HomeMy WebLinkAboutOrdinance 23092-01-2018 Ordinance No. 23092-01-2018
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE ROCK CREEK RANCH PID DEBT SERVICE FUND IN THE AMOUNT OF
$617,299.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF MAKING FISCAL
YEAR 2018 DEBT SERVICE PAYMENTS ON THE 2017 SPECIAL ASSESMENT
REVENUE BONDS; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS
ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL ORDINANCES
IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2017-2018 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Rock
Creek Ranch PID Debt Service Fund in the amount of$617,299.00, from available funds, for the purpose of
making FY2018 debt service payments on the 2017 Special Assessment Revenue Bonds.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion orjudgment shall in no way impair
the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall
be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 22927-09-2017 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPR VEDASjO FORM AND LEGALITY: CITY SECRETARY
Denis cElroy, sistant City Attorney ry J. Kays
ADOPTED AND EFFECTIVE: January 30, 2018
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL-,ACTION: Approved;on 11 _ s.Oxonance No,, 09Z-Qi-T291
DATE: Tuesday, January 30, 2018 REFERENCE NO.: **G-19214
LOG NAME: 13ROCK CREEK PID DEBT SERVICE APPROPRIATION
SUBJECT:
Adopt Appropriation Ordinance in the Rock Creek Ranch PID Debt Service Fund to Establish a Fiscal Year
2018 Budget (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached ordinance increasing receipts and
appropriations in the Rock Creek Ranch PID Debt Service Fund in the amount of$617,299.00, from
available funds received in connection with the issuance of the 2017 Special Assessment Revenue
Bonds.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to establish the Fiscal Year 2018 budget
for debt service on the special assessment bonds issued in 2017 for the Rock Creek Ranch Public
Improvement District (PID).
On Tuesday, August 15th, 2017, the Mayor and Council authorized issuance of the City of Fort Worth,
Texas Special Assessment Revenue Bonds, Series 2017 (Fort Worth Public Improvement District No. 17
(Rock Creek Ranch) Major Improvement Project) for the purpose of paying a portion of the costs of the
major improvements within the PID. That M&C noted that a portion of the bond sale proceeds (capitalized
interest) would be allocated to making interest payments on the bonds during construction and for a set
period thereafter.
On Thursday, September 14, 2017 the City successfully closed on the bond issuance. As part of the
closing, $1,898,148.54 of the sale proceeds was allocated to capitalized interest. These funds were
deposited into the capitalized interest account of the Rock Creek Ranch Debt Service Fund prior to the
end of Fiscal Year 2017.
Because the City's debt service funds are considered operating funds in which unencumbered amounts
revert to fund balance at the end of each fiscal year, a new appropriation ordinance is needed.
Approval of this M&C and adoption of the attached ordinance will re-appropriate $617,299.00 of the
capitalized interest fund balance for use in paying debt service on the Rock Creek Ranch PID bonds
during FY2018.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION/ CERTIFICATION:
The Director of Finance certifies that upon adoption of the actions provided within this Mayor and Council
Communication, funds will be available within the Rock Creek Debt Service Fund to make the Fiscal Year
Logname: 13ROCK CREEK PID DEBT SERVICE APPROPRIATION Page I of 2
2018 debt service payments.
FUND IDENTIFIERS (FIDS:
TO
Fund Department ccounj Project JProgram ctivity Budget Reference # Amount
1D ID Year Chartfield 2)
[1)401041 0132000 15810200 617,299.00
FROM
Fund Department ccountl Project 1ProgramI ctivity Budget Reference # Amount 1A I Year Chartfield 2
[1j 401041 0132000 149900001 1 1 0617,2R9.00
CERTIFICATIONS:
Submitted for City Manager's Office by: Jesus Chapa (5804)
Originating Department Head: Aaron Bovos (8517)
Additional Information Contact: Alex Laufer (8558)
Logname: 13ROCK CREEK PID DEBT SERVICE APPROPRIATION Page 2 of 2
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TABLE OF CONTENTS
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Report Page
Sourcesand Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
BondPricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
CallProvisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
AverageTakedown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Underwriter's Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Costof Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Net Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Proof of Arbitrage Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa)
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SOURCES AND USES OF FUNDS
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Dated Date 09/14/2017
Delivery Date 09/14/2017
Sources:
Bond Proceeds:
Par Amount 12,685,000.00
Net Premium 70,568.45
12,755,568.45
Other Sources of Funds:
Developer Cash Contrib.to Pay University Share 486,284.00
Developer Deposit to Dev.Property Tax Account 10,000.00
496,284.00
13,251,852.45
Uses:
Project Fund Deposits:
University W&S Improvements(No Bond Proceeds) 486,284.00
Authorized W&S Improvements(Bond Proceeds) 8,483,636.00
8,969,920.00
Other Fund Deposits:
Debt Service Reserve Fund 1,151,118.76
Capitalized Interest Fund 1,898,148.54
3,049,267.30
Delivery Date Expenses:
Cost of Issuance 799,282.68
Underwriter's Discount 378,382.47
1,177,665.15
Other Uses of Funds:
First Year Admin Expenses 45,000.00
Deposit to Developer Property Tax Account 10,000.00
55,000.00
13,251,852.45
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 1
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BOND SUMMARY STATISTICS
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(initial Suitability Letter Required-No Traveling Letter)
Dated Date 09/14/2017
Delivery Date 09/14/2017
First Coupon 03/01/2018
Last Maturity 09/01/2037
Arbitrage Yield 5.002095%
True Interest Cost(TIC) 5.329288%
Net Interest Cost(NIC) 5.250743%
All-In TIC 6.068692%
Average Coupon 5.066712%
Average Life(years) 13.186
Duration of issue(years) 9.393
Par Amount 12,685,000.00
Bond Proceeds 12,755,568.45
Totallnterest 8,474,679.82
Net Interest 8,782,493.84
Bond Years from Dated Date 167,261,930.56
Bond Years from Delivery Date 167,261,930.56
Total Debt Service 21,159,679.82
Maximum Annual Debt Service 1,151,118.76
Average Annual Debt Service 1,059,897.70
Underwriter's Fees(per$1000)
Average Takedown 19.362239
Other Fee 10.466888
Total Underwriter's Discount 29.829127
Bid Price 97.573401
Par Average Average
Bond Component Value Price Coupon Life
Term Bond 2027 3,935,000.00 103.571 5.000% 7.167
Term Bond 2032 3,810,000.00 100.000 5.0009'0 13.069
Term Bond 2037 4,940,000.00 98.584 5.125% 18.070
12,685,000.00 13.186
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 2
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BOND SUMMARY STATISTICS
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
All-In Arbitrage
TIC TIC Yield
Par Value 12,685,000.00 12,685,000.00 12,685,000.00
+Accrued Interest
+Premium(Discount) 70,568.45 70,568.45 70,568.45
Underwriter's Discount -378,382.47 -378,382.47
-Cost of Issuance Expense -799,282.68
Other Amounts
Target Value 12,377,185.98 11,577,903.30 12,755,568.45
Target Date 09/14/2017 09/14/2017 09/14/2017
Yield 5.329288% 6.068692% 5.002095%
Aug 14,2017 138 pm Prepared by FirstSouthwest(eaa) Page 3
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BOND PRICING
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Maturity Premium
Bond Component Date Amount Rate Yield Price (-Discount) Takedown
Term Bond 2027:
09/01/2021 480,000 5.000% 4.550% 103.571 17,140.80 18.500
09/01/2022 505,000 5.000% 4.550% 103.571 18,033.55 18.500
09/01/2023 530,000 5.000% 4.550% 103.571 18,926.30 18.500
09/01/2024 560,000 5.000% 4.550% 103.571 19,997.60 18.500
09/01/2025 590,000 5.000% 4.550% 103.571 21,068.90 18.500
09/01/2026 620,000 5.000% 4.550% 103.571 22,140.20 18.500
09/01/2027 650,000 5.000% 4.550% 103.571 23,211.50 18.500
3,935,000 140,518.85
Term Bond 2032:
09/01/2028 685,000 5.000% 5.000% 100.000 19.750
09/01/2029 720,000 5.000% 5.000% 100.000 19.750
09/01/2030 760,000 5.000% 5.000% 100.000 19.750
09/01/2031 800,000 5.000% 5.000% 100.000 19.750
09/01/2032 845,000 5.000% 5.000% 100.000 19.750
3,810,000
Term Bond 2037:
09/01/2033 885,000 5.125% 5.240% 98.584 -12,531.60 19.750
09/01/2034 935,000 5.125% 5.240% 98.584 -13,239.60 19.750
09/01/2035 985,000 5.125% 5.240% 98.584 -13,947.60 19.750
09/01/2036 1,040,000 5.125% 5.240% 98.584 -14,726.40 19.750
09/01/2037 1,095,000 5.125% 5.240% 98.584 -15,505.20 19.750
4,940,000 -69,950.40
12,685,000 70,568.45
Dated Date 09/14/2017
Delivery Date 09/14/2017
First Coupon 03/01/2018
Par Amount 12,685,000.00
Premium 70,568.45
Production 12,755,568.45 100.556314%
Underwriter's Discount -378,382.47 -2.982913%
Purchase Price 12,377,185.98 97.573401%
Accrued Interest
Net Proceeds 12,377,185.98
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 4
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CALL PROVISIONS
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Call Table:CALL
Call Date Call Price
09/01/2027 100.00
Call Provisions Setup
Call Callable
Bond Component Table Dates
Term Bond 2027 CALL Any Date
Term Bond 2032 CALL Any Date
Term Bond 2037 CALL Any Date
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 5
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AVERAGE TAKEDOWN
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified institutional Buyers Only(initial Suitability Letter Required-No Traveling Letter)
Dated Date 09/14/2017
Delivery Date 09/14/2017
Maturity Par Takedown Takedown
Bond Component Date Amount $/Bond Amount
Term Bond 2027:
09/01/2021 480,000 18.5000 8,880.00
09/01/2022 505,000 18.5000 9,342.50
09/01/2023 530,000 18.5000 9,805.00
09/01/2024 560,000 18.5000 10,360.00
09/01/2025 590,000 18.5000 10,915.00
09/01/2026 620,000 18.5000 11,470.00
09/01/2027 650,000 18.5000 12,025.00
3,935,000 18.5000 72,797.50
Term Bond 2032:
09/01/2028 685,000 19.7500 13,528.75
09/01/2029 720,000 19.7500 14,220.00
09/01/2030 760,000 19.7500 15,010.00
09/01/2031 800,000 19.7500 15,800.00
09/01/2032 845,000 19.7500 16,688.75
3,810,000 19.7500 75,247.50
Term Bond 2037:
09/01/2033 885,000 19.7500 17,478.75
09/01/2034 935,000 19.7500 18,466.25
09/01/2035 985,000 19.7500 19,453.75
09/01/2036 1,040,000 19.7500 20,540.00
09/01/2037 1,095,000 19.7500 21,626.25
4,940,000 19.7500 97,565.00
12,685,000 19.3622 245,610.00
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 6
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UNDERWRITER'S DISCOUNT
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Underwriter's Discount $/1000 Amount
Average Takedown 19.36224 245,610.00
Underwriter's Counsel 10.00000 126,850.00
Continuing Disclosure Report 0.04730 600.00
Out-of-Pocket/Marketing Exp.(Roadshow) 0.15767 2,000.00
Ipreo Bookrunning System 0.03090 391.97
Ipreo Wire Fees 0.00473 60.00
Ipreo Dealer EOE 0.01182 150.00
DTC Setup 0.06307 800.00
Texas Municipal Advisory Council 0.13153 1,668.50
CUSIP Numbers 0.01987 252.00
29.82913 378,382.47
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 7
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COST OF ISSUANCE
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Cost of Issuance $/1000 Amount
PID Startup Costs(Developer's Counsel) 11.03666 140,000.00
PID Startup Costs(Service and Assessment Plan) 6.70083 85,000.00
PID Startup Costs(City Legal Fees) 3.45684 43,850.00
City PID Consultant 2.36500 30,000.00
Financial Advisor 16.97083 215,275.00
Co-Bond Counsel 15.39417 195,275.00
Attorney General Review Fee 0.74892 9,500.00
Co-Disclosure Counsel 3.15333 40,000.00
Appraisal 0.59125 7,500.00
Engineer's Report 0.59913 7,600.00
Market Study 0.67008 8,500.00
Trustee/Paying Agent 0.47300 6,000.00
Trustee's Counsel 0.51242 6,500.00
Printing and Distribution of Offering Document 0.07883 1,000.00
Budget Contingency 0.25878 3,282.68
63.01007 799,282.68
Aug 14,2017 1.38 pm Prepared by FirstSouthwest(eaa) Page 8
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BOND DEBT SERVICE
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
03/01/2018 297,086.04 297,086.04
09/01/2018 320,212.50 320,212.50
09/30/2018 617,298.54
03/01/2019 320,212.50 320,212.50
09/01/2019 320,212.50 320,212.50
09/30/2019 640,425.00
03/01/2020 320,212.50 320,212.50
09/01/2020 320,212.50 320,212.50
09/30/2020 640,425.00
03/01/2021 320,212.50 320,212.50
09/01/2021 480,000 5.000% 320,212.50 800,212.50
09/30/2021 1,120,425.00
03/01/2022 308,212.50 308,212.50
09/01/2022 505,000 5.000% 308,212.50 813,212.50
09/30/2022 1,121,425.00
03/01/2023 295,587.50 295,587.50
09/01/2023 530,000 5.000% 295,587.50 825,587.50
09/30/2023 1,121,175.00
03/01/2024 282,337.50 282,337.50
09/01/2024 560,000 5.000% 282,337.50 842,337.50
09/30/2024 1,124,675.00
03/01/2025 268,337.50 268,337.50
09/01/2025 590,000 5.000% 268,337.50 858,337.50
09/30/2025 1,126,675.00
03/01/2026 253,587.50 253,587.50
09/01/2026 620,000 5.000% 253,587.50 873,587.50
09/30/2026 1,127,175.00
03/01/2027 238,087.50 238,087.50
09/01/2027 650,000 5.000% 238,087.50 888,087.50
09/30/2027 1,126,175.00
03/01/2028 221,837.50 221,837.50
09/01/2028 685,000 5.000% 221,837.50 906,837.50
09/30/2028 1,128,675.00
03/01/2029 204,712.50 204,712.50
09/01/2029 720,000 5.000% 204,712.50 924,712.50
09/30/2029 1,129,425.00
03/01/2030 186,712.50 186,712.50
09/01/2030 760,000 5.000% 186,712.50 946,712.50
09/30/2030 1,133,425.00
03/01/2031 167,712.50 167,712.50
09/01/2031 800,000 5.000% 167,712.50 967,712.50
09/30/2031 1,135,425.00
03/01/2032 147,712.50 147,712.50
09/01/2032 845,000 5.000% 147,712.50 992,712.50
09/30/2032 1,140,425.00
03/01/2033 126,587.50 126,587.50
09/01/2033 885,000 5.125% 126,587.50 1,011,587.50
09/30/2033 1,138,175.00
03/01/2034 103,909.38 103,909.38
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 9
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BOND DEBT SERVICE
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
09/01/2034 935,000 5.125% 103,909.38 1,038,909.38
09/30/2034 1,142,818.76
03/01/2035 79,950.00 79,950.00
09/01/2035 985,000 5.125% 79,950.00 1,064,950.00
09/30/2035 1,144,900.00
03/01/2036 54,709.38 54,709.38
09/01/2036 1,040,000 5.125% 54,709.38 1,094,709.38
09/30/2036 1,149,418.76
03/01/2037 28,059.38 28,059.38
09/01/2037 1,095,000 5.125% 28,059.38 1,123,059.38
09/30/2037 1,151,118.76
12,685,000 8,474,679.82 21,159,679.82 21,159,679.82
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 10
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NET DEBT SERVICE
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
-FINAL NUMBERS--
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Delinquency/
Period Total Prepayment Debt Service Capitalized Net
Ending Principal Interest Debt Service Reserve Admin Reserve Fund Interest Fund Debt Service
09/30/2018 617,298.54 617,298.54 63,425 20,000.00 -617,298.54 83,425.00
09/30/2019 640,425.00 640,425.00 63,425 66,300.00 -640,425.00 129,725.00
09/30/2020 640,425.00 640,425.00 63,425 67,626.00 -640,425.00 131,051.00
09/30/2021 480,000 640,425.00 1,120,425.00 63,425 68,978.52 1,252,828.52
09/30/2022 505,000 616,425.00 1,121,425.00 61,025 70,358.09 1,252,808.09
09/30/2023 530,000 591,175.00 1,121,175.00 58,500 71,765.25 1,251,440.25
09/30/2024 560,000 564,675.00 1,124,675.00 55,850 73,200.56 1,253,725.56
09/30/2025 590,000 536,675.00 1,126,675.00 53,050 74,664.57 1,254,389.57
09/30/2026 620,000 507,175.00 1,127,175.00 50,100 76,157.86 1,253,432.86
09/30/2027 650,000 476,175.00 1,126,175.00 47,000 77,681.02 1,250,856.02
09/30/2028 685,000 443,675.00 1,128,675.00 43,750 79,234.64 1,251,659.64
09/30/2029 720,000 409,425.00 1,129,425.00 40,325 80,819.33 1,250,569.33
09/30/2030 760,000 373,425.00 1,133,425.00 36,725 82,435.72 1,252,585.72
09/30/2031 800,000 335,425.00 1,135,425.00 32,925 84,084.43 1,252,434.43
09/30/2032 845,000 295,425.00 1,140,425.00 28,925 85,766.12 1,255,116.12
09/30/2033 885,000 253,175.00 1,138,175.00 24,700 87,481.44 1,250,356.44
09/30/2034 935,000 207,818.76 1,142,818.76 20,275 89,231.07 1,252,324.83
09/30/2035 985,000 159,900.00 1,144,900.00 15,600 91,015.69 1,251,515.69
09/30/2036 1,040,000 109,418.76 1,149,418.76 10,675 92,836.00 1,252,929.76
09/30/2037 1,095,000 56,118.76 1,151,118.76 5,475 94,692.72 -1,151,118.76 100,167.72
12,685,000 8,474,679.82 21,159,679.82 838,600 1,534,329.03 -1,151,118.76 -1,898,148.54 20,483,341.55
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 11
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NET DEBT SERVICE
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
--FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Delinquency/
Total Prepayment Debt Service Capitalized Net Annual
Date Principal Interest Debt Service Reserve Admin Reserve Fund Interest Fund Debt Service Net D/S
03/01/2018 297,086.04 297,086.04 63,426 20,000.00 -297,086.04 83,425.00
09/01/2018 320,212.60 320,212.50 -320,212.50
09/30/2018 83,425.00
03/01/2019 320,212.50 320,212.50 63,425 66,300.00 -320,212.50 129,725.00
09/01/2019 320,212.50 320,212.50 -320,212.50
09/30/2019 129,725.00
03/01/2020 320,212.50 320,212.50 63,425 67,626.00 -320,212.50 131,051.00
09/01/2020 320,212.50 320,212.50 -320,212.50
09/30/2020 131,051.00
03/01/2021 320,212.50 320,212.50 63,425 68,978.52 452,616.02
09/01/2021 480,000 320,212.50 800,212.50 800,212.50
09/30/2021 1,252,828.52
03/01/2022 308,212.50 308,212.50 61,025 70,358.09 439,595.59
09/01/2022 505,000 308,212.50 813,212.50 813,212.50
09/30/2022 1,252,808.09
03/01/2023 295,587.50 295,587.50 58,500 71,765.25 425,852.75
09/01/2023 530,000 295,587.50 825,587.50 825,587.50
09/30/2023 1,251,440.25
03/01/2024 282,337.50 282,337.50 55,850 73,200.56 411,388.06
09/01/2024 560,000 282,337.50 842,337.50 842,337.50
09/30/2024 1,253,725.56
03/01/2025 268,337.50 268,337.50 53,050 74,664.57 396,052.07
09/01/2025 590,000 268,337.50 858,337.50 858,337.50
09/30/2025 1,254,389.57
03/01/2026 253,587.50 253,587.50 50,100 76,157.86 379,845.36
09/01/2026 620,000 253,587.50 873,587.50 873,587.50
09/30/2026 1,253,432.86
03/01/2027 238,087.50 238,087.50 47,000 77,681.02 362,768.52
09/01/2027 650,000 238,087.50 888,087.50 888,087.50
09/30/2027 1,250,856.02
03/01/2028 221,837.50 221,837.50 43,750 79,234.64 344,822.14
09/01/2028 685,000 221,837.50 906,837.50 906,837.50
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 12
RrstS0uthwoest4*
AWWAWOI +.0"
NET DEBT SERVICE
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
--FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Delinquency/
Total Prepayment Debt Service Capitalized Net Annual
Date Principal Interest Debt Service Reserve Admin Reserve Fund Interest Fund Debt Service Net D/S
09/30/2028 1,251,659.64
03/01/2029 204,712.50 204,712.50 40,325 80,819.33 325,856.83
09/01/2029 720,000 204,712.50 924,712.50 924,712.50
09/30/2029 1,250,569.33
03/01/2030 186,712.50 186,712.50 36,725 82,435.72 305,873.22
09/01/2030 760,000 186,712.50 946,712.50 946,712.50
09/30/2030 1,252,585.72
03/01/2031 167,712.50 167,712.50 32,925 84,084.43 284,721.93
09/01/2031 800,000 167,712.50 967,712.50 967,712.50
09/30/2031 1,252,434.43
03/01/2032 147,712.50 147,712.50 28,925 85,766.12 262,403.62
09/01/2032 845,000 147,712.50 992,712.50 992,712.50
09/30/1031 1,255,116.12
03/01/2033 126,587.50 126,587.50 24,700 87,481.44 238,768.94
09/01/2033 885,000 126,587.50 1,011,587.50 1,011,587.50
09/30/2033 1,250,356.44
03/01/2034 103,909.38 103,909.38 20,275 89,231.07 213,415.45
09/01/2034 935,000 103,909.38 1,038,909.38 1,038,909.38
09/30/2034 1,252,324.83
03/01/2035 79,950.00 79,950.00 15,600 91,015.69 186,565.69
09/01/2035 985,000 79,950.00 1,064,950.00 1,064,950.00
09/30/2035 1,251,515.69
03/01/2036 54,709.38 54,709.38 10,675 92,836.00 158,220.38
09/01/2036 1,040,000 54,709.38 1,094,709.38 1,094,709.38
09/30/2036 1,252,929.76
03/01/2037 28,059.38 28,059.38 5,475 94,692.72 128,227.10
09/01/2037 1,095,000 28,059.38 1,123,059.38 -1,151,118.76 -28,059.38
09/30/2037 100,167.72
12,685,000 8,474,679.82 21,159,679.82 838,600 1,534,329.03 -1,151,118.76 -1,898,148.54 20,483,341.55 20,483,341.55
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 13
r' rstSouthwest4*
A DNrWW of HW"SKWNWL
PROOF OF ARBITRAGE YIELD
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Present Value
to 09/14/2017
Date Debt Service @ 5.0020945237%
03/01/2018 297,086.04 290,354.64
09/01/2018 320,212.50 305,320.87
03/01/2019 320,212.50 297,870.98
09/01/2019 320,212.50 290,602.87
03/01/2020 320,212.50 283,512.09
09/01/2020 320,212.50 276,594.34
03/01/2021 320,212.50 269,845.38
09/01/2021 800,212.50 657,890.68
03/01/2022 308,212.50 247,212.45
09/01/2022 813,212.50 636,349.70
03/01/2023 295,587.50 225,657.39
09/01/2023 825,587.50 614,891.23
03/01/2024 282,337.50 205,151.86
09/01/2024 842,337.50 597,124.27
03/01/2025 268,337.50 185,580.21
09/01/2025 858,337.50 579,135.34
03/01/2026 253,587.50 166,925.05
09/01/2026 873,587.50 561,011.53
03/01/2027 238,087.50 149,167.31
09/01/2027 888,087.50 542,830.86
03/01/2028 221,837.50 132,286.47
09/01/2028 906,837.50 527,571.87
03/01/2029 204,712.50 116,189.86
09/01/2029 924,712.50 512,038.11
03/01/2030 186,712.50 100,865.04
09/01/2030 946,712.50 498,950.04
03/01/2031 167,712.50 86,233.51
09/01/2031 967,712.50 485,432.33
03/01/2032 147,712.50 72,288.85
09/01/2032 992,712.50 473,968.23
03/01/2033 126,587.50 58,964.18
09/01/2033 1,011,587.50 459,697.98
03/01/2034 103,909.38 46,067.60
09/01/2034 1,038,909.38 449,355.64
03/01/2035 79,950.00 33,736.71
09/01/2035 1,064,950.00 438,414.74
03/01/2036 54,709.38 21,973.00
09/01/2036 1,094,709.38 428,941.59
03/01/2037 28,059.38 10,726.28
09/01/2037 1,123,059.38 418,837.38
21,159,679.82 12,755,568.45
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 14
Rrstsouthwest4
PROOF OF ARBITRAGE YIELD
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Proceeds Summary
Delivery date 09/14/2017
Par Value 12,685,000.00
Premium(Discount) 70,568.45
Target for yield calculation 12,755,568.45
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 15
RrstSouthiNest4*
A OIIA>�1�FIl�O�fMMl�llf.
FORM 8038 STATISTICS
City of Fort Worth,Texas
Special Assessment Revenue Bonds,Series 2017
Public Improvement District No.17(Rock Creek Ranch)Major Improvement Project
Callable on 9/1/2027 @ par
---FINAL NUMBERS---
Qualified Institutional Buyers Only(Initial Suitability Letter Required-No Traveling Letter)
Dated Date 09/14/2017
Delivery Date 09/14/2017
Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Term Bond 2027:
09/01/2021 480,000.00 5.000% 103.571 497,140.80 480,000.00
09/01/2022 505,000.00 5.000% 103.571 523,033.55 505,000.00
09/01/2023 530,000.00 5.000% 103.571 548,926.30 530,000.00
09/01/2024 560,000.00 5.000% 103.571 579,997.60 560,000.00
09/01/2025 590,000.00 5.000% 103.571 611,068.90 590,000.00
09/01/2026 620,000.00 5.000% 103.571 642,140.20 620,000.00
09/01/2027 650,000.00 5.000% 103.571 673,211.50 650,000.00
Term Bond 2032:
09/01/2028 685,000.00 5.000% 100.000 685,000.00 685,000.00
09/01/2029 720,000.00 5.000% 100.000 720,000.00 720,000.00
09/01/2030 760,000.00 5.000% 100.000 760,000.00 760,000.00
09/01/2031 800,000.00 5.000% 100.000 800,000.00 800,000.00
09/01/2032 845,000.00 5.000% 100.000 845,000.00 845,000.00
Term Bond 2037:
09/01/2033 885,000.00 5.125% 98.584 872,468.40 885,000.00
09/01/2034 935,000.00 5.125% 98.584 921,760.40 935,000.00
09/01/2035 985,000.00 5.125% 98.584 971,052.40 985,000.00
09/01/2036 1,040,000.00 5.125% 98.584 1,025,273.60 1,040,000.00
09/01/2037 1,095,000.00 5.125% 98.584 1,079,494.80 1,095,000.00
12,685,000.00 12,755,568.45 12,685,000.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 09/01/2037 5.125% 1,079,494.80 1,095,000.00
Entire Issue 12,755,568.45 12,685,000.00 13.0927 5.0021%
Proceeds used for accrued interest 0.00
Proceeds used for bond issuance costs(including underwriters'discount) 1,177,665.15
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 1,151,118.76
Aug 14,2017 1:38 pm Prepared by FirstSouthwest(eaa) Page 16