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1996-11-18
SOUTHLAKE PARK DEVELOPMENT CORPORATION MEETING 667 North Carroll Avenue Southlake, Texas 76092 November 18, 1996 MINUTES MEMBERS PRESENT: David Yelton, President, W. Ralph Evans, Vice -President. Members: Rick Stacy, Carol Lee Hamilton, Scott Martin and Pamela Muller. MEMBERS ABSENT: STAFF PRESENT: Curtis E. Hawk, City Manager; Lou Ann Heath, Director of Finance; Kim Lenoir, Director of Parks & Recreation and Sandra L. LeGrand, City Secretary. Agenda Item #1, Call to Order President David Yelton called the meeting to order at 6:00 p.m. A quorum was present. Agenda Item #2, Approval of the Minutes (W The minutes of the October 21, 1996 meeting were approved as corrected. Motion: Scott Martin Second: Ralph Evans Ayes: Yelton, Evans, Hamilton, Martin and Stacy Nays: None Abstention: Muller Approved: 5-0-1 vote Agenda Item #3, Executive Session: Pursuant to Open Meetings Act, Chapter 551 of the Texas Government Code, Section 551.072, land acquisition. Chairman Yelton announced that SPDC would be going into executive session pursuant to Chapter 551 of the Texas Government Code, Section 551.072, land acquisition. SPDC adjourned for executive session at 6:05 p.m. SPDC returned to open session at 6:19 p.m. Agenda Item #4, Reconvene: Action Necessary/Executive Session No action was necessary as a result of the Executive Session. SPDC MINUTES -- REGULAR MEETING ON NOVEMBER 18, 1996 PAGE 1 OF 4 Agenda Item #5, Discussion: 1997 SPDC Bond Program City Manager Curtis Hawk made comments about the timing of the bond sales; the time for issuance is fast approaching. At this point the City of Southlake's financial advisor, Jim Sabonis with First Southwest, joined the committee and answered questions from the SPDC. Mr. Hawk continued his comments and discussed the level of funding which could be done with the upcoming issuance. He said discussions First Southwest has had with the bond counsel and the Attorney General's Office reveal the City will be able to have somewhere around $3 million to issue. Jim Sabonis touched on his company's involvement with SPDC and the history of sales tax bonds issues. He said the increase of cities using sales tax to fund projects has spurred innovations such as recently the Attorney General approved the use of surety bonds [reserve funds are not required] . Mr. Sabonis explained the calculations involved in determining the amount of funds available based on existing sales tax. He said they look at the source of sales tax and apply general covenants. Three covenants have been historically, 1) what the reserve fund is, at the maximum level, at the time of issuance, 2) what the additional bonds test has been [existing is 1.5 maximum annual bond test], and 3) determining how long actual financing can be. Mr. Sabonis said they have talked to, and have commitments from rating agencies and insurers and feel confident we are ready to move the transaction forward. He presented their proposal "process to refund the senior lien debt and subordinated debt, and totally fund, based on [the City's] existing sales tax question, an issue that will net the City about $3 million from capital to go forward." Based on the existing sales tax, 1.37 will be the coverage ratio. Mr. Sabonis explained the rationale behind the senior lien debt and subordinate debt and the new funding. He said that the new issuance would include a third aspect, in addition to refunding the senior lien debt and subordinated debt, of clearing out of the existing issue. The reason they want to do that is they want to change bond companies. Lou Ann Heath, finance director, noted the last amount discussed was about $800,000 being the maximum amount, whereas, due to a combination of financial elements, they are now looking at $3 million. This is good news. Mr. Sabonis said that with the growth Southlake has had (20+ % annualized basis), and the indications are that much more retail will be coming, the kinds of assets the City will be funding would be good to consider. A lot of funding is for park land acquisitions, which has a 20-25 year useful life. He projected that with the continued sales tax growth, the City will have higher coverage and will continue to fund park projects over the next few years, but funding into the next 10 years will probably mean funding rehabilitation programs and reallocation of actual half -cent sales tax for maintenance programs. Lou Ann Heath said our ultimate goal is to fund things as SPDC MINUTES -- REGULAR MEETING ON NOVEMBER 18, 1996 PAGE 2 OF 4 (W we go. Rod Johnson arrived at 6:35 p.m. The approximate, one-time cost for a surety bond is $14,000. The difference between the surety bond method verses the reserve bond method was discussed. Several members asked questions. Chairman Yelton asked what the risk element is in having a surety bond verses having a reserve. Mr. Sabonis explained that a fully funded reserve would be no different in risk from the perspective of a rating company and a bond buyer. Lou Ann Heath stated in the past, the group has gone to New York to make their bond presentations. It can now be done locally as Moody's and Standard & Poor's have offices in Dallas. A meeting could be scheduled for January. Agenda Item #6, Report: Financial Update Lou Ann Heath mentioned a letter would be presented to SPDC with a bond issuance schedule to coordinate with the City issuance of Certificates of Obligations. A special meeting in December may be needed. Jim Sabonis explained the procedure necessary to issue bonds. First a resolution calling for a public meeting on the City's projects has to be passed at Council. The notice must be published in the newspaper for two consecutive weeks. The City can only close the bond issues 60 days after last publication date. Mr. Hawk and Lou Ann Heath commented on the SPDC 1997 Bond Program sheets handed out (attached to minutes). These are the items SPDC previously proposed. Mr. Hawk summarized each item listed. He said the parking lot at the Carroll Middle School was voted as the number one priority to spend funds on by the Joint Utilization Committee two meetings ago. The items were: Bicentennial Park - land 800,000 Bob Jones Park - land (remainder) 1,000,000 Parking Lot @ CMS 70,000 Bicentennial Park - Ph. II construction 1,200,000 ISTEA Grant 50,000 Total Use of Funds 3,120,000 The City should know results of Parks and Wildlife Grant by January 23. SPDC MINUTES -- REGULAR MEETING ON NOVEMBER 18, 1996 PAGE 3 OF 4 Kim Lenoir, Director of Parks & Recreation, handed out preliminary cost estimates (attached). Bicentennial Park - This list shows the Park Board's recommendations -- projects they would like to see done within the next two to three years. The total cost of those projects is about $2,000,000. Ms. Lenoir remarked that the 10% construction design fee is probably low and needs to be added into the cost once projects are established. Scott Martin discussed funding options for the playground pavilion at Bicentennial Park. Bob Jones Park - Items circled are projects recommended by Park Board. If the City receives the TPWD (Texas Parks & Wildlife Department) grant, some trails will need to be done also. Should we not receive the grant, but still pursue the soccer fields only, the cost will be about $1 million. Mr. Hawk said the list does not include any items that could go for the multi -use, joint -use facility. Other options are being explored for alternative ways of funding and those ideas will be discussed at a later meeting. Lou Ann Heath handed out the monthly report of the sales tax. Indications are that the City is ahead for the first month already for the fiscal year. The report shows an 18 % increase over the actual. It was noted that the cost estimates handed out do not include other land acquisitions that may be considered for park sites. Some acquisitions may occur through use of the Park Dedication Fees as well. Agenda Item #12, Adjournment A motion was made to A L. LeGrand City Secretary at7:20^— D:\WP-FILES\SPDC\MINUTES\96-11-18. SPDC MINUTES -- REGULAR MEETING ON NOVEMBER 18, 1996 PAGE 4 OF 4 A CITY OF SOUTHLAKE SOUTHLAKE PARKS DEVELOPMENT CORPORATION SALES TAX REVENUES 1996-97 collected budget balance budget to date balance percent S923.000 180.946 S842-054 91,23% MONTH FISCAL YEAR 93/94 FISCAL YEAR 94/95 % Inc -Dec FISCAL YEAR 95/96 % Inc -Dec FISCAL YEAR 96-97 % Inc -Dec October $0 $44,975 n/a $64,344 43.1% $80,946 25.8% November 0 26,049 n/a 55,958 114.8% December 0 33,622 n/a 51,987 54.6% January 0 47,843 n/a 70,181 46.7% February 0 34,007 n/a 47,635 40.1% March 0 28,300 n/a 51,581 82.3% April 0 44,106 n/a 68,515 55.3% May 29,145 40,554 39.1% 54,686 34.8% June 29,788 41,627'' 39.7% 56,159' 34.9% July 47,079 67,593 43.6% 89,901 33.0% August 29,490 '' 54,792 85.8% 66,184' 20.8% September 37,614 53,2$2 41.7% 61,223 14.9% TOTAL $173 116 $516 75I 198.5% $739,354I 42.9% $80,946`` 25.8% 11/18/96 SALSTX97.WK4 CITY OF SOUTHLAKE SALES TAX REVENUES (am" six year comparison L4 1996-97 collected budget balance budget to date balance percent $1.846.000 S 161.892 $1.684.108 91 MONTH FISCAL YEAR 91/92 FISCAL YEAR 92/93 % Inc -Dec FISCAL YEAR 93/94 % Inc -Dec FISCAL YEAR 94/95 % Inc -Dec FISCAL YEAR 95/96 % Inc -Dec FISCAL YEAR 96-97 % Inc -Dec October $46,731 $50,956 9.0% $99,408 95.1% $89,951 -9.5% $129,689 43.1% $161,892 25.8% November 27,929 42,126 50.8% 50,623 20.2% 52,099 2.9% 111,917 114.8% 0 December 33,273 33,850 1.7% 70,155 107.3% 67,243 -4.2% 103,975 54.6% 0 January 40,012 67,713 69.2% 106,541 57.3% 95,687 -10.2% 140,362 46.7% 0 February 40,106 39,351 -1.9% 57,839 47.0% 68,015 17.6% 95,269 40.1% 0 March 37,488 44,176 17.8% 59,378 34.4% 56,600 -4.7% > 103,163 82.3% 0' April 57,543 68,664 19.3% 87,438 27.3% 88,212 0.9% 137,030 55.3% 0 y 41,020 54,623 33.2% 58,291 6.7% 81,109 39.1% 109,371' 34.8% 0 June 43,105 52,027 20.7% 59,577' 14.5% 83,253 39.7% 112,317 34.9% 0 July 51,357 80,567 56.9% 94,157 16.9% 135,,187 43.6% 179,803' 33.0% 0' August 48,731 48,290' -0.9% 58,980 22.1% 109,584 85.8% 132,367 20.8% 0 September 42,741 54,3 27.3% 75,228 38.3% 106,E 41.7% 122,445 14.9% Q' TOTAL 4510036 $636 738`1 24.8% $877,6151 37.8% $1,033,5021 17.8% $1 476,708 42.9% $161 892'' 25.8% • First month of 1/2 cent additional sales tax. R REPORT DATE 11/18/96 SALSTX97. WK4 Month October November December January February March April May June July August September Total % increase (6w Month October November December January February March April May June July August September Total City of Southlake Sales Tax Analysis FY 1996-97 1 % Sales Tax Actual Budget Actual Estimated (est-budg) % 1995-96 1996-97 1996.97 1996_97 Difference Change 128,689 151,853 161,892 161,892 10,039 6.61% 111,917 132,062 0 132,062 0 0.00% 103,975 122,691 0 122,691 0 0.00% 140,362 165,627 0 165,627 0 0.00% 95,269 112,417 0 112,417 0 0.00% 103,163 121,732 0 121,732 0 0.00% 137,030 161,695 0 161,695 0 0.00% 109,371 129,058 0 129,058 0 0.00% 112,317 132,534 - 0 132,534 0 0.00% 179,803 212,168 0 212,168 0 0.00% 132,367 206,193 0 206,193 0 0.00% 122,445 197,970 0 197,970 0 0.00% 1,476, 708 1,846,000 25.01 % 161,892 1,856,039 25.69% 10,039 0.54% 1 /2% Sales Tax Actual Budget Actual Estimated (est-budg) % 1994-9 1995-96 1995-96 1995-96 Difference Chanae 64,345 75,927 80,946 80,946 5,019 6.61 % 55,959 66,031 0 66,031 0 0.00% 51,988 61,345 0 61,345 0 0.00% 70,181 82,814 0 82,814 0 0.00% 47,635 56,209 0 56,209 0 0.00% 51,582 60,866 0 60,866 0 0.00% 68,515 80,848 0 80,848 0 0.00% 54,686 64,529 0 64,529 0 0.00% 56,159 66,267 0 66,267 0 0.00% 89,902 106,084 0 106,084 0 0.00% 66,184 103,097 0 103,097 0 0.00% 61,223 98,985 0 98,985 0 0.00% 738,354 923,000 80,946 928,020 5,019 0.54% 11/18M slsest97.wk4 qet for 1996-97 assumes an 18% increase on actual estimated 1995-96 collections plus 000 for August and September for Home Depot (1 and 1 /2 cent total). 31 A SOUTHLAKE PARKS DEVELOPMENT CORPORATION 1997 BOND PROGRAM - Preliminary SPDC Board of Directors Meeting November 181 1996 Sources of Funds SPDC Bond funds on hand - previous issues $450,000 Operating Fund - appropriation of reserves $5503,000 1997 Bond money - $3,000.000 Total Funds Available $43,000,000 Uses of Funds Bicentennial Park - land $8003,000 Bob Jones Park -land (remainder) $1,0005000 Parking Lot @ CMS $70,000 Bicentennial Park - Phase II construction $1,200,000 ISTEA Grant $50,000 Total Uses of Funds $3,120,000 Available for Land Acquisition or Projects $880,000 teams. PRELIMINARY COST ESTIMATE MESA DESIGN GROUP centennial Park November 7. 1996 ital Expenditure Phasing Recommendations DESCRIPTION COST SUBT TAL PHASE I — PRE —DEVELOPMENT BUFFER A. Land Acquisition $300,000.00 B. Berm/Landscape $250,000.00 ;500,000.00 PHASE II — LAND ACQUISITION Brunson Tract Bank Tract (?) $500,000.00 PHASE III — EXISTING FACILITY ENHANCEMENT A Shade Structure Baseball Area $100,000.00 50 000 ppftun Playground Pavilion $50,000.00 C. Water Playground $75,000.00 O u"n Parking Lot Expansion $200,000.00 Additional Trees $100,000.00 450,000 a Y16y a-p Utilities Underground $80,000.001 $605,000. PHASE IV — HIKE AND BIKE TRAIL A One Mile Loop — 10' Concrete $150,000.00 Graphics, Grading, Miscellaneous $50,000.00 $200,000. SASE V —TEEN RECREATION AREA In —line Hockey Rink $125,000.00 Basketball Courts (3) $50,000.00 C. Sand Volleyball $30,000.00 D. Parking Expansion $300,000.00 E. Restroom/Storage Area $75,000.00 F. Lighting $100,000.00 $680,000.00 PHASE VI — TENNIS FACILITIES A. Lighted Courts (8) $250,000.00 B. Restroom/Storage Area $150,000.00 C. Miscellaneous/Landscape $100,000.00 $500,000.00 PHASE VII — SOFTBALL FIELD RENOVATION/OPEN SPACE DEVELOPMENT A. New Lighted Fields (4) L.iq $750,000.00 J;3OD,oa B. Restroom Renovation $100,000.00 IL C. Site Work/Demolition $200,000.00 D. New Open Space Parking $75,000.00j� E. Landscape $150,000.00 I G F. Picnic Facilities/Pavilion $150,000.00; $1,425,000.00 PHASE Vill - TENNIS FACILITY EXPANSION A. Lighted Courts (8) $300,000.00 R Pro —Shop Facility _ Miscellaneous/Landscape— $150,000.00 $100,000.00 !, Championship Court $100,000.001 $650,000.00 Page 1 PRELIMINARY COST ESTIMATE MESA DESIGN GROUP Wennial Park November 7, 1996 ital Expenditure Phasing Recommendations CO PHASE IX — LAND ACQUISITION Evans Tract $1,500,000.00 (?) $1,500,000.00 PHASE X — SWIMMING POOL FACILITY A. Outdoor Pool Facility $750,000.00 B. Parking $150,000.00 C. Utilities/Lighting $150,000.00 D. Restrooms/Changing Rooms $100,000.00 E. Landscape $100,000.00 $1,250,000.00 PHASE XI — FOUR BASEBALL FIELDS A. Four Lighted Baseball Fields $750,000.00 B. Parking Facilities $300,000.00 C. Utilities/Grading/Miscellaneous $300,000.00 D. Restroom/Concessions $300,000.00 E. Playground $75,000.00 F. Landscape $100,000.00 $1,825,000.00 PHASE XII — RECREATION CENTER Budget Range $6,000,000.00 $6,000,000.00 TOTAL PARK BUILD OUT $15,135,000.00 1 All unit prices, allowances, and total costs are valid for thirty (30) days. MESA Design Group reserves the right to revise this estimate after such time. CAI' 3R24COSTEM 96020 Page 2 PRELIMINARY COST ESTIMATE •kFake-6ity-Park Al Expenditure Phasing Recommendations MESA DESIGN GROUP November 7, 1996 , i )I,+I,\ rc,, gt PTIY r PHASE 1 — PRE —DEVELOPMENT BUFFER Demolition and Grubbing $5,000.00 Excavation of Pond $66,664.00 Berming Grading $18,888.00 31) Trees — 2" cal. $16,500.00 Hydromulch $5.600.00 F Irrigation $17,500.00 G Water Service $5,000.00 $135,152.0 PHASE If — SOCCER COMPLEX A. Eleven Soccer Fields $239,785.00 Irrigation $180,150.00 C\ Concession/Restroom $250.000.00 D Parking Facilities $350,000.00 Utilities/Miscellaneous $100,000.00 Landscape $95,148.00 Playground/Pavilion $150,000.00 $1,365,083.0 PHASE III — HIKING/NATURE TRAIL A. Land Acquisition (?) $200,000.00 3 Miles Soft Surface Trail $300.000.00 .5 Miles Concrete Trail $250,000.00 Creek Crossings (3) $150,000.00 E. Tree Replacements/Culverts, Etc. $150,000.00 F. Signage $25,000.00 G. Phase One Road/Parking $150,000.00 H. White Chapel Parking $150,000,00 I. White Chapel Trail Development R.O.W. Expansion ( $300,000.00 $1,675.000.00 PHASE IV — EQUESTRIAN FACILITIES A. Trail Head Parking (2) $150,000.00 1 B. Restroom $150,000.00 C. Utilities/Miscellaneous $100,000.00 D. Trail Signage $25,000.00 E. Fencing $40.000.00 F. Landscape $75,000.00 i G. Maintenance Facility $200,000.00 $740,000.00 PHASE V — NATURE FACILITIES A. Loop Road Expansion $300,000.00 B. Utilities $100,000.00 j'C. Parking (50) i D. Day Camp/Restroom ! E. 7800 11 Nature Trail — 6' Wide I $50,000.00 $100,000.00 $100,000.00 j Minor Amphitheater Development j $50,000.00 gature Trail Graphics j _ $30.000.00 H. Picnic Tables/Pavilions $50,000.001 $780,000.00jI M z gco1 OCID ZOO1 L S2, w�►l(�o� Page 1 PRELIMINARY COST ESTIMATE MESA DESIGN GROUP c"+uthlake City Park November 7, 1996 -ital Expenditure Phasing Recommendations i•. ,�• :;•_":%:: ..�...;�.• � u tea•.} ,, :.'�:':; :, .. .:;�`�':::' :�:<;:.}::}:. .: •• �;:.. ' t +.}::}}.::;?+:+x,}::•':,:J: }4r'.•L�C�}::S/•'h v}•• .G .r H,. f .. vf: •'+Y••i:'�:• ••' �' {L A\1 x ;�•�!';v :�t: l.YY.;: j' r:;}. ' '' •: ....: °}"•s,• .•• t i+\•'},r.}}}w�'•`�:rt,�'+c'•9:;•,,•;;w.`+vr•+.%/.}:;��}�i�•,c+`. 'fi+ce'•C'r''t' ''::^:: ^ate•• `'• VI — BALL FIELDS/LAKE DEVELOPMENT FPHASE ake Development $550.000.00 oftball Practice Fields $75,000.00 C. Lighted Soccer Fields (3) $200,000.00 D. Bridge/Fishing Dock $50,000.00 E. Water Well for Lake Fill $100,000.00 F. Landscape $100,000.00 $1,075.000.00 PHASE VII — EQUESTRIAN FACILITY EXPANSION A. Multi —Use Arena (?) $2,000,000.00 S. Parking Facilities $175,000.00 C. Stables (?) $1,200,000.00 D. Utilities $175.000.00 $3,550,000.00 PHASE VIII — PENINSULA DEVELOPMENT A. Land Acquisition (?) $500,000.00 S. Park Road Development $350,000.00 C. Tree Relocation $100,000.00 D. Utilities $100,000.00 E. Parking Facilities $200,000.00 Pavilion/Restroom $300.000.00 Beach/Swimming $100,000.00 Fishing Pier $100,000.00 I. Picnic Facilities $100,000.00 J. Sand Volleyball $50,000.00 K. Casual Open Play Field $100,000.00 L. Landscape $100,000.00 $2,100,000.00 PHASE IX — NATURE CENTER/OUTDOOR EDUCATION A. Nature Center Building 1 $2,000,000.00 $2,000.000.00 PHASE X — AMPHITHEATER DEVELOPMENT A. Outdoor Amphitheater Facilities $250,000.00 1 $250,000.00 TOTAL PARK BUILD OUT $13,535.083.00 All unit prices, allowances, and total costs are valid for thirty (30) days. MESA Design Group reserves the right to revise this estimate after such time. C:`J!1R3-1lC0STESTx 96019 0 Page 2 X W;�A1oucj- -TP l b 5a(d 5 37 � C- 5 PRELIMINARY COST ESTIMATE MESA DESIGN GROUP, INC. October 21. 1296 City Park — Southlake, Texas (96019) PHASE 1 — NORTH BUFFER Demolition and Grubbing Excavation of Pond Berming Grading _ Trees — 2" cal. Hydromutch _ _ Irrigation Water Service $5,000.00 Lump Sum 33,332 cy 18.888 cy $5.000_00_ $2.00 $1.00 $86,664.00 $16.888.00 $16.500.00 60 _ 70,000 sf 70,000 sf $275.00 $0.08 _ $0.25 $5,800.00 _ $135,152.00 $17,500.00 $5,000.00 Lump Sum $5,000.00 PHASE II — SOCCER FIELDS _ Soccer Field Grading 14.444 cy $2 00 $28,088.00 Demolition and Grubbing _ Lump Sum $30.000.00 $30.000.00 Berming Grading _ 10.183 cy $1.00 $10.183.00 _ Site Rough Grading _ 45.000 cy $2.00 $90,000.00 Fine Grading: _ — Parking _ 77.400 sf _ $0.04 $3,096.00 10 Soccer fields 390,000 sf $0.04 $15,600.00 _Landscape area _ _ 270.600 sf $0-04 $10,824.00 Hydromulch: _ _ 10 Soccer fields _ 390,00' sf ! - 11 $31.200.00 Landscape area _ 330,E_00 sf _ $0.08 $26.448.00 10 Soccer fields 390,000 st $0-25 $97,500.00 Landscape area 330,600 sf $0.25 $82.650.00 Trees_ - 3" cal. _ — 100 $375.00 $37.500.00 Fencing — 6- ht. 2,576 If $17.00 $43,690.00 Water Service _ Lump Sum $10,000.00 $10,000.00 Gravel Parking (6" depth) 1,433 cy $20.00 $28,660-00 — Filter Fabric _i !� 77,400 sf $0.10 $7,740.00 Concrete Edge 1,500 If $1_0.00 $15.000.00 _ Parkin Lights Lump Sum $6,000.00 $8,000.00 Soccer Field Goals 20 1 $500.00 $10.000.00 $584 Subtotal $720.131.00 and Engineering _ action Administration & al Conditions 7% _ $50,409.17 159E 1$108,019.65 109E -F $72,013. AL $950 All unit prices, allowances, and total costs are valid for thirty (30) days. MESA Design Group reserves the right to revise this estimate after such time. C-UI,1g24\LtKI SM 96019-1 Page LOS I UBV I Z 'ON XH ON I dlOK NO I S30 VS3W 90:V1 NOW 96-1Z City of Southlake, Texas MEMORANDUM November 13, 1996 TO: Southlake Park Development Corporation FROM: Shana K. Yelverton, Assistant City Manager SUBJECT: Upcoming Meeting Scheduled for November 18, 1996 The focus of the upcoming meeting of the Southlake Parks Development Corporation will be discussion of the 1997 SPDC Bond Program. Attached you will find information from our financial advisor, First Southwest Company, describing the implementation program. If possible, please take a moment to review this information prior to the SPDC meeting. The topics of discussion at the meeting will include 1) dollars available for the 1997 bond program, 2) refunding existing debt, 3) calendar for this sale, based upon coordination with other city obligations, and 4) items to be included in this bond program. Please note that we may have to have one or more special meetings to finalize the details. The Park Board is aware that you will be discussing the future bond program; therefore, you will likely receive input from these groups regarding inclusions in the package. Please contact Lou Ann Heath, Director of Finance, at 481-5581 ext. 716 if you have specific questions about the bond program prior to the meeting. M SOUTHLAKE PARK DEVELOPMENT CORPORATION IMPLEMENTATION PROGRAM NOVEMBER 4, 1996 SOUTHLAKE PARK DEVELOPMENT CORPORATION SALES TAX REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1997 IMPLEMENTATION PROGRAM TABLE OF CONTENTS IMPLEMENTATIONPROGRAM.................................................................................................. SCHEDULEOF EVENTS............................................................................................................ DETAILOF REFUNDED BONDS................................................................................................ CREDITREPORT...................................................................................................................... TEXAS MUNICIPAL REPORT - SOUTHLAKE PARK DEVELOPMENT CORPORATION ................. CURRENT AND HISTORICAL REVENUE INTEREST RATES ...................................................... I Fa 3 4 5 0 Southlake Park Development Corporation Sales Tax Revenue Refunding and Improvement Bonds, Series 1997 Implementation Program Strategic Goals 1) Refund of existing 1994 and 1994A Sales Tax Revenue Bonds to: A) expand Bond Covenant to allow surety bond to substitute for debt service reserve fund, B) change Bond Covenant to 1.4 times maximum debt service additional bond test. C) release $260 thousand of existing debt service reserve fund, D) refund, as planned, Subordinated, Unrated and Uninsurred, 1994A Revenue Bonds, E) restructure debt to 25 year level debt service. 2) Issue additional debt to fund $3 uirements. 1) Credit Rating Assumption A) "Baa" Underlying B) "AAA" Insured C) Debt Service Reserve offset by purchase of "AAA" Surety Bond 2) Debt Structure Assumption A) 25 Year amortization 1998 to 2011 B) Level Annual Principal and Interest Par Amount of Bonds $6,890,000 Existing Debt Service Reserve 260.000 otal Sources $7,150,000 Project Construction Fund $3,000,000 Escrow Fund 3,923.908 Bond Insurance 36,582 Surety Bond 20,000 Underwriter's Discount 68,900 Costs of Issuance 100,000 Bond Rounding 610 Total Uses $7.150.000 Total Debt Service $12,886,605 Average Annual Debt Service - Fiscal 1997 to 2021 $515,464 Average Life 15.02 Yrs. Average Coupon 5.79 % True Interest Cost 5.86% i Southlake Parks Development Corporation Refunding and Improvement Sales Tax Revenue Bonds, Series 1997 Scenario 3A Refund of 1994 and 1994A / 25 Year Amort. / Surety Bond for Reserve SOURCES & USES Dated 01/01/1997 Delivered 01/01/1997 SOURCES OF FUNDS Par Amount of Bonds ............................... $6,890,000.00 Transfers from Prior Issue DSR Funds .............. 260,000.00 TOTAL SOURCES $7,150,000.00 USES OF FUNDS Total Underwriter's Discount (1.000%)............ 68,900.00 Costs of Issuance ................................. 100,000.00 Gross Bond Insurance Premium ( 43.9 bp)........... 56,581.87 Deposit to Escrow Fund ............................ 3,923,907.33 Deposit to Secondary Purpose Fund ................. 3,000,000.00 Rounding Amount ................................... 610.80 TOTAL USES $7,150,000.00 First Southwest Company FILE = SALES-revref97s3 Public Finance Department 11/ 4/1996 8:53 AM 1-2 0 e� s Southlake Parks Development Corporation Refunding and Improvement Sales Tax Revenue Bonds, Series 1997 Scenario 3A Refund of 1994 and 1994A / 25 Year Amort. / Surety Bond for Reserve Fund DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST TOTAL P+I 9/30/1997 280,000.00 4.000% 237,415.11 517,415.11 9/30/1998 145,000.00 4.250% 370,360.00 515,360.00 9/30/1999 150,000.00 4.5001k 364,197.50 514,197.50 9/30/2000 160,000.00 4.650% 357,447.50 517,447.50 9/30/2001 3.65,000.00 4.750% 350,007.50 515,007.50 9/30/2002 175,000.00 4.850% 342,170.00 517,170.00 9/30/2003 180,000.00 4.950% 333,682.50 513,682.50 9/30/2004 190,000.00 5.0501; 324,772.50 514,772.50 9/30/2005 200,000.00 5.150% 315,177.50 515,177.50 9/30/2006 210,000.00 5.250% 304,877.50 514,877.50 9/30/2007 220,000.00 5.350t 293,852.50 513,852.50 9/30/2008 235,000.00 5.450% 282,082.50 517,082.50 9/30/2009 245,000.00 5.550% 269,275.00 514,275.00 9/30/2010 260,000.00 5.650% 255,677.50 515,677.50 9/30/2011 275.DDO.DO 5.700% 240,987.50 515,987.50 9/30/2012 290,000.00 5.7501k 225,312.50 515,312.50 9/30/2013 305,000.00 5.800% 208,637.50 513,637.50 9/30/2014 325,000.00 5.850t 190,947.50 515,947.50 9/30/2015 345,000.00 5.900% 171,935.00 516,935.00 9/30/2016 365,000.00 5.90D% 151,580.00 516,580.00 9/30/2017 385,000.00 5.950% 130,045.00 515,045.00 9/30/2018 410,000.00 5.950% 107,137.50 517,137.50 9/30/2019 430,000.00 6.000% 82,742.50 512,742.50 9/30/2020 460,000.00 6.000% 56,942.50 516,942.50 9/30/2021 485,000.00 16.0510% 29,342.50 514,342.50 TOTAL 6,890,000.00 - 5,996,605.11 12,886,605.11 i YIELD STATISTICS Bond Year Dollars ................................. $103,452.11 Average Life ...................................... 15.021 Years Average Coupon .................................... 5.7942630% Net Interest Cost(NIC)........................... 5.8608381% True Interest Cost (TIC) .......................... 5.8577298% Bond Yield for Arbitrage Purposes ................. 5.8383540% All Inclusive Cost (AIC).......................... 6.1089079% IRS FORM 8038 Net Interest Cost ................................. 5.7942630% Weighted Average Maturity ......................... 15.021 Years First Southwest Company FILE - SALES-revref97s3 Public Finance Department I1/ 4/1996 8:53 AM,, 1-3 Southlake Parks Development Corporation lRefunding and Improvement Sales Tax Revenue Bonds, Series 1991 Scenario 3A Refund of 1994 and 1994A / 25 Year Amort. / Surety Bond for R) COVERAGE RATIO DATE TOTAL REVENUES TOTAL D/S COVERAGE 1/01/1997 - - - 9/30/1997 738,354.00 517,415.11 1.4270051x 9/30/1998 738,354.00 515,360.00 1.4326956x 9/30/1999 738,354.00 514,197.50 1.4359346x 9/30/200D 738,354.00 517,447.50 1,42691SSx 9/30/2001 738,354.00 515,007.50 1.4336762x 9/30/2002 738,354.00 517,170.00 1.4276814x 9/30/2003 738,354.00 513,682.50 1.4373743x 9/30/2004 738,354.00 514,772.50 1.4343307x 9/30/2005,_ 738,354.00 515,177.50 1.433203lx j 9/30/2006 738,354.00 514,877.50 1.4340382x 9/30/2007 738,354.00 513,852.50 1.4368987x 9/30/2008 738,354.00 517,082.50 1.4279230x 9/30/2009 738,354.00 514,275.00 1.4357182x V30/2010 738,354.00 ::515,677.50 1.4318135x 9/30/2011 738,354.00 515,987.50 1.4309533x 9/30/2012 738,354.00 515,312.50 1.4328277x 9/30/2013 738,354.00 513,637.50 1.4375002x 9/30/2014 738,354.00 515,947.50 1.4310642x -9/30/2015 738,354.00 516,93S.00 1.4283304x 9/30/2016 738,354.00 516,580.00 1.4293120x 9/30/2017 738,354.00 515,045.00 1.4335718x 9/30/2018 738,354.00 517,137.50 1.4277711x 9/30/2019 738,354.00 512,742.50 1.4400094x 9/30/2020 738,354:00 516,942.50 1.4283097x 9/30/2021 738,354.00 514,342.50 1.4355298x TOTAL 18,458,850.00 12,886,605.11 First Southwest Company FILE - SALES-revref97s3 Public Finance Department 11/ 4/1996 8:53 AM UM U A a .�. ON bV w aw � � C U y C c Qcd C V h _ « N N L r N N O. C r aAD N N f�1 N L 00 r N N r F en C r N N O. 3 ^ago N N C r � N L r F N N F. « _ N N r e r N CF N N � N CPI N y _ « N T N N cn c « � V co fn ti obo a O w 00 L bG T pp Q cc75 Q UCD Q « 0 U oo aL. cu (i O aui f1. O y v O V •h � w0 O CJ O O � , O� O d Ul W O O O U O Oo C O Z 'C ai O ca O U p(U U h mC4 c o E _ — = U ccO 0 •V v C h v .= = cz d O LL ca � •— v� � U � per„ cc w .ti o � U � U U U U _ � C LL LL �O L Ca R. ca ca C Ca U �O � � r r r r• cz 2-1 OFFICIAL STATEMENT Dated April 19, 1994 NEW ISSUE - Book -Entry -Only In the opinion of Bond Counsel, interest on the Bonds will be excludable from gross income for federal income tax purposes under existing law, subject to the matters described under "Tax Exemption" herein, including the alternative nurumum tax on corporations. Dated: May 1, 1994 THE CORPORATION WILL DESIGNATE THE BONDS AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR FINANCIAL INSTITUTIONS $2,945,000 SOUTHLAKE PARK DEVELOPMENT CORPORATION (Tarrant and Denton Counties, Texas) SALES TAX REVENUE BONDS, SERIES 1994 Due: August 15, as shown below Interest on the $2,945,000 Southlake Park Development Corporation Sales Tax Revenue Bonds, Series 1994 (the "Bonds") will accrue from the dated date as shown above and will be payable February 15 and August 15 of each year, commencing February 15, 1995, and will be calculated on the basis of a 360-day year of twelve 30-day months. The Southlake Park Development Corporation (the "Corporation") intends to utilize the Book -Entry -Only System of The Depository Trust Company ("DTC"), but reserves the right on its behalf or on the behalf of DTC to discontinue such system. Such Book -Entry -Only System will affect the method and tithing of payment and the method of transfer. See "Bond Information - Book -Entry -Only System" herein. The Bonds are special, limited obligations of the Corporation, secured by a lien on and pledge of certain Pledged Revenues and Pledged Funds which includes the proceeds of a 1/2 of 1 % sales and use tax levied within the City of Southlake, Texas (the "City") for the sole benefit of the Corporation. The Bonds will be special, limited obligations of the Corporation, payable solely from and secured only by a pledge of and lien on the pledged revenues described in the Resolution and not from any other revenues, properties or income of the Corporation. Neither the State, the City of Southlake, the Cowi ies of Tarrant and Denton, or any political corporation, subdivision, or agency of the State shall be obligated to pay the Bonds or the interest thereon, and neither the faith and credit nor the taxing power of the State, the City of Southlake, the Counties of Tarrant and Denton, or any political corporation, subdivision, or agency thereof, except as authorized by Section 4B of the Act, as herein defined, is pledged to the payment of the principal of or interest on the Bonds. The initial Paying Agent/Registru shall be Texas Commerce Bank National Association, Dallas, Texas (see "Paying Agent/Registrar"). MATURITY SCHEDULE Price Price Price Amount 550,000 or Maturity Rate Yield Amount or Maturity Rate Yield Amount or Maturity Rate Yield 1995 S125,000 2002 S170,000 2008 95,000 1996 130,000 2003 175,000 2009 100,0()0 1997 135,000 2004 190,000 2010 105,000 1998 145,000 2005 200,000 2011 110,000 1999 150,000 2006 2,000 2012 115,000 2000 160,000 2007 225,000 2013 120,000 2001 235,000 2014 The Corporation reserves the right, at its option, to redeem Bonds having stated maturities on and after August 15, 2005, in whole or in part in principal amounts of S5,000 or any integral multiple thereof, on August 15, 2004, or any date thereafter at the par value thereof plus accrued interest to the date fixed for redemption (see "Bond Information - Redemption of Bonds"). The Bonds are offered for delivery when, as and if issued and received by the Purchaser and subject to the approving opinion of the Attorney General of the State of Texas and of Fulbright & Jaworski L.L.P., Bond Counsel, Dallas, Texas ("Bond Counsel"). The legal opinion will be printed on or attached to the Bonds (see Appendix C, "Form of Bond Counsel's Opinion"). Delivery: Anticipated on or about June 7, 19,94. 3-1 i Southlake Parks Development Corporation Sales Tax Revenue Bonds, Series 1994 DEBT SERVICE TO MATURITY AND TO CALL ' DATE REFUNDED BONDS D/S TO CALL PRINCIPAL COUPON INTEREST REFUNDED D/S FISCAL TOTAL 1/01/1997 - -- 2/15/1997 - 84,885.00 - 84,885.00 84,885.00 8/15/1997 100,000.00 184,885.00 100,000.00 6.000% 64,885.00 184,885.00 9/30/1997 - 2/15/1998 - 81,885.00 - - - - 81,885.OD - 81,885.00 269,770.00 - 8/15/1998 105,000.00 186,865.00 105,000.00 6.000% 81,885.00 186,885.00 - 9/30/1998 - - - 2/15/1999 - 78,735.00 - - 78,735.00 78,735 00 268,770.00 _ 8/15/1999 110,000.00 188,735.00 110,000.00 6.000% 78,735.00 188,735.00 - 9/30/1999 - - 2/15/2000 - 75,435.00 - - 75,435 00 75,435 00 267,470.00 - 8/15/2000 115,000.00 190,435.00 115,000.00 6.000% 75,435.00 190,435.00 - 9/30/2000 - - 2/15/2001 - 71,985.00 - - 71,985.00 71,985 00 265,870.00 - 8/15/2001 120,000.00 191,983.00 120,000.00 6.000t 71,985.00 191,985.00 - 9/30/2001 - - 2/15/2002 - 68,385.00 - - - - 68,385.00 - 68,385.00 263,970.00 - 8/15/2002 125,000.00 193,385.00 125,000.00 6.000% 68,385.00 193,385.00 - 9/30/2002 - 2/15/2003 - 64,635.D0 - - - - 64.635-00 - 64,635.00 261,770.00 - 8/15/2003 130,000.00 194,635.00 130,000.00 6.000% 64,635.00 194,635.00 - 9/30/2003 2/15/2004 - 60,735.00 - - - - - 60,735.00 - 60,735.00 259,270.00 - 8/15/2004 1,995,000.00 2,055,735.00 135,000.00 6.000% 60,735.00 195,735.00 - 9/30/2004 - - - 2/15/2005 - - - - 256,470.00 - - - 56,685.00 56,685.00 - 8/15/2005 - - 145,000.00 6.000% 56,685.00 201,685.00 - 9/30/2005 - - 2/15/2006 - - - - - 258,370.00 - - - 52,335.00 52,335.00 - /15/2006 - - 150,000.00 6.000% 52,335.00 202,335.00 - 9/30/2006 - - - 2/15/2007 - - - - 254,670.00 - - - 47,835.00 47,835.00 - 8/15/2007 - - 160,000.00 6.000% 47,835.00 207,835.00 - 9/30/2007 - - 2/15/2008 - - - - 255,670.00 - - 43,035.00 43,035.DO - 8/15/2008 - - 170,000.00 6.000% 43,035.00 213,035.00 - 9/30/2008 - - - 2/15/2009 - - - - 256,070.00 - - - 37,935.00 37,935.00 - 8/15/2009 - - 175,000.00 6.D00% 37,935.00 212,935.00 - 9/30/2009 - - 2/15/2010 - - - - - 250,870.00 - - - 32,685.00 32,685.00 - 8/15/2010 - - 190,000.00 6.000% 32,685.00 222,685.00 - 9/30/2010 - - 2/15/2011 - - - - - 255,370.00 - - - 26,985.00 26,985.00 - 8/15/2011 - - 200.000.00 6.100% 26,985.00 226,985.00 - 9/30/2011 - - - 2/15/2012 - - - - 253,970.00 - - - 20,885.00 20,885.00 - 8/15/2012 - - 210,000.00 6.200% 20,885.00 230,885.00 - 9/30/2012 - - 2/15/2013 - - - - - 251,770.00 - - - 14,375.00 14,375.00 - 8/15/2013 - - 225,000.00 6.250% 14,375.00 239,375.00 - 9/30/2013 - - 2/15/2014 - - - - 253,750.00 - - - 7,343.75 7,343.75 - 8/15/2014 - - 235,000.00 6.2501k 7,343.75 242,343.75 - 9/30/2014 - - - - - - 249,687.50 TOTAL 2,800,000.00 3,973,360.00 2,800,000.00 1,853,557.50 4,653,557.50 First southwest Company Iic Finance Department i FILE SALES-revref97s3 L' ! 4 /1996 8 :53 AM i 3-2 OFFICIAL STATEMENT Dated November 15, 1"4 NEW ISSUE - Book -Fury -Only In the opinion of Bond Counsel, interest on the Bonds will be excludable from gross income for federal income tax purposes under existing law, subject to the manors described tinder 'Tax Exemption' herein, including the alternative minimum tax on corporations. TEE CORPORATION WILL DESIGNATE THE BONDS AS 'QUALIFIED TAX-EXEMPT OBLIGATIONS' FOR FINANCIAL INSTITUTIONS $1,000,000 SOUTHLAFCE PARKS DEVELOPMENT CORPORATION (Tarrant and Denton Counties, Texas) SALES TAX SUBORDINATE LIEN REVENUE BONDS, SERIES 1"4 Dated: November 15, 1"4 Due: A ttgtist 15, as shown below Interest on the $1,000,000 Southlake Parks Development Corporation Sales Tax Subordinate Lien Revenue Bonds, Series 1994 (the 'Bonds') will accrue from the datod date as shown above and will be payable August 15 and February 15 of each year, commencing February 15, 1996, and will be calculated on the basis of a 360-day year of twelve 30-day months. The Southlake Parks Development Corporation (the 'Corporation') intends to utilizethe Book -Entry -Only System of The Depository Trust Company ('DTC'), but reserves the right on its behalf or on the behalf of DTC to discontinue such system. Such Book -Entry -Only System will affect the method and timing of payment and the method of transfer. See 'Bond Information - Book -Entry -Only System' herein. The Bonds are special, limited obligations of the Corporation, secured by a lien on and pledge of certain Pledged Revenues and Pledged Funds which includes the proceeds of a 1/2 of 1 % sales and use tax levied within the City of Southlake, Texas (the 'City') for the sole benefit of the Corporation. ?he Bondi will be special, limited obligations of the Corporation, payable solely from and secured only by a pledge of and lien on the pledged revenues described in the Resolution and not from any other revenues, properties or income of the Corporation. Neither the State, the 4ry of Souuthlate, the Commes of Tarrant and Denton, or any political corporation, subdivision, or agency of the State shall be obligated to pay the Bonds or the interest thereon, and neither the faith and credit nor the taxing power of the State, the City of Southlake, the Coandes of Tarrant and Denton, or any political corporation, subdivision, or agency thereof, except as authorized by Section 4B of the Au, as herein defined, is pledged to the payment of the principal of or utterest on the Bonds. The proceeds from the We of the Bonds will be used to purchase land adjacent to Bicentennial Park, construct a gymnasium, to purchase land adjacent to the Corps of Engineers property, and to pay the costs associated with the issuance of the Bonds. The initial Paying Agent/Regisuar shall be Texas Commerce Bank National Association, Dallas, Texas (see 'Paying AgenURegistrar'). MATURITY SCHEDULE Price Price Price Initial or Initial or Initial or Amount Maturity Rate* Yield Amount Maturity Rates Yield Amount Maturity Rate• Yield S 10,000 1997 6.50% 100% S 25,000 2003 6.50% 100% $70,000 2010 6.50% 100% 15,000 1998 6.50% 100% 30,000 2004 6.50% 100% 90,000 2011 6.50% 100% 15,000 1999 6.50% 100% 35.000 2005 6.50 % 100% 90.000 2012 6.50% 100% 20,000 2000 6.50% 100% 40.000 2006 6.50% 100% 105 ,000 2013 6.50% 100% 20,000 2001 6.50% 100% 45,000 2007 6.50% 100% 120.000 2014 6.50% 100% 25 ,000 2002 6.50% 100% 55,000 2008 6.50% 100% 140.000 2015 6.50% 100% 60,000 2009 6.50% 100% ' The calculation of Interest for all Bonds will he as follows: From the Dated Date to 08/ 15/ 1997 6.5 % 08/15/1997 to 8/15f2015 159E The Corporation reserves the right, at its option, to redeem the Bonds on February 15, 1996, or any date thereafter at the par value thereof plus accrued interest to the date fixed for redemption (see 'Bond Information - Redemption of Bonds'). The Bonds are offered for delivery when, as and if issued and received by the Purchaser and subject to the approving opinion of the Attorney General of the State of Texas and of Fulbright & laworski L.L.P., Bond Counsel, Dallas, Texas ('Bond Counsel'). The legal opinion will be printed on or attached to the Bonds (see Appendix C, 'Form of Bond Counsel's Opinion'). Anticipated deliver will be on or about December 20, 1994. NATIONSBANC CAPITAL MARKETS, INC. 3-3 Southlake Parks Development Corporation Sales Tax Subordinate Lien Revenue Bonds, Series 1994 DEBT SERVICE TO MATURITY AND TO CALL I � DATE REFUNDED BONDS D/S TO CALL PRINCIPAL COUPON INTEREST REFUNDED D/S FISCAL TOTAL 2/15/1997 1,000,000.00 1,032,500.00 _ _ 32,500.00 32,500.00 � 8/15/1997 - - 10,000.00 6.500% 32,500.00 42,500.00 9/30/1997 - - 2/15/1998 - - _ - - - 75,000.00 - 815 //1998 _ -- 32,175.00 .32,175.00 _ _ 15,000.00 6.500% 32,175.00 47,175.00 _ /15/1998 _ - 2/15/1999 - 79,350.00 _ _ - 31,687.50 31,687.50 - //1999 _ 8/1515/1999 15,000.00 6.500% 31,687.50 46,687.50 2/15/2000 - _ _ -_ 78,375.00 B15 //2000 _ _ 31,200.00 31,200.00 . - - 20,000.00 6.500% 31,200.00 51,200.00 _ /15/2000 _ - z/ls/zool - - 82,400.00 8/IS/2001 _ _ - - 30,550.00 30,550.00 _ 20,000400 6.500t 30,550.00 50,550.00 - 9/30/2001 _ - 2/15/2002 _ - _ 81,100.00 _ //2002 8/1515/2002 - 29,900.00 29,900.00 - _ 25,000.00 6.500% 29,900.00 54,900.00 - _ - 2/15/2003 - - - 84,800.00 _ _ 29,087.50 29,087.50 - 8/15/2003 _ - 25,000.00 6.500t 29,087.50 54,087.50 - 9/30/2003 _ - 2/15/2004 _ _ 83,175.00 _ //2004 _ - - 28,275.00 28,275.00 - - 8/1515/2004 30,000.00 6.500% 28,275.00 58,275.00 - _ - 2/15/2005 - - - 86,550.00 - - - 27,300.00 27,300.00 - 1/15/2005 - - 9/30/2005 35,000.00 6.500% 27,300.00 62,300.00 - 44 2/15/2006 89,600.00 26,162.50 26,162.50 - //2006 _ - 8/1515/2006 40,0DD.00 6.5D0% 26,162.50 66,162.50 - _ - 2/15/2007 _ - - 92,325.00 _ - 24,862.50 24,862.50 _ 8/15/2007 _ - 45,000.00 6.500% 24,862.50 69,862.50 - 9/30/2007 _ - 2/15/2D08 _ - 94,725.00 _ - 23,400.00 23,400.00 _ 8/15/2D08 _ 55,000.00 6.500% 23,400.00 78,400.00 9/30/2008 - _ 2/15/2009 _ - 101,800.00 _ _ - 21,612.50 21,612.50 - 8/15/2009 _ 8/15/2009 60,000.00 6.500% 21,612.50 81,612.50 - - - 2/15/2010 _ _ 2/15/2010 - - 103,225.00 - _ 19,662.50 19,662.50 - _ _ 8/15/2010 70,000.00 6.500t 19,662.50 89,662.50 - _ - 2/15/2011 - 2/15/2011 - 109,325.00 _ - - 17,387.50 17,387.50 - _ - 8/15/2011 80,000.00 6.500% 17,387.50 97,387.50 - _ - 2/15/2012 _ 2/15/2012 - - 114,775.00 _ - 14,787.50 14,787.50 - _ - 90,000.00 6.500% 14,787.50 104,787.50 - 9/30/2012 _ - 2/15/2013 - - - 119,57S.00 _ 8/15/2013 - 11,862.50 11,862.50 - _ 105,000.00 6.500% 11,862.50 116,862.50 - 9/30/2013 _ - 2/15/2019 _ - 128,725.00 _ 8/15/2014 - - 8,450.00 8,450.00 - - 120,000.00 6.500% 8,450.00 128,450.00 _ 9/30/2014 - _ 2/15/2015 - - _ - - 136,900.00 - 8/15/2015 - - 4,550.00 4,550.00 - - - 140,000.00 6.600% 4,550.00 144,550.00 9/30/2015 _ - - 149,100.00 I TOTAL 1,000,000.00 2,032,500.00 t Southwest Company Public Finance Department 1,000,000.00 - 890,825.00 1,890,825.00 - FILE . SALES-revref97S3 11/ 4/1996 6:53 AM 3-4 Moody,s Munlocipcil Credit Report Southlake-Southlake Park Development Corporation, Texas May 3, 1994 New Issue Update General Obligation/Special Tax Moody's rating: Boo sows Tax Rwwun credit conwo tt: Medium -grade security on the corporation's initial issuance is provided by the following credit factors: Adequate Coverage Provided By Sales Tax Collections ■ The current offering is supported by the one-half cent dedicated to the Southlake Park Development Corporation (SPDC). Coverage levels are suffi- cient and supported by an aggressive growth trend of sales tax collections. City voters authorized an additional one-half of 1 % sales and use tax for park development on November 4, 1993, and became effective on April 1, 1994. Proceeds of the issue will fund various expansion and develop- ment projects within the city. The corporation expects to issue an additional $1.5 million within the next 15 months. The primary source of sales tax revenues is derived from the retail sector, retail salt, representing approximately 42% of total sales activity for the city in the first three quarters of 1993. Wealthy Suburban City Exhibiting Strong Tax Base Growth ■ Located in northeast Tarrant County, the city is primarily residential. Southlake continues to bene- fit from residential development over the past sev- This update supplements the Credit Comment pub- lished in Moody's Rating Recap on May 2. The update was prepared in conjunction with the May 3, era] years driving strong valuation growth, with a continued positive trend of construction expected. Average values for new houses trend around $225,000 and range up to approximately $700,000. Growth continues to be bolstered due to the city's location within Tarrant County, which maintains a substantial and diverse economic base, including a well established trade and service sec- tor. Wealth levels remain well above regional norms reflecting a resident population finding employment opportunities in the greater Dal- las/Fort Worth metroplex. Manageable Debt Levels, With Well Maintained Financial Operations ■ Debt burden. while somewhat above average, is well managed given the level of consistent growth. Overall debt, reflecting mostly debt of the overlap- ping school districts, contributes to the above - average level of debt. Total rate of retirement is rapid, while direct debt of the corporation approxi- mates the useful life of improvements. Total finan- cial operations are well maintained,with satisfactory levels of General Fund reserves dem- onstrating sound management. 1994 sale of $2.945,000 Sales Tax Revenue Bonds, Series 1994. 4-1 2 General Obligation/Special Tax May 3, 1994 Southlake-Southlake Park Development Corporation, Texas key facts: Security: First lien on, and pledge of one-half per- cent sales tax. FY 1993 Estimated Pledged Revenue -Coverage of Peak Requirements (2010): 1.26x Debt Burden: 6.2% Payout, Ten Yeats: Direct Net Debt as % of ! Overall Net Debt: General Fund Balance as % of Total Operating Revenue, 1992: 1993: Sales Tax as % of Revenue, 1993: Debt Service as % of Expenditures, 1993: 1989 per Capita Income as % of State: O 78.5%/ ® 36.8% Per Capita Income Change, 1979-89: F.V. per Capita, 1994: Average Annual Growth F.V., 1991-94: % Housing Built Since Last Census, City: State: 43.7% Owner Occupied Median Value, 1990, City: State: 27.7% Moody's Ratings, City of Southlake, 31.4% General Obligation: Revenue: 11.0% 0 Shows ootz =d oty add SPDC debt t9 Shows SPDC debt only. 12.3% 177.0% sale Information: Legal Name of Issuer: Southlake Park Develop- Key Contacts ment Corporation, Texas. Date of Bonds: May 1, 1994. Security: One-half of 1 % Sales and Use Tax. Use Of Proceeds: For various capital improvement projects. 126.3% $71,959 9.5% 56.7% 29.7% $173,400 $59,600 A Baal Chief Financial Officer: Curtis E. Hawk, City Manager; Lou Ann Heath, Finance Director, (817) 481-5581. Advisor. First Southwest Company, Dallas, (214) 953-4000. Bond Counsel: Fulbright & Jaworski LL.P., Dallas, (214) 855-8000. Auditor: Weaver and Tidwell, L.L.P., Dallas, (214) 490-1970 (FY 1993). rating history: Initial rating, April 1994: Boo analyst: JuIst 1. Hinds (212) 553-4424 nFF icon bereft bu beet oboited tram tours bebeved to be acau= and m1sabirbun because of the powbibty of bumtn add mechanical error. Its accurwy or eeenpleteeeu u tta (d you should snake his K opttwns, as remrmacadatoni to buy or tell. add than awuacy u tot tuxta wd A rant should be ragbod solely u one faatr in at uvestmeat deaum �y yoe otva Study and evaluaoot of Nary rbote seamues or debt obbptons you cons+der buytot or selbnt Mou usum of —. preferred atoe>L add eounnaaal paper rhsch art rued by Moody's investors SOYIM Inc. toads mdwepal boads and scrvtm The fee rota from SLWO to S123= fie. pnor to remvui the rauat. atreed m pry a fee to Moody's for the apprutal and rant npyntM O 1994 by btoody't lavenars Seevsoc Inc. Pnbbtbnet add a:euwvc Off— u"QWCb street Pier York, NY 10= 4-2 Ooneml ObllpationlSpoclal Tax May 3, 1 "4 Southiake-Southlake Park Development Corporation, Texas debt factors: Debt Statement as of 5/02/94 ($DDO) Amount Bonded debt outstanding City of Southlake $15,883 Current offering (5/3194) 2,945 Gross bonded and gross direct debt $18,828 Less: Revenue bonds 492 Net direct debt $18,336 Overlapping debt 23,643 Overall net debt $41,979 Debt Ratios Rate of Retirement NGt Per % Median Princlpal Amount % of Debt Capita Median O F.V. % 0 Amount Due (SODO) Total Direct S 1,951 S 764 2.7 2.0 In 5 years $4,495 39.7 Overall 4,466 1,472 6.2 3.7 D 460 15.6 BMW 1994 —di-, for dries with population tinder r0,ppp. In 10 years 8,892 78.5 l 1,085 36.8 Defeutts: No record found. i Structure: Generally level through final maturity in 2014, with peak requirements of 5252,915 in 2010. CIP/Future Borrowing: Moderate level of borrowing anticipated. The corporation expects to issue S1.5 million in fiscal 1995. Debt Hlstory/Trend: Initial issuance. + Sales Tax Authorization Security: First lien on one-half percent of the 1.0% sales and use tax. Flow of Funds: Closed loop: (1) Debt Service Fund; (2) Reserve Fund; (3) Retirement of any other parity O Rtum in Italia represent Southia a Part Developroeot Urporanon (SPDC) debt owy. revenue obligations; (4) any lawful purpose of the corporation. Reserve Fund: Weak, but standard for terms; maxi- mum annual debt service requirements, fully funded from bond proceeds. Addfrional Bonds: In order to issue parity bonds, CPA certifies that the gross sales tax revenues received during any twelve consecutive months of the previous 18 months next preceding the issuance of additional bonds were equal to not less than 1.5 times average annual debt service. 4-3 4 General Obllgatlon/Speclal Tax May 3, 1994 Southlake-South lake Park Development Corporation, Texas Debt Service Coverage ($000) Estimated Coverage Requirements Last 3 Fiscal Fiscal Fiscal Years I] 1993 1994 0 First year - 1995 (5251) 1.06 1.27 1.53 Peak year - 2010 (5253) 1.05 1.26 1.52 Final year - 2014 (5249) 1.07 1.28 1.54 0 fiscal 1991-93; bond oo ucrosred (SPDC) revenues of 5224.000. 5255.000. and $318.000 for fiscal 1991. 1992. 1993. m Projected badaesed esumrae of 5384.000. and respectively. administrative Form of Government: Special purpose nonprofit "actors: tion is governed by a seven -member board appointed corporation, organized and operating under the laws by the city council. The city has a home -rule charter of the State of Texas. The corporation was created by adopted in 1987, with a council-manager form of the city on January 10, 1994, to provide for economic government. development within the city and state. The corpora - Municipal Sales Tax Collections: City of Southlake Trend ($000) - Year Total % Collected Chan ge 1986 198 5298 1988 233 -21.8 1989 281 20.6 1990 312 � ll.t) 1991 396 26.9 1992 448 13.1 1993 510 13.8 1994 O 637 24.9 m Bud;aed, and includes addmocal ooe-balf I sales ta:..rbxh wcot into efrm April 1, 19W. 835 31.1 1 Average Annual % Collections Growth, 1988-93: 17.8% W "neml Obllgation/Speclal Tax May 3, 1994 Southlake-Southlake Park Development Corporation, Texas Soles Taxable by Industry ($000): City of Southlake Industry 1988 1989 1990 1991 1992 1993 [D Retail $ 6,921 $ 8.274 $ 9,810 $12,530 $17,252 $16,478 Manufacturing 8,253 9,640 13,038 12,294 11,574 10,038 Services 3,233 3,948 4,083 3,940 5,321 6,738 Construction It___ 1,010 548 761 1,333 1,815 2,185 and public utilities M 60 733 712 447 Wholesale bade 775 1,687 3,306 2,104 Agriculture, forestry, and fishing 254 235 576 1,585 Total $20,506 $24,965 $32,286 $34223 D Rao1u through third quanta of 1993. m Poor quarter oot reported for 1988, 1989, 1991 (kss than four reporting outku). 1,413 1,527 1,762 1,436 1,401 1,049 $40,538 $39,451 Percent Gross Sales Subject To Sales Tax By Industry: City of Southlake Industry 1988 1989 1990 1991 1992 1993 El Retail 33.8 33.1 30.4 36.6 42.6 41.8 Manufacturing 40.2 38.6 40.4 35.9 28.6 25.4 Services 15.8 15.4 12.6 11.5 13.1 17.1 Construction 4.9 2.2 2.4 3.9 4.5 5.5 Transportation and public utilities © 0.3 2.9 2.2 1.3 3.5 3.9 Wholesale trade 3.8 6.8 10.2 6.1 4.3 3.6 Agriculture, forestry, and fishing 1.2 0.9 1.8 4.6 3.5 2.7 ID Results though third quarter of 1993. m Fow quarters not rt:poi for 1988, 1989, 1991 (less than four reporting oudeu). Sales Tax Collections: Southloke Park Development Corporation - Collection Trend ($OOO) - Year Told % Corrected C 1992 D 5255 1993 . 1994 l] 318 24.7 19951] m 394 20.8 1996 p m S98 55.6 1997 0 687 15.0 1998 R 790 15.0 199991 909 15.1 2000 R 1.045 15.0 20019) 1.202 15.0 ® 1,202. O Fsam9E sa oed based oc 112les tm colleco(o rare and actual 1.O% sales tLX ® Actual year to dare. $) 60= anouaLsed. ® 1994 Pku 109E, plus aoocrpated revenues from ncr retail. t ® Pmvtotu yew plus 15%. M Flan rt:veaucs proleesod 4-5 6 Oenerol Obligation/Special Tax May 3, 1994 Southlake-Southlake Park Development Corporation, Texas property Southlake City valuation and Fiscal tax data: messed % Tax Rate/ Levy %Collected Y� Valuation ($000) Change $1,000 A.V ($000) Current Total 1989 $437,252 12.3 $3.88 $1,635 95.3 10-4.5 1990 531,192 21 S 3.88 2.074 96.2 103.7 1991 515,418 -3.0 4.45 2,352 96.7 100.9 1992 570,763 10.7 4.55 2,616 96.8 102.9 1993 615,938 7.9 4.55 2,814 96.1 102.2 1994 676,415 9.8 4.55 3,078 In process In process 1994 Full Valuation: $676,414,910 Average Annual Growth F.V., 1991-94: 9.5% 1994 Equalization Rate: 100.0% 1994 F.V. per Capita: S71,959 Largest Taxpatiers O Business FY 1994 AN. ($000) MTP-IBM Phase II &III, J.V. Office building $23,950 IBM Corporation Office buildings 18,g� Timarron Land Corp. Real estate12,408 Southlake TV Real estate 6,744 Texas Utilities Electric Corp. Electric utility 6,645 General Telephone Co. of the Southwest Telephone utility 4,398 D Ten largest taxpayers comprLse 12.9% of fiscal 1994 assessed value. conornic Population: Southlake City actors: Area Density % Change Year Population (sq. rnl) (per sq. mi.) City State U.S. 1980 2,808 17 166 38.5 27.0 11.4 1990 7,065 17 418 151.6 19.4 9.8 1994 O 9,400 17 553 33.1 - " soum: U.S. census Bwvm. D Cry esnrnaoe. Location: Tarrant County, ten miles north of Fort Worth, four miles northwest of Dallas/Fort Worth Airport. B t 4-6 General Obiigation/Spec{al Tax May 3, 1994 T Southlake-Southlake Park Development Corporation, Texas Population and Housing Characteristics: Southlake City State U.S. 1980 1990 1990 1990 Population: - Median age 32.1 35.4 30.8 32.9 % school age 24.6 23.9 20.3 18.2 % working age 62.7 65.0 61.4 61.7 % over 65 years 6.4 5.2 10.1 12.6 No. persons per household Income: 3.1 3.1 2.7 2.6 Median family income $19,130 $63,181 $31.553 $35,225 % below poverty level 4.1 3.1 18.1 13.1 Per capita income S 10,094 $22,844 $12,904 $14,420 Housing: % owner occupied 85.9 87.1 60.9 642 % built before 1939 7.5 1.5 7.1 18.4 % built since last census 36.2 56.7 29.7 20.7 Owner occupied median value S71,000 $173,400 $59.600 $79,100 Median gross rent $279 SW $395 $447 Occupied housing units 908 2,319 - - St>tace: U.S. Ceau Burew. Labor Market Characteristics: Tarrant County Lat x Total % Unemployed Year Force Employment County State U.S. 1983 502,168 473,298 5.7 8.0 9.0 1994 530.272 508,824 4.0 5.9 7.0 1985 562,258 533.524 5.1 7.0 7.0 1986 579.519 541,156 6.6 8.9 7.0 1987 601.527 559.123 7.0 8.4 6.0 1988 634,385 595,244 6.2 7.3 5.0 1989 641,999 s 605,948 5.6 6.7 5.0 1990 648,258 613,939 5.3 6.2 5.0 1991 653,732 `• 610,699 6.6 6.6 6.0 1992 [D 664,779 618,022 7.0 7.5 7.0 2/93 ® 656,807 608,679 7.3 8.1 7.0 2/94 ® 688,972 642.189 6.8 7.6 7.0 So==: Deparunent of Labor. Burt= of Labor Stausam. j m BW ytar of CWMt bmchraWL Data for preceding pean may eot be comtsrat ® Moodily dam not seasonally adjusted 4-7 8 G*nwal Obllpatlon/SpOclal Tax May 3, 1994 Southiake-Southlake Park Development Corporation, Texas Per Capita Income Year % City as % of Income City State State U.S. 1979 $10,094 - 158.0 140.1 138.4 1989 22,944 126.3 79.1 177.0 158.4 Source: U.S. cen:u: Bureau. Largest Employers Employer gusinew Employees 1994 IBM Marketing/education 2,500 Carroll Independent School District School district 180 Mesco Bourne: otfidal a�,,..-.,,, Metal building group manufacturing 150 inanclal factors: Operating Funds Financial Performance (fiscal years ended 9/30 $000) O % Change 1991 1992 1993 1991-92 1 M-93 Revenues Expenditures $4,242 $4,894 $5,794 15.1 18.6 Operating surplus (deficit) © 4,605 (89) 4,596 261 5,341 -0.2 16.2 m General and Debt service Funds (modified accrual method of accounting). 385 _ m General Fund otily. 1993 Sources of Revenue % 1993 items of Expenditure Propel tax 51.4 Public safety % Licenses permits and fees 21.6 Administration 34.1 Sales tax 11.0 Streets and roads 24.4 18.0 Franchise tax 5.3 Transfer out 4.3 Transfers in 4.6 Debt service 12.3 Fines and forfeits 3.1 General Fund Financial Position (fiscal years ended 9/30 $000) 1991 1992 1993 Cash and investments 51,086 $1,339 $1,639 Operating loans Other current liabilities 232 329 Year-end cash surplus S 854 S 1,O10 161 $1,478 Receivables S 10 S 117 S 34 Fund balance Undesignatcd fund balance S 875 S 1,136 $1 S21 Fund balance as % of operating revenues S 848 S 1.126 S 1,405 Undesignated fund balance as % of operating revenues 21.7 21.1 27.7 31.4 27.5 29.0 • O*nwal ObIlgatlon/Speclal Tax May 3, 1994 9 Southlake-Southlake Park Development Corporation, Texas Total Funds Budgeted (fiscal years ended 9/30 $000): Southlake PDC O 1994 1993 1996 Revenues S 328 $ 691 $780 Bond proceeds 2,920 1,500 _ Expendintres 1.585 1,937 681 Operatingsurplus $1,663 $ 254 S 99 m bekda Pwk Dc&Cw oo Fee Ford, SPDC 0Wwft Foad, and SPDC Rcv Rood ft j Fmd. 207722A01 ■ TEXAS MUNKAPAL RtPORI 5 ALL RIGHTS RESERVED SOUTELAKE PARKS DEVELOPMENT ,,III 'ARRANT, DENTON COUNTIES TYIS REPORT REPLACES TEXAS MUNICIPAL REPORT DATED JULY 27, 1994, TO INCLUDE THE SERIES 1994 SUBORDINATE LIEN BONDS. NO ADDITIONAL REPORTS ARE TO BE PUBLISHED ON BONDS LISTED HEREIN AND THIS REPORT SHOULD BE RETAINED AS PART OF YOUR PERMANENT FILES. SEE CITY OF SOUTHLAKE TEXAS MUNICIPAL REPORT FOR CURRENT FINANCIAL INFORMATION. FINANCIAL STATEMENT (As of November 15, 1994) Special Obligation Debt Sales Tax - Prior Lien $2,945,000 Sales Tax - Jr. Lien 1.000.000 Special Fund Balances (As of May 1, 1994) Prior Lien Reserve Fund $252,915 PAYMENT RECORD The City of Southlake has never defaulted DETAILS OF REVENUE DEBT OUTSTANDING 11/15/94 Prior Lien (2,945M) SALES TAX REV EDS SER-94 (QTEO) AMBAC INSURED 5-01-94 F&A 15 (32-115) (FJ) (BE-RD:MSRB) MTYS 8-15 6% 50M-95; 95M-96; 100M-97; 105M-98; 110M-99; 115M-00; 120M-01; 125M-02; 130M-03; 135M-04; 145M-05; 150M-06; 160M-07; 170M-08; 175M-09; 190M-10; 6.10% 200M-11; 6.20% 210M-12; 6.25% 225M-13; 235M-14 $2,945,000 Mtys 05/14 callable 08/15/04 or any date thereafter O par. CORPORATION Jr. Lien (1,000M) SALES TAX SUBORD LIEN REV BDS SER-94 Mar 95 1204 NE Page 1 (QTEO) 11-15-94 F&A 15 (32-115) (FJ) (BE-RD:MSRB) MTYS 8-15 (First coupon due 2-15-96) • 1OM-97; 15M-98/99; 20M-00/01; 25M-02/03; 30M-04; 35M-05; 40M-06; 45M-07; 55M-08; 60M-09; 70M-10; 80M-11; 90M-12; 105M-13; 120M-14; 51,000,000 140M-15 Mtys 97/15 callable 02/15/96 or any date thereafter 0 par. *From the Dated Date to 08/15/97 the interest rate will be 6.5%. From 08/15/97 to 08/15/15 the interest rate will be 15%. TOTAL $3,945,000 1 PAYING AGENT/REGISTRAR 7M l-ta[f Loo L. rk" ►vu W—L.Lpo1 \.y.R (-"a-; L. — Lr—&" ►7 t1. W Yw14 — M —t—.4 Y7 v7 r�Y�t, to M • t+�K�tLM •r of u7 MRlc¢lor �It7 of t1. L— to oki-\ U pp11M or a pr—t-Las of &11 t•. Ll toor, t►�t •\oo1! M �L"-4 ►7 M11.r of ors\ sosaric7 prier to WiM as Lrasrrat Me", t'fo latsrt+at Lo oa L-4 la t\is 7 W boor obt.Loo, froo �atLv awrNa ►a1LM b7 tY poYlio\or to ►o ro1Lllo. b-r tls pa►1L\o[ yo ax lyopoyMtl7 "r"Led avf Lfs—lor W ooaaot 000aPt oq roop.00 Lillt7 for t►. watao7 K 000�Ltowo "--f. Iort►.tarra, t►s P"IL". ws �� — aa WSR �• 7 roopoao1li11t7 tar ropoR ia0 aa7 d"o0os is t!o L&I—loo oa "a" botola. TF XAS MUNICIPAL REPORTS ALL RIGHTS RESERVED SOUTHLAKE PARRS DEVELOPMENT CORPORATION Mar95 1� q 1204 NE TARRANT, DENTON COUNTIES Page 2 (32-115) Texas Commerce Bank -Dallas, N.A. DEBT SERVICE REQUIREMENTS• YR ENDG TOTAL PRIOR LIEN 9-30 PRINCIPAL INTEREST REQMTS INCL IN TOTAL 1995 50,000 230,028 280,028 280,028 1996 95,000 289,220 384,220 270,470 1997 110,000 234,770 344,770 269,770 199E 120,000 312,270 432,270 268,770 1999 125,000 303,720 428,720 267,470 2000 135,000 294,870 429,870 265,870 "01 140,000 284,970 424,970 970 150,000 274,770 424,770 "'M, 770 2003 155,000 263,520 418,520 259,270 2004 165,000 251,970 416,970 256,470 2005 1-80,000 239,370 419,370 258,370 2006 190,000 225,420 415,420 254,670 2007 205,000 210,420 415,420 255,670 2008 225,000 194,070 419,070 256,070 2009 235,000 175,620 410,620 250,870 2010 260,000 156,120 416,120 255,170 2011 280,000 134,220 414,220 253,970 2012 300,000 110,020 410,020 251,770 2013 330,000 83,500 413,500 253,750 2014 355,000 53,688 408,688 249,688 2015 140,000 21,000 161.000 \------------- \------------- \------------- \------------- 01S 3,945,000 4,343,556 8,288,556 (,056 AV ANN REQ 394,693 260,202 'Computed on basis of City of Southlake fiscal year ended September 30. NATURE OF PLEDGE The bonds are special, limited obligations of the Southlake Parks Development Corporation payable from and secured by a lien on and pledge of the Pledged Revenues. Subordinate Lien Bonds have a junior - . lien on the pledged revenues. Pledged Revenues consist of (1) Gross Sales Tax Revenues from time to time deposited or owing to the Pledged Revenue Fund and (2) such other money, income, revenue, receipts or other property as may be specifiecd dedicated, pledged or otherwise encumbered in a supplemental Resolution for the payment and security of Parity Obligations. On November 2, 1993, an election was held in the City of Southlake authorizing a one-half of one percent Sales and Use Tax to be collected within the boundaries of the City of Southlake for the benefit of the Corporation. The City's local sales and use taxes levied in the City has been increased to 1.50% plus 6.25% State Sales Tax. RESERVE FUND - PRIOR LIEN BONDS The Reserve Fund established at $252,915 (Required Reserve) from Bond Proceeds. When Additional Obligations are incurred, the Required Reserve shall be increased, if required, to an amount equal to the less of (a) maximum annual Debt Service for all Parity Obligations then Outstanding, as determined on the date each series of Additional Obligations are delivered or incurred, as the case may be or (b) the maximum amount in a reasonably required reserve fund that can be invested without restriction as to yield pursuant to Subsection (d) of Section 148 of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. COVERAGE REQUIREMENTS FOR ISSUANCE OF ADDITIONAL DEBT MUNICIPAL ADVISORY COUNCIL OF TEXAS 5-9 P () Rnr 9177 7R7RR-9177 FM W Finhth RtrAAt 7R7M Aiicfin TPrac 15191 47F-F,947 17AX (r,191 47F,-4;4(1l TEXAS MUNILAPAL REPURI S ALL RIGHTS RESERVED DEVELOPMENT DENTON COUNTIES Prior Lien - Gross Sales Tax Revenues received by the Corporation for the last completed fiscal year or for any 12 consecutive monthe out of the previous 18 months next preceding the month in which the resolution authorizing the proposed additional parity obligations is adopted, were equal to not less than 1.50 times the average annual debt service requirement for all parity obligations. Jr. Lien - Gross Sales Tax Revenues received by the Corporation, for 3 the last completed fiscal year next preceding the adoption of the Supplemental Resolution authorizing the issuance of the proposed additional obligations or any twelve consecutive months out,of the 18 months next precending the adoption of the Supplemental Resolution t k were equal to not less than the Average Annual Debt Service for t all Parity Obligations. THE PROTECT - Prior Lien f ' Bond proceeds will be used for the expansion and development of Aicentennial Park, including baseball and softball fields, ier ds, playgrounds, parking lot and utilities development, 'A%Wcess roads and the acquisition of land and rights -of -way to include { the purchase of land adjacent to the Corp of Engineers' property, a gymnasium facilities suitable for use for amateur sports, athletic and entert«nment purposes and events. THE PROTECT - Jr. Lien Bond proceeds will be used to purchase land adjacent to Bicentennial Park, construct a gymnasium and purchase land adjacent to the Corps of Engineers property. SOL'PHLAKE PARKS DEVELOPlZh^T CORPORATION, is a non-profit corporation, created and organized as an instrumentality of the City for the j purpose of organizing and leading the economic develop ment effort for the City and surrounding area. It was created under the Development Corporation Act of 1979, as amended, Section 4B of Article 5190.6, Texas Revised Civil Status Annotated, as amended. The Corporation was created following the election held by the City of Southlake or, January 10, 1994. The Corporation is to act on behalf of the v for promotion and development of industrial and manufacturing �— uprises and to promote and encourage employment and public welfare CORPORATION within the City and the vicinity thereof. Mar 95 1204 NE Page 3 The Corporation is overseen by a five -person board which initially was appointed by the City Commission using terms which have different expiration dates. Subsequent to the initial terms, terms of elected officials shall be one year. FINANCE CONNECTED OFFICIALS President Stephen Apple Southlake Park Development Corp 667 N. Carroll Avenue Southlake, TX 76092 Phone: 817-481-5581 Director of Finance Lou Ann Heath Southlake Park Development Corp 667 N. Carroll Avenue Southlake, TX 76092 Phone: 817-481-5581 HLM 1204 MUNICIPAL ADVISORY COUNCIL OF TEXAS 5--3 P () Rnr P177 7R7RR-9177 Ann W Finhth RtrpAt 7R7(11 Aiwin TAYac f5191 47"Q47 FAX (5121 47F.C,4rn I cANa IWUIVII.IVAL h r-VQ s I ,-,> ALL RIGHTS RESERVED SOUTHLARE PARKS DEVELOPMENT CORPORATION Mar 95 e',F 1204 NE TARRANT, DENTON COUNTIES Paae (32-115) Texas Commerce Bank -Dallas, N.A. DEBT SERVICE REQUIREMENTS' YR ENDG TOTAL PRIOR LIEN 9-30 PRINCIPAL INTEREST REQMTS INCL IN i TOTAL i 19" 50,000 230,028 280,028 280,028 1996 95,000 289,220 384,220 270,470 1997 110,000 234,770 344,770 269,770 1998 120,000 312,270 432,270 268,770 1999 125,000 303,720 428,720 267,470 2000 135,000 294,870 429,870 265,870 2001 140,000 284,970 424,970 3,970 j2 150,000 274,770 424,770 `w+co1,770 2003 155,000 263,520 418,520 259,270 2004 165,000 251,970 416,970 256,470 2005 180,000 239,370 419,370 258,370 ' 2006 190,000 225,420 415,420 t 254,670 2007 205,000 210,420 415,420 255,670 2008 225,000 194,070 419,070 256,070 2009 235,000 175,620 410,620 250,870 1 2010 260,000 156,120 416,120 (j 255,370 2011 280,000 134,220 414,220 253,97C i 2012 300,000 110,020 410,020 251,770 2C13 330,000 83,500 413,500 253,750 2014 355,000 53.688 408,688 249,688 2015 140,000 21,000 161,000 \------------- \------------- \------------- \------------- ^TA S 3,945,000 4,343,556 8,288,556 04,056 AV ANN REQ 394,693 26C,202 *Computed on basis of City of Southlake fiscal year ended September 30. NATURE OF PLEDGE The bonds are special, limited obligations of the Southlake Parks Development Corporation payable from and secured by a lien on and pledge of the Pledged Revenues. Subordinate Lien Bonds have a junior lien on the pledged revenues. Pledged Revenues consist of (1) Gross Sales Tax Revenues from time tc time deposited or owing to the Pledged Revenue Fund and (2) such other money, income, revenue, receipts or other property as may be specifiecd dedicated, pledged or otherwise encumbered in a supplemental Resolution for the payment and security of Parity Obligations. Or. November 2, 1993, an election was held in the City of Southlake authorizing a one-half of one percent Sales and Use Tax to be collected within the boundaries of the City of Southlake for the benefit of the Corporation. The City's local sales and use taxes levied in the City has been increased to 1.50% plus 6.25% State Sales Tax. RESERVE FUND - PRIOR LIEN BONDS The Reserve Fund established at 5252,915 (Required Reserve) from Bond Proceeds. When Additional Obligations are incurred, the Required Reserve shall be increased, if required, to an amount equal to the less of (a) maximum annual Debt Service for all Parity Obligations then Outstanding, as determined on the date each series of Additional Obligations are delivered or incurred, as the case may be or (b) the marimur amount in a reasonably required reserve fund that can be invested without restriction as to yield pursuant to Subsection (d) of Section 148 of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. COVERAGE REQU:REMENTS FOR ISSUANCE OF ADDITIONAL DEBT MUNICIPAL ADVISORY COUNCIL OF TEXAS 5-4 PC) Rnr P177 7R7RR-9177 Ann W Finhth StrnAt 787t11 Aiichn TaYas l5171 47F, Q47 FAX (51 P) 47F,_ 4f1,j I tilNZ� IVIUI111I.A AL hMVUhi I J ALL RIGHTS RESERVED DEVELOPMENT CORPORATION Mar 95 ,n- 1' l.W DBNTON COUNTIES 1`_ Prior Lien - Gross Sales Tax Revenues received by the Corporation for the last completed fiscal year or for any 12 consecutive months out of the previous 18 months next preceding the month in which the resolution authorizing the proposed additional parity obligations is adopted, were equal to not less than 1.50 times the average annual debt service requirement for all parity obligations. Jr. Lien - Gross Sales Tax Revenues received by the Corporation for the last completed fiscal year next preceding the adoption of the Supplemental Resolution authorizing the issuance of the proposed additional obligations or any twelve consecutive months out of the 18 months next precending the adoption of the Supplemental Resolution were equal to not less than the Average Annual Debt Service for all Parity Obligations. THE PROTECT - Prior Lien Bond proceeds will be used for the expansion and development of Bicentennial Park, including baseball and softball fields, er ds, playgrounds, parking lot and utilities development, -ess roads and the acquisition of land and rights -of -way to include the purchase of land adjacent to the Corp of Engineers' property, a gymnasium facilities suitable for use for amateur sports, athletic and entertainment purposes and events. THE PROJECT - Jr. Lien 1 Bond proceeds will be used to purchase land adjacent to Bicentennial Park, construct a gymnasium and purchase land adjacent to the Corps of Engineers property. 7 I SOUTHLAKE PARKS DEVELOPMENT CORPORATION, is a non-profit corporation., created and organized as an instrumentality of the City for the Purpose of organizing and leading the economic development effort for the City and surrounding area. It was created under the Development Corporation. Act of 1979, as amended, Section 4B of Article 5190.6, Texas Revised Civil Status Annotated, as amended. The Corporation was created following the election held by the City of Southlake on January 10, 1994. The Corporation is tc act on behalf of the I'°'v for +romotion and development of industrial and manufacturing .-prises and to promote and encourage employment and public welfare within the City and the vicinity thereof. 1204 NE Page 3 The Corporation is overseen by a five -person board which initially was appointed by the City Commission using terms which have different expiration dates. Subsequent to the initial terms, terms of elected officials shall be one year. FINANCE CONNECTED OFFICIALS President Stephen Apple Southlake Park Development Corp 667 N. Carroll Avenue Southlake, TX 76092 Phone: 817-481-5581 Director of Finance Lou Ann Heath Southlake Park Development Corp 667 N. Carroll Avenue Southlake, TX 76092 Phone: 817-481-5581 HLM 1204 MUNICIPAL ADVISORY COUNCIL OF TEXAS P (-) Rnr 9177 7R7RR-9177 A00 W Flnhth CtrAAt 7R7(11 Aimtin TAYAC Mi5)1 47F, Q47 FAX (5191 479.R4(11 5-5 on N 96/11/10 96/61/60 N S6./£Z/SO u S6'17Z/10 U 46/LZ/60 b6/1£/90 b6:'1WZO 0 c W90/01 c £6/80.'90 £660r0 K Z6/£1/01 u Z6./91/90 Z6/81/ZO F 16/-GZ/01 u 3 l 6/SZ/90 u 16,/9Z/ZO u w O6/0£/01 > r. 06/£O'LO 06/90/£0 E. C 68/LO/11 68/I1/LO u 68/bl/£0 s 88/S1/11 v 88 /61 /LO 88rZ/£0 u L8/tiZ/11 v L8/8Z/LO L8/1 £/£0 98ra21 u 98/90✓80 °D 98/80'v0 'un U S8/01 /Ll r S8/£1/80 S8/91/v0 72 v8/8lrl V8/1 Z'80 c u O817Z/>10 u E8/LZrI ,r, � N G £8/OU80 r. r. E8'v0'IO < Z8/LO'60 Z8/1I SO arZI/10 c 18/91/60 .0 u L V. • L. V •M I pjau e 9zoz SZ()Z rzoz £zoz Zzoz lzoz ozoz 610Z slot LIOZ 91oz Sioz Moz £IO Zloz� i10(.= OlorR 600Z SOOZ LOOZ 900z SOOZ trooz £ooz zooz 100Z OOOZ 6661 9661 L661 c 6-2