2001-06-26 City of Southlake, Texas
SPECIAL SOUTHLAKE PARKS DEVELOPMENT CORPORATION MEETING:
Tuesday, June 26, 2001
LOCATION: Town Hall — 3rd Floor Training Room
1400 Main Street, Southlake, Texas
REGULAR SESSION 5:00 P.M. (Prior to the City Council Retreat):
1. Call to order.
2. Consider:
A. SPDC Resolution No. 01-03, a resolution setting a Public Hearing on the expenditure of
corporation funds relating to projects to be undertaken by the Corporation for the
purchase of land and making improvements thereto; and approving and authorizing notice
of such public hearing.
3. Adjournment
CERTIFICATE
I hereby certify that the above agenda was posted on the Official Bulletin Boards at Town Hall, 1400
Main Street, on Friday, June 22,,���0�(jq"`'64,,6:00 p.m. pursuant to the Texas Government Code,
Chapter 551. `,s.%�gOuT H��.,�%
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Sandra L. LeGrand '- % . `'
City Secretary ��1,-,�,,;�**�����...`'.`,
If you plan to attend this meeting and have a disability that requires special needs, please advise the
City Secretary 48 hours in advance at 481-1519, and reasonable accommodations will be made to
assist you.
SPECIAL SOUTHLAKE PARKS DEVELOPMENT CORPORATION MEETING
June 26, 2001
11) MINUTES
Board Members Present: President W. Ralph Evans; Members: Tim O'Connor, Bobby Rawls, Tom
Stephen, and Tad Stephens.
Board Members Absent: Rick Stacy and Rex Potter
Staff Present: Director of Community Services Kevin Hugman, Finance Director Sharen Elam,
Financial Consultant Jim Sabonis, and Secretary to the City Manager Kim Bush.
Agenda Item No. 1, Call to order. The meeting was called to order by President W. Ralph Evans
at 5:05
(note no executive session was necessary)
Agenda Item No. 2. Consider SPDC Resolution No. 01-03, a resolution setting a Public Hearing
on the expenditure of corporation funds relating to projects to be undertaken by the Corporation
for the purchase of land and making improvements thereto; and approving and authorizing
notice of such public hearing.
Finance Director Sharen Elam provided to the Board copies of a summary of the "Issuance of Sales
op Tax Junior Lien Revenue Bonds, Series 2001" for the purpose of purchasing land. There were no
questions or concerns addressed by the Board.
Motion was made to approve SPDC Resolution No. 01-03, setting a Public Hearing for July 17, 2001
on the expenditure of corporation funds relating to projects to be undertaken by the Corporation for
the purchase of land and making improvements thereto; and approving and authorizing notice of such
public hearing.
Motion: Bobby Rawls
Second: Tad Stephens
Ayes: Evans, O'Conner, Rawls, Stephen, Stephens
Nays: none
Approved: 5-0
Agenda Item No. 3. Adjournment.
Motion was made and carried to adjourn the meeting at 5:07 p.m.
fir.,
ATTEST: President W. alph Evans
i
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Exe tive Secretary
Southlake Parks Development Corporation
Purchase of "Texas School of Baseball"
Through Issuance of
Taxable Sales Tax Junior Lien Revenue Bonds, Series 2001
June 26, 2001
Presented By:
FIRST SOUTEINES7 COMPANY
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Strategic Goals
DUtF1I0
V Fund $2,200,000 to Purchase "Softball World"
* $1,500,000 Issuance of Debt
* $700,000 Cash
✓Direct Placement of Junior Lien Taxable Bonds
to Seller of "Softball World"
✓Maintain Flexibility and Capacity for Future
Capital Needs
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=-A II I I li.-E.
%- Implementation Timeframe
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Date Event
June 26,2001 Special SPDC Board Meeting
SPDC Approves Resolution Declaring Intention to Undertake Project
and Calling for a Public Hearing on the Project
(Notice must be published 15 days before hearing and allow for
a 60 day petition process)
June 28,2001 Publication of Notice of Public Hearing on SPDC Project
.Juiy-24;-2001 Special SPDC Board Meeting
9 tkfljj/7,�)/ Public Hearing on Project
J/ SPDC Approves Resolution Authorizing the Issuance of the
Sales Tax Revenue Bonds,Series 2001
Signing of the Bond Purchase Agreement
Southlake City Council Meeting
City Approves Resolution Approving the Issuance of the
Sales Tax Revenue Bonds,Series 2001
30 corking days Attorney General Approves Bond Sale
September 04,2001 Closing of Debt Issue and Delivery of New Money Funds to SPDC
(1)Bold areas indicate formal SPDC Board and Southlake City Council action.
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Financial Assumptions
Duthla e
Strategic Assumptions
1) Security Pledge
A) SPDC sales tax revenues Junior to both Subordinate and Senior Lien.
B) 1.0 Maximum Annual Additional Bonds Test
2) Debt Payment
A) Payment structure to match existing SPDC sales tax revenues.
3) Debt Structure
A) Debt Amortization - Principal and interest amortization over 10 years.
B) Call Feature - Callable at par at any time.
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Funding Summary
Projected Transaction Results
Par Amount of Bonds $ 1,500,000
Cash 710,000
Total Sources $ 2,210,000
Project Fund $ 2,200,000
Costs of Issuance 10,000
Miiscellanous -
$ 2,210,000
Total Debt Service $ 2,030,150
Average Debt Service $ 203,015
Average Life 5.891 Years
True Interest Cost 6.00 %
5 ere.
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_ Existing Debt and Cash Flow
puffs a e
=
Fiscal 1/2 Cent Ddsting Proposed ` Total
Year Sales Tax Senior& Junior Debt Service Coverage by
Eroding Revenue Subordinate $1,500,000 Total Previous Year Revenue
30-Sep $ % Debt Serdce Coverage I Cash Flow
2001"' $2,310,645 $1,309,239 $1,309,239 1.407 $532,660
2002 2,657,242 15.00% 1,506,639 $205,250 1,711,889 1.350 598,756
2003 2,657,242 0.00% 1,505,809 202,800 1,708,609 1.555 948,633
2004 2,657,242 0.00% 1,503,894 205,600 1,709,494 1.554 947,748
2005 2,657,242 0.00% 1,505,919 202,800 1,708,719 1.555 948,523
2006 2,657,242 0.00% 1,506,624 204,700 1,711,324 1.553 945,918
2007 2,657,242 0.00% 1,505,944 201,000 1,706,944 1.557 950,298
2008 2,657,242 0.00% 1,508,889 202,000 1,710,889 1.553 946,353
2009 2,657,242 0.00% 1,510,234 202,400 1,712,634 1.552 944,608
2010 2,657,242 0.00% 1,509,891 202,200 1,712,091 1.552 945,151
2011 2,657,242 0.00% 1,507,811 201,400 1,709,211 1.555 948,031
2012 2,657,242 0.00% 1,508,929 0 1,508,929 1,761 1,148,313
2013 2,657,242 0.00% 1,508,204 0 1508,204 1.762 1,149,038
2014 2,657,242 0.00% 1,505,554 0 1,505,554 1.765 1,151,688
2015 2,657,242 0.00% 1,510,946 0 1,510,916 1.759 1,146,296
2016 2,657,242 0.00% 1,508,780 0 1,508,780 1.761 1,148,462
2017 2,657,242 0.00% 1,509,636 0 1,509,636 1,760 1,147,606
2018 2,657,242 0.00% 1,508,259 0 1,508,259 1.762 1,148,983
2019 2,657,242 0.00% 1,509,603 0 1,509,603 1.760 1,147,639
2020 2,657,242 0.00% 1,508,484 0 1,508,484 1.762 1,148,758
2021 2,657,242 0.00% 1,509,903 0 1,509,903 1.760 1,147,339
2022 2,657,242 0.00% 1,508,590 0 1,508,590 1.761 1,148,652
2023 2,657,242 0.00% 1,507,040 0 1,567,040 1.763 1,150,202
2024 2,657,242 0.00% 1,502,890 0 1,502,890 1.768 1,154,352
2025 2,657,242 0.00% 1,121,140 0 1,121,140 2.370 1,536,102
2026 2,657,242 0.00% 1,122,180 0 1,122,180 2.368 1,535,062
2027 2,657,242 0.00% 1,120,640 0 1,120,640 2.371 1,536,602
2028 2,657,242 0.00% 1,121,520 0 1,121,520 2.369 1,535,722
2029 2,657,242 0.00% 1,119,560 0 1,119,560 2.373 1,537,682
2030 2,657,242 0.00% 1,119,740 0 1,119,740 2.373 1,537,502
2031 2,657,242 0.00% 881,760 0 881,760 3.014 1,775,482
Total $82,027,8981 $43,594,251 $2,030,150 $45,624,401 1 $35,588,154
Footnotes,
1)Sales Tax Co►lecdons for 12 month period from April,2000 through March,2001 6
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Southlake Parks Development Corporation
Taxable Sales Tax Junior Lien Revenue Bonds, Series 2001
Scenario 1
SOURCES & USES
Dated 09/04/2001 Delivered 09/04/2001
SOURCES OF FUNDS
Par Amount of Bonds $1,500,000.00
Planned Issuer Equity contribution 710,000.00
TOTAL SOURCES $2,210,000.00
USES OF FUNDS
Costs of Issuance 10,000.00
Deposit to Project Construction Fund 2,200,000.00
TOTAL USES $2,210,000.00
First Southwest Compan 2001 SPDC.SF-Softbal12001s1-SINGLE PURPOSE
Public Finance 6/26/2001 12:31 PM
P.7 •
Southlake Parks Development Corporation
Taxable Sales Tax Junior Lien Revenue Bonds, Series 2001
Scenario 1
DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I
9/30/2001 - - - -
9/30/2002 120,000.00 6.000% 85,250.00 205,250.00
9/30/2003 120,000.00 6.000% 82,800.00 202,800.00
9/30/2004 130,000.00 6.000% 75,600.00 205,600.00
9/30/2005 135,000.00 6.000% 67,800.00 202,800.00
9/30/2006 145,000.00 6.000% 59,700.00 204,700.00
9/30/2007 150,000.00 6.000% 51,000.00 201,000.00
9/30/2008 160,000.00 6.000% 42,000.00 202,000.00
9/30/2009 170,000.00 6.000% 32,400.00 202,400.00
9/30/2010 180,000.00 6.000% 22,200.00 202,200.00
9/30/2011 190,000.00 6.000% 11,400.00 201,400.00
Total 1,500,000.00 - 530,150.00 2,030,150.00
YIELD STATISTICS
Bond Year Dollars $8,835.83
Average Life 5.891 Years
Average Coupon 6.0000000%
Net Interest Cost(NIC) 6.0000000%
True Interest Cost(TIC) 6.0008653%
Bond Yield for Arbitrage Purposes 6.0008653%
All Inclusive Cost(AIC) 6.1425129%
IRS FORM 8038
Net Interest Cost 6.0000000%
Weighted Average Maturity 5.891 Years
First Southwest Compan 1PubFinlClients1South/ake120011spdc1Final Numbers 2001 SPDC.SF-Softball2001s1-SINGLE PURPOSE
Public Finance 6/26/2001 12:31 PM
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Southlake Parks Development Corporation
Taxable Sales Tax Junior Lien Revenue Bonds, Series 2001
Scenario 1
DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I FISCAL TOTAL
9/04/2001 - - - - -
2/15/2002 - - 40,250.00 40,250.00 -
8/15/2002 120,000.00 6.000% 45,000.00 165,000.00 -
9/30/2002 - - - - 205,250.00
2/15/2003 - - 41,400.00 41,400.00 -
8/15/2003 120,000.00 6.000% 41,400.00 161,400.00 -
9/30/2003 - - - - 202,800.00
2/15/2004 - - 37,800.00 37,800.00 -
8/15/2004 130,000.00 6.000% 37,800.00 167,800.00 -
9/30/2004 - - - - 205,600.00
2/15/2005 - - 33,900.00 33,900.00 -
8/15/2005 135,000.00 6.000% 33,900.00 168,900.00 -
9/30/2005 - - - - 202,800.00
2/15/2006 - - 29,850.00 29,850.00 -
8/15/2006 145,000.00 6.000% 29,850.00 174,850.00 -
9/30/2006 - - - - 204,700.00
2/15/2007 - - 25,500.00 25,500.00 -
8/15/2007 150,000.00 6.000% 25,500.00 175,500.00 -
9/30/2007 - - - - 201,000.00
2/15/2008 - - 21,000.00 21,000.00 -
8/15/2008 160,000.00 6.000% 21,000.00 181,000.00 -
9/30/2008 - - - - 202,000.00
2/15/2009 - - 16,200.00 16,200.00 -
8/15/2009 170,000.00 6.000% 16,200.00 186,200.00 -
9/30/2009 - - - - 202,400.00
2/15/2010 - - 11,100.00 11,100.00 -
8/15/2010 180,000.00 6.000% 11,100.00 191,100.00 -
9/30/2010 - - - - 202,200.00
2/15/2011 - - 5,700.00 5,700.00 -
8/15/2011 190,000.00 6.000% 5,700.00 195,700.00 -
9/30/2011 - - - - 201,400.00
Total 1,500,000.00 - 530,150.00 2,030,150.00 -
First Southwest CompanS.tPubFinlClientslSouthlake120011spdclFinal Numbers 2001 SPDC.SF-Softba112001s1-SINGLE PURPOSE
Public Finance 6/26/2001 12.31 PM
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Southlake Parks Development Corporation
Taxable Sales Tax Junior Lien Revenue Bonds, Series 2001
Scenario 1
DEBT SERVICE SCHEDULE
YIELD STATISTICS
Bond Year Dollars $8,835.83
Average Life 5.891 Years
Average Coupon 6.0000000%
Net Interest Cost(NIC) 6.0000000%
True Interest Cost(TIC) 6.0008653%
Bond Yield for Arbitrage Purposes 6.0008653%
All Inclusive Cost(AIC) 6.1425129%
IRS FORM 8038
Net Interest Cost 6.0000000%
Weighted Average Maturity 5.891 Years
First Southwest Compan S:IPubFinlClients1Southlake120011spdctFinal Numbers 2001 SPDC.SF-Softba1/2001s1-SINGLE PURPOSE
Public Finance 626/2001 12:31 PM
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