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1996-11-18SOUTHLAKE 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
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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
$59,600
A
Baal
Chief Financial Officer: Curtis E. Hawk, City
Manager; Lou Ann Heath, Finance Director,
(817) 481-5581.
Advisor. First Southwest Company, Dallas,
(214) 953-4000.
Bond Counsel: Fulbright & Jaworski LL.P.,
Dallas, (214) 855-8000.
Auditor: Weaver and Tidwell, L.L.P., Dallas,
(214) 490-1970 (FY 1993).
rating history: Initial rating,
April 1994: Boo
analyst: JuIst 1. Hinds
(212) 553-4424
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(d you should snake his K opttwns, as remrmacadatoni to buy or tell. add than awuacy u tot tuxta wd A rant should be ragbod solely u one faatr in at uvestmeat deaum
�y yoe otva Study and evaluaoot of Nary rbote seamues or debt obbptons you cons+der buytot or selbnt Mou usum of
—. preferred atoe>L add eounnaaal paper rhsch art rued by Moody's investors SOYIM Inc. toads mdwepal boads and
scrvtm The fee rota from SLWO to S123= fie. pnor to remvui the rauat. atreed m pry a fee to Moody's for the apprutal and rant
npyntM O 1994 by btoody't lavenars Seevsoc Inc. Pnbbtbnet add a:euwvc Off— u"QWCb street Pier York, NY 10=
4-2
Ooneml ObllpationlSpoclal Tax
May 3, 1 "4
Southiake-Southlake Park Development
Corporation, Texas
debt factors: Debt Statement as of 5/02/94 ($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
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96/11/10
96/61/60 N
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46/LZ/60
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