Loading...
HomeMy WebLinkAbout(0079) 2021_CO(2021GO38) Combination Tax & Revenue Certificates of Obligation, Series 2021_($18.500 mm Trinity Blvd)_03.22.2021.pdfHilltopSecurities A Hilltop Holdings Company TABLE OF CONTENTS City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Report Page Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) HilltopSecurities A Hilltop Holdings Company SOURCES AND USES OF FUNDS City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Dated Date 07/13/2021 Delivery Date 07/13/2021 Sources: Bond Proceeds: Par Amount 15,470,000.00 Premium 3,301,819.25 18,771,819.25 Uses: Project Fund Deposits: Project Fund 18,500,000.00 Delivery Date Expenses: Cost of Issuance 175,000.00 Underwriter's Discount 92,820.00 267,820.00 Other Uses of Funds: Additional Proceeds 3,999.25 18,771,819.25 Note: Preliminary, for illustrative purposes only. Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) Page 1 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 09/01/2033 Arbitrage Yield 1.483467% True Interest Cost (TIC) 1.847379% Net Interest Cost (NIC) 2.085712% All -In TIC 1.991586% Average Coupon 4.816713% Average Life (years) 7.596 Weighted Average Maturity (years) 7.684 Duration of Issue (years) 6.598 Par Amount 15,470,000.00 Bond Proceeds 18,771,819.25 Total Interest 5,659,766.67 Net Interest 2,450,767.42 Bond Years from Dated Date 117,502,666.67 Bond Years from Delivery Date 117,502,666.67 Total Debt Service 21,129,766.67 Maximum Annual Debt Service 1,850,500.00 Average Annual Debt Service 1,741,464.29 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 120.743369 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 15,470,000.00 121.343 4.817% 7.596 11,021.35 15,470,000.00 7.596 11,021.35 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield TIC 15,470,000.00 3,301,819.25 -92,820.00 18,678,999.25 07/13/2021 1.847379% All -In TIC 15,470,000.00 3,301,819.25 -92,820.00 -175,000.00 18,503,999.25 07/13/2021 1.991586% Arbitrage Yield 15,470,000.00 3,301,819.25 18,771,819.25 07/13/2021 1.483467% Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) Page 2 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Note: Preliminary, for illustrative purposes only. Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) Page 3 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Period Ending Principal Coupon Interest Debt Service Annual Debt Service 03/01/2022 478,641.67 478,641.67 09/01/2022 470,000 5.000% 377,875.00 847,875.00 09/30/2022 1,326,516.67 03/01/2023 366,125.00 366,125.00 09/01/2023 595,000 5.000% 366,125.00 961,125.00 09/30/2023 1,327,250.00 03/01/2024 351,250.00 351,250.00 09/01/2024 1,145,000 5.000% 351,250.00 1,496,250.00 09/30/2024 1,847,500.00 03/01/2025 322,625.00 322,625.00 09/01/2025 1,205,000 5.000% 322,625.00 1,527,625.00 09/30/2025 1,850,250.00 03/01/2026 292,500.00 292,500.00 09/01/2026 1,265,000 5.000% 292,500.00 1,557,500.00 09/30/2026 1,850,000.00 03/01/2027 260,875.00 260,875.00 09/01/2027 1,325,000 5.000% 260,875.00 1,585,875.00 09/30/2027 1,846,750.00 03/01/2028 227,750.00 227,750.00 09/01/2028 1,395,000 5.000% 227,750.00 1,622,750.00 09/30/2028 1,850,500.00 03/01/2029 192,875.00 192,875.00 09/01/2029 1,460,000 5.000% 192,875.00 1,652,875.00 09/30/2029 1,845,750.00 03/01/2030 156,375.00 156,375.00 09/01/2030 1,535,000 5.000% 156,375.00 1,691,375.00 09/30/2030 1,847,750.00 03/01/2031 118,000.00 118,000.00 09/01/2031 1,610,000 5.000% 118,000.00 1,728,000.00 09/30/2031 1,846,000.00 03/01/2032 77,750.00 77,750.00 09/01/2032 1,690,000 5.000% 77,750.00 1,767,750.00 09/30/2032 1,845,500.00 03/01/2033 35,500.00 35,500.00 09/01/2033 1,775,000 4.000% 35,500.00 1,810,500.00 09/30/2033 1,846,000.00 15,470,000 5,659,766.67 21,129,766.67 21,129,766.67 Note: Preliminary, for illustrative purposes only. Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) Page 4 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Period Ending Principal Coupon Interest Debt Service 09/30/2022 470,000 5.000% 856,516.67 1,326,516.67 09/30/2023 595,000 5.000% 732,250.00 1,327,250.00 09/30/2024 1,145,000 5.000% 702,500.00 1,847,500.00 09/30/2025 1,205,000 5.000% 645,250.00 1,850,250.00 09/30/2026 1,265,000 5.000% 585,000.00 1,850,000.00 09/30/2027 1,325,000 5.000% 521,750.00 1,846,750.00 09/30/2028 1,395,000 5.000% 455,500.00 1,850,500.00 09/30/2029 1,460,000 5.000% 385,750.00 1,845,750.00 09/30/2030 1,535,000 5.000% 312,750.00 1,847,750.00 09/30/2031 1,610,000 5.000% 236,000.00 1,846,000.00 09/30/2032 1,690,000 5.000% 155,500.00 1,845,500.00 09/30/2033 1,775,000 4.000% 71,000.00 1,846,000.00 15,470,000 5,659,766.67 21,129,766.67 Note: Preliminary, for illustrative purposes only. Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) Pages Hilltop5ecurities A Hilltop Holdings Company BOND PRICING City of Fort Worth, Texas Combination Tax & Revenue Certificates of Obligation, Series 2021 (Trinity Blvd Funding: $18.500 mm_Self Supported) Tax -Exempt Rates as of 03/05/2021 (+25 bps) AA+/AA/AA/Aa3 *** Structured Debt Service/Final Maturity 2033 *** Maturity Bond Component Date Amount Rate Yield Price Yield to Maturity Call Date Call Price Premium (-Discount) Principal Cost Serial Bond: 09/01/2022 470,000 5.000% 0.430% 105.160 24,252.00 494,252.00 09/01/2023 595,000 5.000% 0.500% 109.536 56,739.20 651,739.20 09/01/2024 1,145,000 5.000% 0.660% 113.436 153,842.20 1,298,842.20 09/01/2025 1,205,000 5.000% 0.820% 116.952 204,271.60 1,409,271.60 09/01/2026 1,265,000 5.000% 0.960% 120.187 255,365.55 1,520,365.55 09/01/2027 1,325,000 5.000% 1.120% 122.935 303,888.75 1,628,888.75 09/01/2028 1,395,000 5.000% 1.290% 125.204 351,595.80 1,746,595.80 09/01/2029 1,460,000 5.000% 1.460% 127.053 394,973.80 1,854,973.80 09/01/2030 1,535,000 5.000% 1.630% 127.035 C 1.780% 03/01/2030 100.000 414,987.25 1,949,987.25 09/01/2031 1,610,000 5.000% 1.720% 126.208 C 2.113% 03/01/2030 100.000 421,948.80 2,031,948.80 09/01/2032 1,690,000 5.000% 1.770% 125.752 C 2.356% 03/01/2030 100.000 435,208.80 2,125,208.80 09/01/2033 1,775,000 4.000% 1.970% 116.042 C 2.462% 03/01/2030 100.000 284,745.50 2,059,745.50 15,470,000 3,301,819.25 18,771,819.25 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds Note: Preliminary, for illustrative purposes only. 07/13/2021 07/13/2021 03/01/2022 15,470,000.00 3,301,819.25 18,771,819.25 121.343369 % -92,820.00-0.600000% 18,678,999.25 120.743369 % 18,678,999.25 Mar 22, 2021 10:44 am Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GO38-2021_CO) Page 6