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HomeMy WebLinkAbout(0076) DEF_2021(2021_WS2) Partial Cash Defeasance of Waterworks and Sewer System Rev. Ref. and Imp. Bonds, Series 2011_Option 2_02.10.21.pdfHilltopSecurities A Hilltop Holdings Company TABLE OF CONTENTS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Report Page Savings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Unrefunded Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Date Prior Prior Debt Service Receipts Prior Net Cash Flow Refunding Net Cash Flow Savings 09/30/2021 618,250.00 24,995,734.73 -24,377,484.73 -24,377,484.73 09/30/2022 1,236,500.00 1,236,500.00 1,236,500.00 09/30/2023 1,236,500.00 1,236,500.00 1,236,500.00 09/30/2024 1,236,500.00 1,236,500.00 1,236,500.00 09/30/2025 6,150,500.00 6,150,500.00 6,150,500.00 09/30/2026 6,147,125.00 6,147,125.00 6,147,125.00 09/30/2027 6,150,500.00 6,150,500.00 6,150,500.00 09/30/2028 441,250.00 441,250.00 441,250.00 09/30/2029 441,250.00 441,250.00 441,250.00 09/30/2030 2,415,625.00 2,415,625.00 2,415,625.00 09/30/2031 6,970,000.00 6,970,000.00 6,970,000.00 33,044,000.00 24,995,734.73 8,048,265.27 0.00 8,048,265.27 Savings Summary Savings PV date Savings PV rate PV of savings from cash flow Net PV Savings Note: Preliminary, for illustrative purposes only. 04/27/2021 1.000000% 6,187,554.48 6,187,554.48 Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Pagel HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Dated Date Delivery Date Arbitrage yield Escrow yield Value of Negative Arbitrage Bond Par Amount Par amount of refunded bonds Average coupon of refunded bonds Average life of refunded bonds Remaining weighted average maturity of refunded bonds PV of prior debt to 04/27/2021 @ 1.000000% Net PV Savings Percentage savings of refunded bonds Note: Preliminary, for illustrative purposes only. 04/27/2021 04/27/2021 0.000000% 24,730,000.00 5.000000% 6.524 6.484 31,183,289.21 6,187,554.48 25.020439% Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 2 HilltopSecurities A Hilltop Holdings Company SOURCES AND USES OF FUNDS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Dated Date 04/27/2021 Delivery Date 04/27/2021 Sources: Other Sources of Funds: Transfer From Debt Service Fund 24,995,734.73 24,995,734.73 Uses: Refunding Escrow Deposits: Cash Deposit Delivery Date Expenses: Cost of Issuance 24,980,734.73 15,000.00 24,995,734.73 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 3 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Dated Date 04/27/2021 Delivery Date 04/27/2021 First Coupon Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All -In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Totallnterest Net Interest Bond Years from Dated Date Bond Years from Delivery Date Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield Note: Preliminary, for illustrative purposes only. All -In Arbitrage TIC TIC Yield -15,000.00 -15,000.00 04/27/2021 04/27/2021 04/27/2021 Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 4 HilltopSecurities A Hilltop Holdings Company SUMMARY OF BONDS REFUNDED City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Maturity Interest Par Call Call Bond Date Rate Amount Date Price $151,160,000 Waterworks and Sewer System Refunding and Improvement Bonds, Series 2011, 2011, BOND: 02/15/2025 5.000% 5,040,000.00 04/28/2021 100.000 02/15/2026 5.000% 5,295,000.00 04/28/2021 100.000 02/15/2027 5.000% 5,570,000.00 04/28/2021 100.000 02/15/2030 5.000% 2,025,000.00 04/28/2021 100.000 02/15/2031 5.000% 6,800,000.00 04/28/2021 100.000 24,730,000.00 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Pages HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Annual Period Debt Debt Ending Principal Coupon Interest Service Service 08/15/2021 618,250 618,250 09/30/2021 618,250 02/15/2022 618,250 618,250 08/15/2022 618,250 618,250 09/30/2022 1,236,500 02/15/2023 618,250 618,250 08/15/2023 618,250 618,250 09/30/2023 1,236,500 02/15/2024 618,250 618,250 08/15/2024 618,250 618,250 09/30/2024 1,236,500 02/15/2025 5,040,000 5.000% 618,250 5,658,250 08/15/2025 492,250 492,250 09/30/2025 6,150,500 02/15/2026 5,295,000 5.000% 492,250 5,787,250 08/15/2026 359,875 359,875 09/30/2026 6,147,125 02/15/2027 5,570,000 5.000% 359,875 5,929,875 08/15/2027 220,625 220,625 09/30/2027 6,150,500 02/15/2028 220,625 220,625 08/15/2028 220,625 220,625 09/30/2028 441,250 02/15/2029 220,625 220,625 08/15/2029 220,625 220,625 09/30/2029 441,250 02/15/2030 2,025,000 5.000% 220,625 2,245,625 08/15/2030 170,000 170,000 09/30/2030 2,415,625 02/15/2031 6,800,000 5.000% 170,000 6,970,000 09/30/2031 6,970,000 24,730,000 8,314,000 33,044,000 33,044,000 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 6 HilltopSecurities A Hilltop Holdings Company ESCROW REQUIREMENTS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) $151,160,000 Waterworks and Sewer System Refunding and Improvement Bonds, Series 2011 (2011) Period Principal Ending Interest Redeemed Total 04/28/2021 250,734.73 24,730,000.00 24,980,734.73 250,734.73 24,730,000.00 24,980,734.73 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 7 HilltopSecurities A Hilltop Holdings Company ESCROW COST City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 04/27/2021 24,980,734.73 24,980,734.73 0 24,980,734.73 24,980,734.73 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 8 HilltopSecurities A Hilltop Holdings Company ESCROW SUFFICIENCY City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 04/27/2021 24,980,734.73 24,980,734.73 24,980,734.73 04/28/2021 24,980,734.73-24,980,734.73 24,980,734.73 24,980,734.73 0.00 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 9 HilltopSecurities A Hilltop Holdings Company ESCROW STATISTICS City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time 24,980,734.73 24,980,734.73 24,980,734.73 24,980,734.73 0.00 0.00 Delivery date 04/27/2021 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_WS2-DEF_2021,DEF_2021) Page 10 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) $151,160,000 Waterworks and Sewer System Refunding and Improvement Bonds, Series 2011 (2011) Annual Period Debt Debt Ending Principal Coupon Interest Service Service 08/15/2021 618,250 618,250 09/30/2021 618,250 02/15/2022 618,250 618,250 08/15/2022 618,250 618,250 09/30/2022 1,236,500 02/15/2023 618,250 618,250 08/15/2023 618,250 618,250 09/30/2023 1,236,500 02/15/2024 618,250 618,250 08/15/2024 618,250 618,250 09/30/2024 1,236,500 02/15/2025 5,040,000 5.000% 618,250 5,658,250 08/15/2025 492,250 492,250 09/30/2025 6,150,500 02/15/2026 5,295,000 5.000% 492,250 5,787,250 08/15/2026 359,875 359,875 09/30/2026 6,147,125 02/15/2027 5,570,000 5.000% 359,875 5,929,875 08/15/2027 220,625 220,625 09/30/2027 6,150,500 02/15/2028 220,625 220,625 08/15/2028 220,625 220,625 09/30/2028 441,250 02/15/2029 220,625 220,625 08/15/2029 220,625 220,625 09/30/2029 441,250 02/15/2030 2,025,000 5.000% 220,625 2,245,625 08/15/2030 170,000 170,000 09/30/2030 2,415,625 02/15/2031 6,800,000 5.000% 170,000 6,970,000 09/30/2031 6,970,000 24,730,000 8,314,000 33,044,000 33,044,000 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_W52-DEF_2021,DEF_2021) Page 11 HilltopSecurities A Hilltop Holdings Company UNREFUNDED BOND DEBT SERVICE City of Fort Worth, Texas Partial Cash Defeasance of: Water & Sewer System Revenue Refunding & Improvement Bonds, Series 2011 *** Preliminary Numbers *** (Option 2) $151,160,000 Waterworks and Sewer System Refunding and Improvement Bonds, Series 2011 (2011) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/15/2021 1,074,625 1,074,625 09/30/2021 1,074,625 02/15/2022 13,530,000 5.000% 1,074,625 14,604,625 08/15/2022 736,375 736,375 09/30/2022 15,341,000 02/15/2023 8,205,000 5.000% 736,375 8,941,375 08/15/2023 531,250 531,250 09/30/2023 9,472,625 02/15/2024 4,795,000 5.000% 531,250 5,326,250 08/15/2024 411,375 411,375 09/30/2024 5,737,625 02/15/2025 411,375 411,375 08/15/2025 411,375 411,375 09/30/2025 822,750 02/15/2026 411,375 411,375 08/15/2026 411,375 411,375 09/30/2026 822,750 02/15/2027 411,375 411,375 08/15/2027 411,375 411,375 09/30/2027 822,750 02/15/2028 5,855,000 5.000% 411,375 6,266,375 08/15/2028 265,000 265,000 09/30/2028 6,531,375 02/15/2029 6,155,000 5.000% 265,000 6,420,000 08/15/2029 111,125 111,125 09/30/2029 6,531,125 02/15/2030 4,445,000 5.000% 111,125 4,556,125 09/30/2030 4,556,125 42,985,000 8,727,750 51,712,750 51,712,750 Note: Preliminary, for illustrative purposes only. Feb 10, 2021 7:10 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021_W52-DEF_2021,DEF_2021) Page 12