - 1,173,000 - 1,173,000
$ 9,677,176 $ 133,355,736 $ - $ 143,032,911
18
Wastewater ($)
$9.0
a
a $8.0
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
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 cV N N N r!
■GOs ■COS
Wastewater (%)
CO
93.23%
GO
6.77%
19
City of Denton
Total:annual Debt Service(Principal&Interest)-Solid Waste
Fiscal Year Ending September 30,2023
FY End General Obligation Bonds Certificates of Obligation Revenue
9-30 GOs Cos Bonds Total
2024 $ 983,756 $ 3,834,081 $ - $ 4,817,837
2025 931,750 3,737,638 - 4,669,388
2026 874,025 3,575,488 - 4,449,513
2027 735,075 3,324,438 - 4,059,513
2028 633,975 2,924,519 - 3,558,494
2029 582,875 2,667,363 - 3,250,238
2030 581,500 2,667,450 - 3,248,950
2031 386,125 2,664,281 - 3,050,406
2032 170,250 2,672,788 - 2,843,038
2033 128,125 2,672,338 - 2,800,463
2034 - 2,681,931 - 2,681,931
2035 - 2,338,150 - 2,338,150
2036 - 2,087,250 - 2,087,250
2037 - 1,620,025 - 1,620,025
2038 - 1,552,975 - 1,552,975
2039 - 1,549,225 - 1,549,225
2040 - 1,549,300 - 1,549,300
2041 - 1,548,600 - 1,548,600
2042 - 1,550,600 - 1,550,600
2043 - 1,045,500 - 1,045,500
$ 6,007,456 $ 48,263,937 $ - $ 54,271,393
20
Solid Waste ($)
$5.0
a
$4.5
9 $4.0
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
�O [- W ON O M RT W) �O ['- W 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
■GOs ■COs
Solid Waste (%) GO
11.07%
CO
88.93%
21
City of Denton
Total Annual Debt Service (Principal&Interest)-Airport and Internal Service Funds
Internal Service Funds: Technology, Fleet, Customer Service
Fiscal Year Ending September 30, 2023
General
Obligation Bonds Certificates of
FY End Airoport Only Obligation Revenue
9-30 GOs Cos Bonds Total
2024 $ 225,651 $ 1,604,270 $ - $ 1,829,921
2025 171,100 1,260,619 - 1,431,719
2026 165,475 1,263,544 - 1,429,019
2027 125,500 1,258,844 - 1,384,344
2028 130,750 1,217,831 - 1,348,581
2029 125,750 1,174,256 - 1,300,006
2030 125,625 1,175,994 - 1,301,619
2031 130,125 1,177,169 - 1,307,294
2032 129,250 1,177,697 - 1,306,947
2033 128,125 1,191,337 - 1,319,462
2034 - 1,184,256 - 1,184,256
2035 - 1,065,309 - 1,065,309
2036 - 1,057,981 - 1,057,981
2037 - 1,058,694 - 1,058,694
2038 - 1,057,956 - 1,057,956
2039 - 722,181 - 722,181
2040 - 723,628 - 723,628
2041 - 721,113 - 721,113
2042 - 470,500 - 470,500
2043 - 163,200 - 163,200
$ 1,457,351 $ 20,726,379 $ - $ 22,183,730
22
Airport & Internal Services Revenue ($)
$2.0
$1.8
$1.6
$1.4
$1.2
$1.0
$0.8
$0.6
$0.4
$0.2 ,
$0.0
N "0 r- OC C� O - N M W) \�C r— oO C� O N 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
■ GOs ■COs
Airport & Internal Services Revenue (%)
CO
93.43%
GO
6.57%
I
23
HOUSE BILL 1378 SECTION
24
City of Denton
Summary of Debt Obligations
Fiscal Year Ending September 30,2023
TOTAL TAX-SUPPORTED AND REVENUE DEBT HB 1378 Calculation Ili City Calculation(Z)
Total Authorized Debt Obligations $ 1,452,840,000 $ 1,452,840,000
Total Principal Of All Outstanding Debt Obligations $ 1,398,340,000 $ 1,398,340,000
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations On Time
And In Full $ 1,968,516,472 $ 1,968,516,472
TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation $ 1,132,320,000 $ 430,765,000
Total Principal Of All Outstanding Debt Obligations Secured By Ad Valorem Taxation $ 1,077,820,000 $ 376,265,000
Combined Principal And Interest Required To Pay All Outstanding Debt Obligations Secured By
Ad Valorem Taxation On Time And In Full $ 1,513,213,669 $ 496,917,381
PER CAPITA TOTAL DEBT SECURED BY AD VALOREM TAXATION
Total Authorized Debt Obligations Secured By Ad Valorem Taxation Expressed As A Per Capita
Amount $ 7,518 $ 2,860
Total Principal Of Outstanding Debt Obligations Secured By Ad Valorem Taxation As A Per
Capita Amount $ 7,156 $ 2,498
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 $ 10,046 $ 3,299
Population Total Used To Calculate Per Capita Figures 150,624 150,624
Source And Year of Data Used To Calculate Per Capita Figures Budget Book 2023 Budget Book 2023
(')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.
(Z)City Calculation excludes general obligation debt issued for Enterprise Funds(Electric,Water,Wastewater,Solid Waste,and Airport)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.
25
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 - continued
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.
32