HomeMy WebLinkAboutItem 08 - Bonds 6/11/2019
Fiscal Services
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General Obligation Refunding and Improvement Bonds
Series 2019
June 04, 2019
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Upgrades and Savings
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City of Grapevine, Texas
"Credit Rating Upgrade to Aa1"
Upgrade Saved an Estimated $200,000
MOODY'S
INVESTORS SERVICE
Rating Action: Moody's upgrades to Aa1 Grapevine, TX's GOLT bonds
New York,May 23,2019--Moody's Investors Service has upgraded to Aa1 from Aa2 the City of Grapevine,TX's issuer rating
and rating on the outstanding general obligation limited tax debt.Moody's has also assigned a Aa1 rating to the city's General
Obligation Refunding and Improvement Bonds,Series 2019.
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6/11/2019
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Fiscal Services �j
Upgrades and Savings
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Moody's S&P Description
Prime
y Aa1 AA+
High Grade
(`9 Aa3 AA-
Al A+
a
£ A2 A Upper Medium Grade
a A3 A-
Baal EM
B+BB
Baa2 B Lower Medium Grade
Baa3 BBB-
Bal BB+
Ba2 BB Non-Investment Grade Speculative
Ba3 BB-
B1 B+
B2 B Highly Speculative
c B3 B-
Caal CCC+ Substantial Risks
Caa2 CCC Extremely Speculative
Caa 3 CCC- In Default with Little Prospect for Recovery
Ca CC
C In Default
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GO Refunding and Improvement Bonds 1*_%je
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Series 2019
Interest Rate 2.57%
Upgrade saved --$200,000
Project Amount
Animal Shelter Facility $3,900,000
Fire Stations 2 & 3 16,000,000
Golf Course Clubhouse 4,800,000
Total $24,700,000
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6/11/2019
GO Refunding and Improvement Bonds 1E.
Series 2019
Refunding and Savings
$399309684
Y:
Year Refunded Instrument Original Rate New Rate Savings
Series 2018 Series2014 Certificates of Obligation 5.52% 3.72% $ 3,109,167
Series 2019 Series 2009 and 2009 A Certificates of Obligation 4.43% 2.57% 821,517
Total Savings $ 3,930,684
Fiscal Services
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General Obligation Refunding and Improvement Bonds
Series 2019
June 04, 2019
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6/11/2019
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GO Refunding and Improvement Bonds .y
Series 2019
Timeline -wxle
Date Bond Activity
11/07/17 Bond Election for$24.7M GO Capital Projects
05/01/18 Council Approves Reimbursement Resolution for$24.7M
05/24/19 Notice of Sale(Bonds)
06/04/19 Proposal to Council to Issue
06/04/19 Sale of Obligations
Obligation
Project Amount $24.7M
Delivery Date 07/09/19
Rate 2.66% Update 06/04
Maturity Date 2039
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