City of Kerrville, Texas AWS
Primary Contacts:
Anne Burger Entrekin
Colby Eckols
Benjamin Bor
Managing Director
Vice President
Associate
[email protected]
[email protected]
[email protected]
70 Northeast Loop 410, Suite 710
300 W. Sixth Street, Suite 1940
1201 Elm Street, Suite 3500
San Antonio, Texas 78216
Austin, Texas 78701
Dallas, Texas 75270
Direct: 210.308.2200
Direct: 512.481.2015
Direct: 214.953.4107
General Obligation Refunding Bonds, Series 2017 December 12, 2017
City of Kerrville, Texas
Market Update
Projected Municipal Market Volume – Week of December 4, 2017
C I T Y O F
K E R R V I L L E
,
Actual municipal volume week of 12/4 was $21.5 billion
T
2
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
E X A S
Municipal volume is projected to be $20 billion week of 12/11
Rating Summary
Credit Rating Commentary “AA”/Stable Outlook - Affirmed “Very strong management, with strong financial policies and practices under our Financial Management Assessment (FMA) methodology” “Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level in fiscal 2016” “Very strong budgetary flexibility, with an available fund balance in fiscal 2016 of 35% of operating expenditures” C I T Y O F
“Very strong liquidity, with total government available cash at 47.5% of total governmental fund expenditures and 5.5x governmental debt service, and access to external liquidity we consider strong”
K E R R V I L L E
,
“Strong debt and contingent liability position, with debt service carrying charges at 8.7% of expenditures and net direct debt that is 82.9% of total governmental fund revenue, as well as low overall net debt at less than 3.0% of market value and rapid amortization, with 70.9% of debt scheduled to be retired in 10 years
T E X A S
“Strong institutional framework score” 4
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Refunding Transaction Results
Projected Aggregate Projected Debt Service Savings of Refunding's
General Obligation Refunding Bonds, Series 2017(1) –
Delivery Date:
12/20/2017
–
Refunding Par Amount:
$16,940,000
–
Refunded Par:
$18,630,000
–
Gross Savings:
$939,278
–
Net Present Value Savings:
$1,011,667
–
Present Value Benefit (%):
5.430%
–
TIC:
2.408%
–
Negative Arbitrage:
$64,344%
939,278
(1)
Market rates as of November 8, 2017 plus 25 basis points.
6
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
E X A S
$
T
21,991,653
,
$
10,531 603,119 113,819 124,021 14,624 15,714 12,215 9,569 7,824 14,774 7,350 5,719
E R R V I L L E
$22,930,930
Savings $
K
Refunding Debt Service $ 1,797,903 2,324,750 2,357,750 2,580,250 2,582,500 1,434,750 1,429,250 1,441,500 1,440,500 1,441,750 1,285,000 1,293,000 582,750
O F
Prior Debt Service $ 1,797,903 2,335,281 2,960,869 2,694,069 2,706,521 1,449,374 1,444,964 1,453,715 1,450,069 1,449,574 1,299,774 1,300,350 588,469
I T Y
Date 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 9/30/2030
C
Savings City of Kerrville, Texas Aggregate Assumes Current ‘AA/Aa3’ Market Rates as of November 8, 2017+ 25 bps FSW --PRELIMINARY: For Purposes of Discussion Only--
Final Aggregate Debt Service Savings of Refunding's
General Obligation Refunding Bonds, Series 2017(1) $3,000,000
–
Delivery Date:
12/20/2017
–
Refunding Par Amount:
$17,215,000
–
Refunded Par:
$18,630,000
–
Gross Savings:
$1,168,677
–
Net Present Value Savings:
$1,070,773
–
Present Value Benefit (%):
5.748%
–
TIC:
2.472%
–
Negative Arbitrage:
$47,783%
$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $-
Kerrville, Texas General Obligation Refunding Bonds, Series 2017 Final Savings
$53,106 More Net Prevent Savings
•
0.32% Higher Net Present Value Benefit
•
$16,561 Reduction to Negative Arbitrage
7
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
E X A S
1,168,677
•
T
$
$229,399 More Gross Savings
,
21,036,458
•
E R R V I L L E
$
Comparison of Actual Results to Projections:
K
22,205,135
$
Refunding Debt Service
O F
$
Prior Debt Service Savings 7,250 314,581 136,419 129,894 136,246 366,199 20,714 15,040 15,144 20,899 3,374 2,050 869
I T Y
Prior Debt Refunding Debt Service Service $ 1,072,107 $ 1,064,858 2,335,281 2,020,700 2,960,869 2,824,450 2,694,069 2,564,175 2,706,521 2,570,275 1,449,374 1,083,175 1,444,964 1,424,250 1,453,715 1,438,675 1,450,069 1,434,925 1,449,574 1,428,675 1,299,774 1,296,400 1,300,350 1,298,300 588,469 587,600
C
Date 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 9/30/2030
Final General Obligation Bonds, Series 2017
Sources: Bond Proceeds: Par Amount Net Premium Debt Service Transfer
$ 17,215,000.00 1,324,740.65 792,299.04
Total Sources
$ 19,332,039.69
Uses: Refunding Escrow Deposits Cash Refunding Escrow Deposits SLGS Cost of Issuance Underwriter's Discount Additional Proceeds
$ 19,332,039.69
I T Y O F
Maturity Date Principal Coupons Yields Interest Debt Service 9/30/2018 $ 690,000 2.00% 1.35% $ 374,858 $ 1,064,858 9/30/2019 1,475,000 2.00% 1.57% 545,700 2,020,700 9/30/2020 2,310,000 2.00% 1.72%/1.74% 514,450 2,824,450 9/30/2021 2,105,000 3.00% 1.77%/1.81% 459,175 2,564,175 9/30/2022 2,175,000 3.00% 1.85%/1.89% 395,275 2,570,275 9/30/2023 735,000 3.00% 1.96%/1.99% 348,175 1,083,175 9/30/2024 1,100,000 3.00% 2.06%/2.09% 324,250 1,424,250 9/30/2025 1,155,000 5.00% 2.15%/2.18% 283,675 1,438,675 9/30/2026 1,210,000 5.00% 2.24%/2.27% 224,925 1,434,925 9/30/2027 1,265,000 5.00% 2.35%/2.38% 163,675 1,428,675 9/30/2028 1,190,000 4.00% 2.49%/2.53% 106,400 1,296,400 9/30/2029 1,240,000 4.00% 2.60%/2.64% 58,300 1,298,300 9/30/2030 565,000 4.00% 2.75% 22,600 587,600 $17,215,000 $3,821,458 $ 21,036,458
C
Total Uses
$ 7,030,765.60 12,092,670.00 118,000.00 90,132.31 471.78
$17,215,000 Kerrville, Texas General Obligation Refunding Bonds, Series 2017
K E R R V I L L E
, T E X A S
8
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Final Utility System Supported Debt Savings of Refunding's Structure City of Kerrville, Texas General Obligation Refunding Bonds, Series 2017 - Analysis of Debt Service - Utility System Supported Debt Portion - Final Outstanding Utility System Debt Principal 9/30/2018 $ 2,720,003 9/30/2019 2,888,488 9/30/2020 2,916,626 9/30/2021 2,707,000 9/30/2022 2,803,000 9/30/2023 2,175,000 9/30/2024 2,010,000 9/30/2025 2,075,000 9/30/2026 2,125,000 9/30/2027 2,185,000 9/30/2028 2,250,000 9/30/2029 2,325,000 9/30/2030 2,040,000 9/30/2031 1,515,000 9/30/2032 1,560,000 9/30/2033 1,190,000 9/30/2034 595,000 9/30/2035 610,000 $ 36,690,117
Interest 1,084,894 1,000,807 910,841 819,540 735,210 659,624 594,456 533,556 475,081 415,056 351,579 282,996 216,471 154,238 113,638 70,325 36,150 18,300 $ 8,472,762 $
Total 3,804,897 3,889,295 3,827,467 3,526,540 3,538,210 2,834,624 2,604,456 2,608,556 2,600,081 2,600,056 2,601,579 2,607,996 2,256,471 1,669,238 1,673,638 1,260,325 631,150 628,300 $ 45,162,879 $
Reamortized Loan Principal $ 1,071,429 1,071,429 1,071,429 1,071,429 1,071,429 1,071,429 1,071,429
Interest $ 180,000 180,000 180,000 180,000 180,000 173,571 147,857 122,143 96,429 70,714 45,000 19,286
Total $ 180,000 180,000 180,000 180,000 180,000 1,245,000 1,219,286 1,193,571 1,167,857 1,142,143 1,116,429 1,090,714
$ 7,500,000
$ 1,575,000
$ 9,075,000
Aggregate Debt Service $ 3,984,897 4,069,295 4,007,467 3,706,540 3,718,210 4,079,624 3,823,742 3,802,128 3,767,938 3,742,199 3,718,007 3,698,711 2,256,471 1,669,238 1,673,638 1,260,325 631,150 628,300 $ 54,237,879
Less: Series 2017 Refunding savings Only Utility Portion $ 266,221 6,219 9,064 8,376 359,141 13,316 8,341 9,816 11,666 2,314 1,606 869 $ 696,950
Total Projected Debt Service Post Refunding $ 3,984,897 3,803,074 4,001,248 3,697,477 3,709,834 3,720,483 3,810,426 3,793,786 3,758,122 3,730,533 3,715,694 3,697,104 2,255,603 1,669,238 1,673,638 1,260,325 631,150 628,300 $ 53,540,929
C
$4,000,000 $3,500,000
O F
$3,000,000 K
$2,500,000
E R R V I L L E
$2,000,000 $1,500,000 $1,000,000
,
$500,000
T
$-
E X A S
Waterworks and Sewer System Revenue Supported Debt
I T Y
$4,500,000
Current Debt Service
Refunds Utility 07's, 09's, 10's, & 11's
9
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Final City of Kerrville Tax Debt Service Post Refunding City of Kerrville, Texas General Obligation Refunding Bonds, Series 2017 - Analysis of Debt Service - Tax Supported Debt Outstanding Tax System Debt
9/30/2018 $ 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 $
Principal 908,893 948,152 905,320 898,000 937,000 405,000 420,000 440,000 460,000 480,000 345,000 355,000 7,502,365
$
$
Interest 280,539 245,779 209,135 173,455 137,345 110,383 93,723 76,324 58,078 38,983 22,160 7,544 1,453,446
$
$
Total 1,189,432 1,193,932 1,114,455 1,071,455 1,074,345 515,383 513,723 516,324 518,078 518,983 367,160 362,544 8,955,811
Less: Series 2017 Refunding savings Only Tax Portion $ 7,250 48,360 130,200 120,830 127,870 7,058 7,398 6,699 5,328 9,233 1,060 444 $ 471,727
Total Projected Debt Service Post Refunding $ 1,182,182 1,145,572 984,255 950,625 946,475 508,325 506,325 509,625 512,750 509,750 366,100 362,100 $ 8,484,084
$1,400,000 C I T Y
$1,200,000
$800,000
K E R R V I L L E
$600,000 $400,000 $200,000
,
Tax Debt Service
O F
$1,000,000
T E X A S
$0 FYE 9/30
Current Debt Service
Refunds Tax 07's, 07's & 09's
10
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Refunding Summary
Despite significant municipal market volume, the City’s advanced refunding transaction achieved savings results in excess of projections – The City’s name has been and continues to be well received by investors
We want to express our appreciation to Mr. McDaniel, Ms. Yarbrough and Ms. Dozier for all their assistance in making this a successful transaction, especially with a very compressed schedule
The Underwriting Syndicate lead by Raymond James performed well
I T Y
Thank Bond Counsel, McCall Parkhurst & Horton L.L.P., for their efforts
T E X A S
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
,
11
E R R V I L L E
Thank the City for the honor of serving Kerrville as its Financial Advisor; we appreciate our long-term relationship
K
issue
O F
– Pushed the scale for pricing and underwrote bonds to support the
C
Anne Burger Entrekin
Colby Eckols
Benjamin Bor
Managing Director
Vice President
Associate
[email protected]
[email protected]
[email protected]
70 Northeast Loop 410, Suite 710
300 W. Sixth Street, Suite 1940
1201 Elm Street, Suite 3500
San Antonio, Texas 78216
Austin, Texas 78701
Dallas, Texas 75270
Direct: 210.308.2200
Direct: 512.481.2015
Direct: 214.953.4107
General Obligation Refunding Bonds, Series 2017 December 12, 2017
City of Kerrville, Texas
Market Update
Projected Municipal Market Volume – Week of December 4, 2017
C I T Y O F
K E R R V I L L E
,
Actual municipal volume week of 12/4 was $21.5 billion
T
2
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
E X A S
Municipal volume is projected to be $20 billion week of 12/11
Rating Summary
Credit Rating Commentary “AA”/Stable Outlook - Affirmed “Very strong management, with strong financial policies and practices under our Financial Management Assessment (FMA) methodology” “Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level in fiscal 2016” “Very strong budgetary flexibility, with an available fund balance in fiscal 2016 of 35% of operating expenditures” C I T Y O F
“Very strong liquidity, with total government available cash at 47.5% of total governmental fund expenditures and 5.5x governmental debt service, and access to external liquidity we consider strong”
K E R R V I L L E
,
“Strong debt and contingent liability position, with debt service carrying charges at 8.7% of expenditures and net direct debt that is 82.9% of total governmental fund revenue, as well as low overall net debt at less than 3.0% of market value and rapid amortization, with 70.9% of debt scheduled to be retired in 10 years
T E X A S
“Strong institutional framework score” 4
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Refunding Transaction Results
Projected Aggregate Projected Debt Service Savings of Refunding's
General Obligation Refunding Bonds, Series 2017(1) –
Delivery Date:
12/20/2017
–
Refunding Par Amount:
$16,940,000
–
Refunded Par:
$18,630,000
–
Gross Savings:
$939,278
–
Net Present Value Savings:
$1,011,667
–
Present Value Benefit (%):
5.430%
–
TIC:
2.408%
–
Negative Arbitrage:
$64,344%
939,278
(1)
Market rates as of November 8, 2017 plus 25 basis points.
6
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
E X A S
$
T
21,991,653
,
$
10,531 603,119 113,819 124,021 14,624 15,714 12,215 9,569 7,824 14,774 7,350 5,719
E R R V I L L E
$22,930,930
Savings $
K
Refunding Debt Service $ 1,797,903 2,324,750 2,357,750 2,580,250 2,582,500 1,434,750 1,429,250 1,441,500 1,440,500 1,441,750 1,285,000 1,293,000 582,750
O F
Prior Debt Service $ 1,797,903 2,335,281 2,960,869 2,694,069 2,706,521 1,449,374 1,444,964 1,453,715 1,450,069 1,449,574 1,299,774 1,300,350 588,469
I T Y
Date 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 9/30/2030
C
Savings City of Kerrville, Texas Aggregate Assumes Current ‘AA/Aa3’ Market Rates as of November 8, 2017+ 25 bps FSW --PRELIMINARY: For Purposes of Discussion Only--
Final Aggregate Debt Service Savings of Refunding's
General Obligation Refunding Bonds, Series 2017(1) $3,000,000
–
Delivery Date:
12/20/2017
–
Refunding Par Amount:
$17,215,000
–
Refunded Par:
$18,630,000
–
Gross Savings:
$1,168,677
–
Net Present Value Savings:
$1,070,773
–
Present Value Benefit (%):
5.748%
–
TIC:
2.472%
–
Negative Arbitrage:
$47,783%
$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $-
Kerrville, Texas General Obligation Refunding Bonds, Series 2017 Final Savings
$53,106 More Net Prevent Savings
•
0.32% Higher Net Present Value Benefit
•
$16,561 Reduction to Negative Arbitrage
7
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
E X A S
1,168,677
•
T
$
$229,399 More Gross Savings
,
21,036,458
•
E R R V I L L E
$
Comparison of Actual Results to Projections:
K
22,205,135
$
Refunding Debt Service
O F
$
Prior Debt Service Savings 7,250 314,581 136,419 129,894 136,246 366,199 20,714 15,040 15,144 20,899 3,374 2,050 869
I T Y
Prior Debt Refunding Debt Service Service $ 1,072,107 $ 1,064,858 2,335,281 2,020,700 2,960,869 2,824,450 2,694,069 2,564,175 2,706,521 2,570,275 1,449,374 1,083,175 1,444,964 1,424,250 1,453,715 1,438,675 1,450,069 1,434,925 1,449,574 1,428,675 1,299,774 1,296,400 1,300,350 1,298,300 588,469 587,600
C
Date 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 9/30/2030
Final General Obligation Bonds, Series 2017
Sources: Bond Proceeds: Par Amount Net Premium Debt Service Transfer
$ 17,215,000.00 1,324,740.65 792,299.04
Total Sources
$ 19,332,039.69
Uses: Refunding Escrow Deposits Cash Refunding Escrow Deposits SLGS Cost of Issuance Underwriter's Discount Additional Proceeds
$ 19,332,039.69
I T Y O F
Maturity Date Principal Coupons Yields Interest Debt Service 9/30/2018 $ 690,000 2.00% 1.35% $ 374,858 $ 1,064,858 9/30/2019 1,475,000 2.00% 1.57% 545,700 2,020,700 9/30/2020 2,310,000 2.00% 1.72%/1.74% 514,450 2,824,450 9/30/2021 2,105,000 3.00% 1.77%/1.81% 459,175 2,564,175 9/30/2022 2,175,000 3.00% 1.85%/1.89% 395,275 2,570,275 9/30/2023 735,000 3.00% 1.96%/1.99% 348,175 1,083,175 9/30/2024 1,100,000 3.00% 2.06%/2.09% 324,250 1,424,250 9/30/2025 1,155,000 5.00% 2.15%/2.18% 283,675 1,438,675 9/30/2026 1,210,000 5.00% 2.24%/2.27% 224,925 1,434,925 9/30/2027 1,265,000 5.00% 2.35%/2.38% 163,675 1,428,675 9/30/2028 1,190,000 4.00% 2.49%/2.53% 106,400 1,296,400 9/30/2029 1,240,000 4.00% 2.60%/2.64% 58,300 1,298,300 9/30/2030 565,000 4.00% 2.75% 22,600 587,600 $17,215,000 $3,821,458 $ 21,036,458
C
Total Uses
$ 7,030,765.60 12,092,670.00 118,000.00 90,132.31 471.78
$17,215,000 Kerrville, Texas General Obligation Refunding Bonds, Series 2017
K E R R V I L L E
, T E X A S
8
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Final Utility System Supported Debt Savings of Refunding's Structure City of Kerrville, Texas General Obligation Refunding Bonds, Series 2017 - Analysis of Debt Service - Utility System Supported Debt Portion - Final Outstanding Utility System Debt Principal 9/30/2018 $ 2,720,003 9/30/2019 2,888,488 9/30/2020 2,916,626 9/30/2021 2,707,000 9/30/2022 2,803,000 9/30/2023 2,175,000 9/30/2024 2,010,000 9/30/2025 2,075,000 9/30/2026 2,125,000 9/30/2027 2,185,000 9/30/2028 2,250,000 9/30/2029 2,325,000 9/30/2030 2,040,000 9/30/2031 1,515,000 9/30/2032 1,560,000 9/30/2033 1,190,000 9/30/2034 595,000 9/30/2035 610,000 $ 36,690,117
Interest 1,084,894 1,000,807 910,841 819,540 735,210 659,624 594,456 533,556 475,081 415,056 351,579 282,996 216,471 154,238 113,638 70,325 36,150 18,300 $ 8,472,762 $
Total 3,804,897 3,889,295 3,827,467 3,526,540 3,538,210 2,834,624 2,604,456 2,608,556 2,600,081 2,600,056 2,601,579 2,607,996 2,256,471 1,669,238 1,673,638 1,260,325 631,150 628,300 $ 45,162,879 $
Reamortized Loan Principal $ 1,071,429 1,071,429 1,071,429 1,071,429 1,071,429 1,071,429 1,071,429
Interest $ 180,000 180,000 180,000 180,000 180,000 173,571 147,857 122,143 96,429 70,714 45,000 19,286
Total $ 180,000 180,000 180,000 180,000 180,000 1,245,000 1,219,286 1,193,571 1,167,857 1,142,143 1,116,429 1,090,714
$ 7,500,000
$ 1,575,000
$ 9,075,000
Aggregate Debt Service $ 3,984,897 4,069,295 4,007,467 3,706,540 3,718,210 4,079,624 3,823,742 3,802,128 3,767,938 3,742,199 3,718,007 3,698,711 2,256,471 1,669,238 1,673,638 1,260,325 631,150 628,300 $ 54,237,879
Less: Series 2017 Refunding savings Only Utility Portion $ 266,221 6,219 9,064 8,376 359,141 13,316 8,341 9,816 11,666 2,314 1,606 869 $ 696,950
Total Projected Debt Service Post Refunding $ 3,984,897 3,803,074 4,001,248 3,697,477 3,709,834 3,720,483 3,810,426 3,793,786 3,758,122 3,730,533 3,715,694 3,697,104 2,255,603 1,669,238 1,673,638 1,260,325 631,150 628,300 $ 53,540,929
C
$4,000,000 $3,500,000
O F
$3,000,000 K
$2,500,000
E R R V I L L E
$2,000,000 $1,500,000 $1,000,000
,
$500,000
T
$-
E X A S
Waterworks and Sewer System Revenue Supported Debt
I T Y
$4,500,000
Current Debt Service
Refunds Utility 07's, 09's, 10's, & 11's
9
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Final City of Kerrville Tax Debt Service Post Refunding City of Kerrville, Texas General Obligation Refunding Bonds, Series 2017 - Analysis of Debt Service - Tax Supported Debt Outstanding Tax System Debt
9/30/2018 $ 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 $
Principal 908,893 948,152 905,320 898,000 937,000 405,000 420,000 440,000 460,000 480,000 345,000 355,000 7,502,365
$
$
Interest 280,539 245,779 209,135 173,455 137,345 110,383 93,723 76,324 58,078 38,983 22,160 7,544 1,453,446
$
$
Total 1,189,432 1,193,932 1,114,455 1,071,455 1,074,345 515,383 513,723 516,324 518,078 518,983 367,160 362,544 8,955,811
Less: Series 2017 Refunding savings Only Tax Portion $ 7,250 48,360 130,200 120,830 127,870 7,058 7,398 6,699 5,328 9,233 1,060 444 $ 471,727
Total Projected Debt Service Post Refunding $ 1,182,182 1,145,572 984,255 950,625 946,475 508,325 506,325 509,625 512,750 509,750 366,100 362,100 $ 8,484,084
$1,400,000 C I T Y
$1,200,000
$800,000
K E R R V I L L E
$600,000 $400,000 $200,000
,
Tax Debt Service
O F
$1,000,000
T E X A S
$0 FYE 9/30
Current Debt Service
Refunds Tax 07's, 07's & 09's
10
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
Refunding Summary
Despite significant municipal market volume, the City’s advanced refunding transaction achieved savings results in excess of projections – The City’s name has been and continues to be well received by investors
We want to express our appreciation to Mr. McDaniel, Ms. Yarbrough and Ms. Dozier for all their assistance in making this a successful transaction, especially with a very compressed schedule
The Underwriting Syndicate lead by Raymond James performed well
I T Y
Thank Bond Counsel, McCall Parkhurst & Horton L.L.P., for their efforts
T E X A S
Member FINRA / SIPC / NYSE © 2017 Hilltop Securities Inc. All Rights Reserved
,
11
E R R V I L L E
Thank the City for the honor of serving Kerrville as its Financial Advisor; we appreciate our long-term relationship
K
issue
O F
– Pushed the scale for pricing and underwrote bonds to support the
C
