HomeMy WebLinkAboutItem 20 - Revenue Bonds CC ITEM #20
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO
® CITY MANAGER
MEETING DATE: APRIL 16, 2013
SUBJECT: RESOLUTION CALLING THE CITY'S WATER AND SEWER
SYSTEM REVENUE BONDS, SERIES 2002, FOR
REDEMPTION
RECOMMENDATION:
Consider a resolution calling the City's Water and Sewer System Revenue Bonds,
Series 2002, for redemption.
BACKGROUND:
This resolution authorizes the cash defeasance of the City's remaining 2002 Water and
Sewer Bonds. The available funds for the redemption are coming from the Water and
Sewer Systems Bond Reserve Fund.
Staff recommends approval.
April 10,2013(10:3 AM)
C, ?
PRIOR BOND DEBT SERVICE
City of Grapvine,Texas
Cash Defeasance of WW&5S Rev Ref Bds,5er 2002
As of 06/04/2013
$6.070.000 Waterworks and Sewer System Revenue Refunding Bonds,Series 2002{2002)
Period Annual
Ending Principal Interest Debt Service Debt Service
09/01/2013 255,000 15,775.63 270,775.63
09/30/2013 270,775.63
03/01/2014 10,835.00 10,835.00
09/01/2014 265,000 10,835.00 275,835.
09/30/2014 286,670.00
03/01/2015 5,535.00 5,535.00
09/01/2015 270,000 5,535.00 275,535.00
09/30/2015 281,070.
790,000 48,515.63 838,515.63 838,515.63
Note: Preliminary,for illustrative purposes only.
Apr S,2013 4:06 pm prepared by FirstSouth st(am]) (Finance 7.0D4 G RAPEVI N EMORKI NG- EFU D02,REFU D02]
° -
ESCROW STATISTICS
City of Gravine,Texas
Cash Defeasance of WW&SS Rev Ref Bds,Ser 2002
As of 06/04/2013
Modified Yield to Yield to Perfect Value of
Total Duration Receipt Disbursement Escrow Negative Cost of
Escrow Cost (years) Date Date Cost Arbitrage Dead Time
Global Proceeds Escrow:
798,150.74 798,150.74
798,150.74 798,150.74 0.00 0.00
Delivery date 06/04/2013
Note: Preliminary,for illustrative purposes only.
Apr 5,2013 4:06 prn prepared by FirstSouth est(arcmll (Finance 7.004 GRAPEVINE:WORKING-REFUNDOZ,REFUNDOZ)
F1Ml5*9fM&A4*- 1�-j T F R-A g9n
ESCROW REQUIREMENTS
City of Gravine,Texas
Cash Defeasance of WW&SS Rev Ref Bds,Ser 2002
As of 06/04/2013
$6,070,000 Waterworks and Sewer System Revenue Refunding Bonds,Series 2002(2002)
Period Principal
Ending Interest Redeemed Total
06/04/2013 8,150.74 790,000.00 798,150.74
8,150.74 790,000.00 798,150.74
Note: Preliminary,for illustrative purposes only.
Apr 5,2013 4:06 pm Prepared by FirstSouthwest(arni) (Finance 7.004 GRAPEVINE:WORKING-REFUNDGZREFUNDOZ)
Firs5milthwM46
SUMMARY OF BONDS REFUNDED
City of Gravine,Texas
Cash Defeasance of WW&SS Rev of Bds,Ser 2002
As of 06/04/2013
Maturity Interest Par call Call
and Date Rate Amount Date Price
–-—-----------
$6,070,000 Waterworks and Sewer System Revenue Refunding Bonds,Series 2002,2002:
SERIAL 09/01/2013 3.875% 255,000.00 06/04/2013 100-000
09/01/2014 4.000% 265,000.00 06/04/2013 100.000
09/01/2015 4.100% 270,000.00 06/04/2013 100.000
790,000.00
Note- Preliminary,for illustrative purposes only.
Apr 5,2013 4.06 pin Prepared by FirstScuthwest(aml) (Finance 7.004 GRAPEVINEMORKI NG-REFUND02,REFUND02)
SOURCES AND USES OF FUNDS
City of GrapvIne,Texas
Cash Defeasance of WW&SS Rev Ref Bds,Ser 2002
As of 06/04/2013
Dated Date 06/04/2013
Delivery Date 06/04/2013
Sources:
Other Sources of Funds:
Equity Contribution 798,150.74
798,150.74
Uses:
Refunding Escrow Deposits:
Cash Deposit 798,150.74
798,150.74
Dote: Preliminary,for illustrative purposes only.
Apr 5,2013 4:06 prey prepared by FirstSouth st garni' (Finance 7.004 GRAPEVINEWORKING-REFUND02,REFUND02)
CC ITEM
RESOLUTION
r 0
RESOLUTION OF THE CITY IL OF THE CITY
GRAPEVINE, TEXAS, CALLING !N OUTSTANDI
BONDS FOR REDEMPTION RESOLVING T
RELATED MATTERS THERETO AND PROVIDING
EFFECTIVE
WHEREAS, the City of Grapevine, Texas (the "City") previously issued its
Waterworks r System Revenue Refunding Bonds, Series 2002 (t s");
and
WHEREAS, the Bonds r presently st i in re a principal
punt of 7 ,
WHEREAS, the Bonds are subject to optional redemption n r
September 19 2012, as set forth in the ordinance au orizin the issuance of the bonds
(the "Ordinance"); and
the i Council of the i of r vin , Texas (the "City Council")
has found in that it is in t interests of the i to call all outstanding
Bonds for redemption on June 4, 2013 and to redeem such Bonds from lawfully
available it .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY I F T CITY
OF GRAPEVINE, T .
Section 1. That the findings n d determinations set forth in rep l
hereto are hereby incorporated by reference for all purposes.
Section . That all outstanding maturities of the Bonds in the r
principal amount , r hereby called for redemption on June 9 139 at
redemption ri equal to the rind I amount thereof plus interest oor d thereon
and unpaid, and shall be redeemed from lawfully available funds of the City such
date.
Section 3. That on or before 2013,June the City shall deposit with the
Paying n is r r for the s the roxi to sum of $798,150.74, which u
is sufficient to redeem all of the outstanding such . The final amount
the funds to be applied to the redemption f the Bonds may be adjusted shall be
r !ned jointly by the ity's Director of inis r tiro i City's
Financial Advisor.
Section 4. That the i Secretary is or authorized n directed o cause
notice of redemption to be given yin g Agent/Registrar for the Bonds (
"Paying Agent"), at the time in the manner required r in n . The Paying
CC ITEM #20
Agent is hereby authorized and directed to give notice of deposit and redemption with
respect to the Bonds, as required under the Ordinance.
Section 5. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 16th day of April, 2013.
APPROVED:
ATTEST,
APPROVED AST FORM:
RES. NO. 2