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(0090) 2021A_GP(2021GOBB) General Purpose Refunding and Improvement Bonds, Series 2021A_03.26.2021.pdf
HilltopSecurities A Hilltop Holdings Company TABLE OF CONTENTS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Report Page General Purpose Refunding and Improvement Bonds, Series 2021A Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 2 Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . 10 Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 General Purpose Refunding and Improvement Bonds, Series 2021 ($83.170 mm) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 19 General Purpose Refunding and Improvement Bonds, Series 2021A_(CR: Ser'21A Notes) Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Summary of Refunding Results . . . . . . . . 21 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 General Purpose Refunding and Improvement Bonds, Series 2021A_(CR: Ser'11 GP Bonds) Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 27 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Date Prior Debt Service Prior Prior Refunding Receipts Net Cash Flow Debt Service Savings 09/30/2021 559,313.89 559,313.89 09/30/2022 20,563,660.00 20,563,660.00 7,901,276.67 12,662,383.33 09/30/2023 18,960,555.00 18,960,555.00 5,867,950.00 13,092,605.00 09/30/2024 15,081,200.00 15,081,200.00 5,703,075.00 9,378,125.00 09/30/2025 14,968,720.00 14,968,720.00 5,543,325.00 9,425,395.00 09/30/2026 14,856,240.00 14,856,240.00 5,383,575.00 9,472,665.00 09/30/2027 5,223,825.00 -5,223,825.00 09/30/2028 5,064,075.00 -5,064,075.00 09/30/2029 4,904,325.00 -4,904,325.00 09/30/2030 4,744,575.00 -4,744,575.00 09/30/2031 4,584,825.00 -4,584,825.00 09/30/2032 4,425,075.00 -4,425,075.00 09/30/2033 4,281,300.00 -4,281,300.00 09/30/2034 4,153,500.00 -4,153,500.00 09/30/2035 4,025,700.00 -4,025,700.00 09/30/2036 3,897,900.00 -3,897,900.00 09/30/2037 3,770,100.00 -3,770,100.00 09/30/2038 3,642,300.00 -3,642,300.00 09/30/2039 3,514,500.00 -3,514,500.00 09/30/2040 3,386,700.00 -3,386,700.00 09/30/2041 3,258,900.00 -3,258,900.00 84,989,688.89 559,313.89 84,430,375.00 93,276,801.67 -8,846,426.67 Savings Summary Savings PV date 07/13/2021 PV of savings from cash flow 4,079,004.55 Less: Prior funds on hand-7,100,000.00 Net PV Savings Note: Preliminary, for illustrative purposes only. -3,020,995.45 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Pagel HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 Arbitrage yield 1.773559% Escrow yield 0.010274% Value of Negative Arbitrage 173,807.10 Bond Par Amount 65,350,000.00 True Interest Cost 2.441401% Net Interest Cost 2.702544% All -In TIC 2.488525% Average Coupon 4.306745% Average Life 9.923 Weighted Average Maturity 9.424 Par amount of refunded bonds 82,625,000.00 Average coupon of refunded bonds 0.949913% Average life of refunded bonds 2.469 Remaining weighted average maturity of refunded bonds 2.443 Net PV Savings-3,020,995.45 Percentage savings of refunded bonds-3.656273% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 2 HilltopSecurities A Hilltop Holdings Company SOURCES AND USES OF FUNDS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 General General General Purpose Purpose Purpose Refunding and Refunding and Refunding and Improvement Improvement Improvement Bonds, Series Bonds, Series Bonds, Series 2021($83.170 2021A_(CR:Ser 2021A_(CR:Ser Sources: mm) '21A Notes) '11 GP Bonds) Total Bond Proceeds: Par Amount 73,100,000.00 63,910,000.00 1,440,000.00 138,450,000.00 Premium 10,835,579.80 10,752,961.65 41,472.00 21,630,013.45 83,935,579.80 74,662,961.65 1,481,472.00 160,080,013.45 Other Sources of Funds: Transfer from Debt Service Fund 343,688.89 215,625.00 559,313.89 Excess funds from Debt Service Fund 7,100,000.00 7,100,000.00 343,688.89 7,315,625.00 7,659,313.89 83,935,579.80 75,006,650.54 8,797,097.00 167,739,327.34 General General General Purpose Purpose Purpose Refunding and Refunding and Refunding and Improvement Improvement Improvement Bonds, Series Bonds, Series Bonds, Series 2021($83.170 2021A_(CR:Ser 2021A_(CR:Ser Uses: mm) '21A Notes) '11 GP Bonds) Total Project Fund Deposits: Project Fund Refunding Escrow Deposits: Cash Deposit SLGS Purchases Delivery Date Expenses: Cost of Issuance Underwriter's Discount Other Uses of Funds: Additional Proceeds Note: Preliminary, for illustrative purposes only. 83,170,000.00 83,170,000.00 0.89 8,784,322.92 8,784,323.81 74,343,688.00 74,343,688.00 74,343,688.89 8,784,322.92 83,128,011.81 322,072.95 281,582.52 6,344.53 610,000.00 438,600.00 383,460.00 8,640.00 830,700.00 760,672.95 665,042.52 14,984.53 1,440,700.00 4,906.85-2,080.87-2,210.45 615.53 83,935,579.80 75,006,650.54 8,797,097.00 167,739,327.34 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 3 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 03/01/2022 18,275,000 5.000% 4,023,756.67 22,298,756.67 09/01/2022 2,719,775.00 2,719,775.00 09/30/2022 25,018,531.67 03/01/2023 6,330,000 5.000% 2,719,775.00 9,049,775.00 09/01/2023 2,561,525.00 2,561,525.00 09/30/2023 11,611,300.00 03/01/2024 6,325,000 5.000% 2,561,525.00 8,886,525.00 09/01/2024 2,403,400.00 2,403,400.00 09/30/2024 11,289,925.00 03/01/2025 6,325,000 5.000% 2,403,400.00 8,728,400.00 09/01/2025 2,245,275.00 2,245,275.00 09/30/2025 10,973,675.00 03/01/2026 6,325,000 5.000% 2,245,275.00 8,570,275.00 09/01/2026 2,087,150.00 2,087,150.00 09/30/2026 10,657,425.00 03/01/2027 6,325,000 5.000% 2,087,150.00 8,412,150.00 09/01/2027 1,929,025.00 1,929,025.00 09/30/2027 10,341,175.00 03/01/2028 6,325,000 5.000% 1,929,025.00 8,254,025.00 09/01/2028 1,770,900.00 1,770,900.00 09/30/2028 10,024,925.00 03/01/2029 6,325,000 5.000% 1,770,900.00 8,095,900.00 09/01/2029 1,612,775.00 1,612,775.00 09/30/2029 9,708,675.00 03/01/2030 6,325,000 5.000% 1,612,775.00 7,937,775.00 09/01/2030 1,454,650.00 1,454,650.00 09/30/2030 9,392,425.00 03/01/2031 6,325,000 5.000% 1,454,650.00 7,779,650.00 09/01/2031 1,296,525.00 1,296,525.00 09/30/2031 9,076,175.00 03/01/2032 6,325,000 5.000% 1,296,525.00 7,621,525.00 09/01/2032 1,138,400.00 1,138,400.00 09/30/2032 8,759,925.00 03/01/2033 6,325,000 4.000% 1,138,400.00 7,463,400.00 09/01/2033 1,011,900.00 1,011,900.00 09/30/2033 8,475,300.00 03/01/2034 6,325,000 4.000% 1,011,900.00 7,336,900.00 09/01/2034 885,400.00 885,400.00 09/30/2034 8,222,300.00 03/01/2035 6,325,000 4.000% 885,400.00 7,210,400.00 09/01/2035 758,900.00 758,900.00 09/30/2035 7,969,300.00 03/01/2036 6,325,000 4.000% 758,900.00 7,083,900.00 09/01/2036 632,400.00 632,400.00 09/30/2036 7,716,300.00 03/01/2037 6,325,000 4.000% 632,400.00 6,957,400.00 09/01/2037 505,900.00 505,900.00 09/30/2037 7,463,300.00 03/01/2038 6,325,000 4.000% 505,900.00 6,830,900.00 09/01/2038 379,400.00 379,400.00 09/30/2038 7,210,300.00 03/01/2039 6,325,000 4.000% 379,400.00 6,704,400.00 09/01/2039 252,900.00 252,900.00 09/30/2039 6,957,300.00 03/01/2040 6,325,000 4.000% 252,900.00 6,577,900.00 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 4 Hilltop5ecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 09/01/2040 126,400.00 126,400.00 09/30/2040 6,704,300.00 03/01/2041 6,320,000 4.000% 126,400.00 6,446,400.00 09/30/2041 6,446,400.00 138,450,000 55,568,956.67 194,018,956.67 194,018,956.67 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by Hilltop5ecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Pages HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Ending Principal Coupon Interest Debt Service 09/30/2022 18,275,000 5.000% 6,743,531.67 25,018,531.67 09/30/2023 6,330,000 5.000% 5,281,300.00 11,611,300.00 09/30/2024 6,325,000 5.000% 4,964,925.00 11,289,925.00 09/30/2025 6,325,000 5.000% 4,648,675.00 10,973,675.00 09/30/2026 6,325,000 5.000% 4,332,425.00 10,657,425.00 09/30/2027 6,325,000 5.000% 4,016,175.00 10,341,175.00 09/30/2028 6,325,000 5.000% 3,699,925.00 10,024,925.00 09/30/2029 6,325,000 5.000% 3,383,675.00 9,708,675.00 09/30/2030 6,325,000 5.000% 3,067,425.00 9,392,425.00 09/30/2031 6,325,000 5.000% 2,751,175.00 9,076,175.00 09/30/2032 6,325,000 5.000% 2,434,925.00 8,759,925.00 09/30/2033 6,325,000 4.000% 2,150,300.00 8,475,300.00 09/30/2034 6,325,000 4.000% 1,897,300.00 8,222,300.00 09/30/2035 6,325,000 4.000% 1,644,300.00 7,969,300.00 09/30/2036 6,325,000 4.000% 1,391,300.00 7,716,300.00 09/30/2037 6,325,000 4.000% 1,138,300.00 7,463,300.00 09/30/2038 6,325,000 4.000% 885,300.00 7,210,300.00 09/30/2039 6,325,000 4.000% 632,300.00 6,957,300.00 09/30/2040 6,325,000 4.000% 379,300.00 6,704,300.00 09/30/2041 6,320,000 4.000% 126,400.00 6,446,400.00 138,450,000 55,568,956.67 194,018,956.67 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 6 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2041 Arbitrage Yield 1.773559% True Interest Cost (TIC) 2.436244% Net Interest Cost (NIC) 2.696690% All -In TIC 2.486417% Average Coupon 4.309859% Average Life (years) 9.313 Weighted Average Maturity (years) 9.424 Duration of Issue (years) 7.751 Par Amount 138,450,000.00 Bond Proceeds 160,080,013.45 Total Interest 55,568,956.67 Net Interest 34,769,643.22 Bond Years from Dated Date 1,289,345,000.00 Bond Years from Delivery Date 1,289,345,000.00 Total Debt Service 194,018,956.67 Maximum Annual Debt Service 25,018,531.67 Average Annual Debt Service 9,882,120.03 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 115.022978 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 138,450,000.00 115.623 4.310% 9.313 89,003.65 138,450,000.00 9.313 89,003.65 All -In Arbitrage TIC TIC Yield Par Value 138,450,000.00 138,450,000.00 138,450,000.00 + Accrued Interest + Premium (Discount) 21,630,013.45 21,630,013.45 21,630,013.45 Underwriter's Discount -830,700.00 -830,700.00 Cost of Issuance Expense -610,000.00 Other Amounts Target Value 159,249,313.45 158,639,313.45 160,080,013.45 Target Date 07/13/2021 07/13/2021 07/13/2021 Yield 2.436244% 2.486417% 1.773559% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 7 Hilltop5ecurities A Hilltop Holdings Company BOND PRICING City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Principal Cost Serial Bond: 03/01/2022 18,275,000 5.000% 0.440% 102.880 526,320.00 18,801,320.00 03/01/2023 6,330,000 5.000% 0.510% 107.293 461,646.90 6,791,646.90 03/01/2024 6,325,000 5.000% 0.660% 111.310 715,357.50 7,040,357.50 03/01/2025 6,325,000 5.000% 0.820% 114.932 944,449.00 7,269,449.00 03/01/2026 6,325,000 5.000% 0.960% 118.264 1,155,198.00 7,480,198.00 03/01/2027 6,325,000 5.000% 1.110% 121.184 1,339,888.00 7,664,888.00 03/01/2028 6,325,000 5.000% 1.280% 123.583 1,491,624.75 7,816,624.75 03/01/2029 6,325,000 5.000% 1.450% 125.563 1,616,859.75 7,941,859.75 03/01/2030 6,325,000 5.000% 1.630% 127.035 1,709,963.75 8,034,963.75 03/01/2031 6,325,000 5.000% 1.710% 126.300 C 1.987% 03/01/2030 100.000 1,663,475.00 7,988,475.00 03/01/2032 6,325,000 5.000% 1.760% 125.843 C 2.253% 03/01/2030 100.000 1,634,569.75 7,959,569.75 03/01/2033 6,325,000 4.000% 1.950% 116.214 C 2.395% 03/01/2030 100.000 1,025,535.50 7,350,535.50 03/01/2034 6,325,000 4.000% 2.000% 115.784 C 2.532% 03/01/2030 100.000 998,338.00 7,323,338.00 03/01/2035 6,325,000 4.000% 2.050% 115.355 C 2.650% 03/01/2030 100.000 971,203.75 7,296,203.75 03/01/2036 6,325,000 4.000% 2.090% 115.014 C 2.747% 03/01/2030 100.000 949,635.50 7,274,635.50 03/01/2037 6,325,000 4.000% 2.130% 114.673 C 2.832% 03/01/2030 100.000 928,067.25 7,253,067.25 03/01/2038 6,325,000 4.000% 2.170% 114.334 C 2.907% 03/01/2030 100.000 906,625.50 7,231,625.50 03/01/2039 6,325,000 4.000% 2.210% 113.996 C 2.974% 03/01/2030 100.000 885,247.00 7,210,247.00 03/01/2040 6,325,000 4.000% 2.250% 113.659 C 3.035% 03/01/2030 100.000 863,931.75 7,188,931.75 03/01/2041 6,320,000 4.000% 2.290% 113.324 C 3.090% 03/01/2030 100.000 842,076.80 7,162,076.80 138,450,000 21,630,013.45 160,080,013.45 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 07/13/2021 07/13/2021 03/01/2022 138,450,000.00 21,630,013.45 160, 080,013.45 115.622978 % -830,700.00-0.600000% 159,249,313.45 115.022978 % 159,249,313.45 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 8 Hilltop5ecurities BOND PRICING City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 9 HilltopSecurities A Hilltop Holdings Company SUMMARY OF BONDS REFUNDED City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Maturity Interest Par Bond Date Rate Amount Call Date Call Price $46,680,000 General Purpose Refunding Bonds, Series 2011, 2011, SERIAL: 03/01/2022 5.000% 4,950,000.00 07/14/2021 100.000 03/01/2023 5.000% 3,675,000.00 07/14/2021 100.000 8,625,000.00 $74,000,000 Tax Notes, Series 2021A_Key Bank_FINAL, 21_A2K, TERM_26: 03/01/2026 0.760% 74,000,000.00 09/01/2021 100.000 82,625,000.00 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 10 HilltopSecurities A Hilltop Holdings Company ESCROW REQUIREMENTS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Principal Ending Interest Redeemed Total 07/14/2021 159,322.92 8,625,000.00 8,784,322.92 09/01/2021 343,688.89 74,000,000.00 74,343,688.89 503,011.81 82,625,000.00 83,128,011.81 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 11 HilltopSecurities A Hilltop Holdings Company ESCROW DESCRIPTIONS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Jul 13, 2021: SLGS Certificate 09/01/2021 09/01/2021 74,343,688 0.010% 0.010% 74,343,688 SLGS Summary SLGS Rates File Total Certificates of Indebtedness Note: Preliminary, for illustrative purposes only. 26MAR21 74,343,688.00 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 12 HilltopSecurities A Hilltop Holdings Company ESCROW COST City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Type of Maturity Par Total Security Date Amount Rate Cost SLGS 09/01/2021 74,343,688 0.010% 74,343,688.00 74,343,688 74,343,688.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 07/13/2021 74,343,688 8,784,323.81 83,128,011.81 74,343,688 8,784,323.81 83,128,011.81 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 13 HilltopSecurities A Hilltop Holdings Company ESCROW CASH FLOW City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Net Escrow Date Principal Interest Receipts 09/01/ 2021 74, 343, 688.00 1,018.41 74, 344, 706.41 74, 343,688.00 1,018.41 74, 344,706.41 Escrow Cost Summary Purchase date Purchase cost of securities Note: Preliminary, for illustrative purposes only. 07/13/2021 74,343,688.00 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 14 HilltopSecurities A Hilltop Holdings Company ESCROW SUFFICIENCY City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Date Escrow Requirement Net Escrow Receipts Excess Receipts Excess Balance 07/13/2021 8,784,323.81 8,784,323.81 8,784,323.81 07/14/2021 8,784,322.92 -8,784,322.92 0.89 09/01/2021 74,343,688.89 74,344,706.41 1,017.52 1,018.41 83,128,011.81 83,129,030.22 1,018.41 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 15 Hilltop5ecurities A Hilltop Holdings Company ESCROW STATISTICS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Escrow Cost (years) Date Date Cost Arbitrage Dead Time General Purpose Refunding and Improvement Bonds, Series 2021A_(CR: Ser'21A Notes): TDSF 343,688.89 0.133 0.010278% 0.010278% 343,688.89 803.50 BP 74,000,000.00 0.133 0.010274% 0.010274% 74,000,000.00 173,003.60 General Purpose Refunding and Improvement Bonds, Series 2021A_(CR: Ser'11 GP Bond: TDSF 215,625.00 215,625.00 EDSF 7,100,000.00 7,100,000.00 BP 1,468,697.92 1,468,697.92 83,128,011.81 83,128,011.81 173,807.10 0.00 Delivery date 07/13/2021 Arbitrage yield 1.773559% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by Hilltop5ecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 16 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A Tax -Exempt Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Ending Principal Coupon Interest Debt Service 09/30/2021 559,313.89 559,313.89 09/30/2022 19,750,000 ** % 813,660.00 20,563,660.00 09/30/2023 18,475,000 ** % 485,555.00 18,960,555.00 09/30/2024 14,800,000 0.760% 281,200.00 15,081,200.00 09/30/2025 14,800,000 0.760% 168,720.00 14,968,720.00 09/30/2026 14,800,000 0.760% 56,240.00 14,856,240.00 82,625,000 2,364,688.89 84,989,688.89 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 17 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A (New Money: $83.170 mm) Period Ending Principal Coupon Interest Debt Service 09/30/2022 13,635,000 5.000% 3,482,255 17,117,255 09/30/2023 3,130,000 5.000% 2,613,350 5,743,350 09/30/2024 3,130,000 5.000% 2,456,850 5,586,850 09/30/2025 3,130,000 5.000% 2,300,350 5,430,350 09/30/2026 3,130,000 5.000% 2,143,850 5,273,850 09/30/2027 3,130,000 5.000% 1,987,350 5,117,350 09/30/2028 3,130,000 5.000% 1,830,850 4,960,850 09/30/2029 3,130,000 5.000% 1,674,350 4,804,350 09/30/2030 3,130,000 5.000% 1,517,850 4,647,850 09/30/2031 3,130,000 5.000% 1,361,350 4,491,350 09/30/2032 3,130,000 5.000% 1,204,850 4,334,850 09/30/2033 3,130,000 4.000% 1,064,000 4,194,000 09/30/2034 3,130,000 4.000% 938,800 4,068,800 09/30/2035 3,130,000 4.000% 813,600 3,943,600 09/30/2036 3,130,000 4.000% 688,400 3,818,400 09/30/2037 3,130,000 4.000% 563,200 3,693,200 09/30/2038 3,130,000 4.000% 438,000 3,568,000 09/30/2039 3,130,000 4.000% 312,800 3,442,800 09/30/2040 3,130,000 4.000% 187,600 3,317,600 09/30/2041 3,125,000 4.000% 62,500 3,187,500 73,100,000 27,642,155 100,742,155 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 18 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2021A (New Money: $83.170 mm) Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2041 Arbitrage Yield 1.773559% True Interest Cost (TIC) 2.431034% Net Interest Cost (NIC) 2.690768% All -In TIC 2.484287% Average Coupon 4.313010% Average Life (years) 8.767 Weighted Average Maturity (years) 8.929 Duration of Issue (years) 7.355 Pa r Amou nt 73,100,000.00 Bond Proceeds 83,935,579.80 Total Interest 27,642,155.00 Net Interest 17,245,175.20 Bond Years from Dated Date 640,901,666.67 Bond Years from Delivery Date 640,901,666.67 Total Debt Service 100,742,155.00 Maximum Annual Debt Service 17,117,255.00 Average Annual Debt Service 5,131,179.37 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 114.222955 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 73,100,000.00 114.823 4.313% 8.767 44,363.35 73,100,000.00 8.767 44,363.35 All -In Arbitrage TIC TIC Yield Par Value 73,100,000.00 73,100,000.00 73,100,000.00 + Accrued Interest + Premium (Discount) 10,835,579.80 10,835,579.80 10,835,579.80 Underwriter's Discount-438,600.00 -438,600.00 Cost of Issuance Expense -322,072.95 Other Amounts Target Value 83,496,979.80 83,174,906.85 83,935,579.80 Target Date 07/13/2021 07/13/2021 07/13/2021 Yield 2.431034% 2.484287% 1.773559% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 19 HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2021A Tax Notes) *** Tax Supported *** Date Prior Prior Prior Debt Service Receipts Net Cash Flow Refunding Debt Service Savings 09/30/2021 343,688.89 343,688.89 09/30/2022 15,306,160.00 15,306,160.00 6,415,676.67 8,890,483.33 09/30/2023 15,193,680.00 15,193,680.00 5,867,950.00 9,325,730.00 09/30/2024 15,081,200.00 15,081,200.00 5,703,075.00 9,378,125.00 09/30/2025 14,968,720.00 14,968,720.00 5,543,325.00 9,425,395.00 09/30/2026 14,856,240.00 14,856,240.00 5,383,575.00 9,472,665.00 09/30/2027 5,223,825.00 -5,223,825.00 09/30/2028 5,064,075.00 -5,064,075.00 09/30/2029 4,904,325.00 -4,904,325.00 09/30/2030 4,744,575.00 -4,744,575.00 09/30/2031 4,584,825.00 -4,584,825.00 09/30/2032 4,425,075.00 -4,425,075.00 09/30/2033 4,281,300.00 -4,281,300.00 09/30/2034 4,153,500.00 -4,153,500.00 09/30/2035 4,025,700.00 -4,025,700.00 09/30/2036 3,897,900.00 -3,897,900.00 09/30/2037 3,770,100.00 -3,770,100.00 09/30/2038 3,642,300.00 -3,642,300.00 09/30/2039 3,514,500.00 -3,514,500.00 09/30/2040 3,386,700.00 -3,386,700.00 09/30/2041 3,258,900.00 -3,258,900.00 75,749,688.89 343,688.89 75,406,000.00 91,791,201.67-16,385,201.67 Savings Summary Savings PV date 07/13/2021 Savings PV rate 2.489178% PV of savings from cash flow-3,286,021.22 Net PV Savings Note: Preliminary, for illustrative purposes only. -3,286,021.22 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 20 HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2021A Tax Notes) *** Tax Supported *** Dated Date 07/13/2021 Delivery Date 07/13/2021 Arbitrage yield 1.773559% Escrow yield 0.010274% Value of Negative Arbitrage 173,807.10 Bond Par Amount 63,910,000.00 True Interest Cost 2.443017% Net Interest Cost 2.704379% All -In TIC 2.489178% Average Coupon 4.305769% Average Life 10.132 Weighted Average Maturity 10.154 Par amount of refunded bonds 74,000,000.00 Average coupon of refunded bonds 0.760000% Average life of refunded bonds 2.633 Remaining weighted average maturity of refunded bonds 2.633 PV of prior debt to 07/13/2021 @ 2.489178% 71,055,586.80 Net PV Savings-3,286,021.22 Percentage savings of refunded bonds-4.440569% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 21 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2021A Tax Notes) *** Tax Supported *** Period Ending Principal Coupon Interest Debt Service 09/30/2022 3,200,000 5.000% 3,215,676.67 6,415,676.67 09/30/2023 3,200,000 5.000% 2,667,950.00 5,867,950.00 09/30/2024 3,195,000 5.000% 2,508,075.00 5,703,075.00 09/30/2025 3,195,000 5.000% 2,348,325.00 5,543,325.00 09/30/2026 3,195,000 5.000% 2,188,575.00 5,383,575.00 09/30/2027 3,195,000 5.000% 2,028,825.00 5,223,825.00 09/30/2028 3,195,000 5.000% 1,869,075.00 5,064,075.00 09/30/2029 3,195,000 5.000% 1,709,325.00 4,904,325.00 09/30/2030 3,195,000 5.000% 1,549,575.00 4,744,575.00 09/30/2031 3,195,000 5.000% 1,389,825.00 4,584,825.00 09/30/2032 3,195,000 5.000% 1,230,075.00 4,425,075.00 09/30/2033 3,195,000 4.000% 1,086,300.00 4,281,300.00 09/30/2034 3,195,000 4.000% 958,500.00 4,153,500.00 09/30/2035 3,195,000 4.000% 830,700.00 4,025,700.00 09/30/2036 3,195,000 4.000% 702,900.00 3,897,900.00 09/30/2037 3,195,000 4.000% 575,100.00 3,770,100.00 09/30/2038 3,195,000 4.000% 447,300.00 3,642,300.00 09/30/2039 3,195,000 4.000% 319,500.00 3,514,500.00 09/30/2040 3,195,000 4.000% 191,700.00 3,386,700.00 09/30/2041 3,195,000 4.000% 63,900.00 3,258,900.00 63,910,000 27,881,201.67 91,791,201.67 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 22 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2021A Tax Notes) *** Tax Supported *** Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2041 Arbitrage Yield 1.773559% True Interest Cost (TIC) 2.443017% Net Interest Cost (NIC) 2.704379% All -In TIC 2.489178% Average Coupon 4.305769% Average Life (years) 10.132 Weighted Average Maturity (years) 10.154 Duration of Issue (years) 8.336 Par Amount 63,910,000.00 Bond Proceeds 74,662,961.65 Total Interest 27,881,201.67 Net Interest 17,511,700.02 Bond Years from Dated Date 647,531,333.33 Bond Years from Delivery Date 647,531,333.33 Total Debt Service 91,791,201.67 Maximum Annual Debt Service 6,415,676.67 Average Annual Debt Service 4,675,273.43 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 116.225163 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 63,910,000.00 116.825 4.306% 10.132 44,539.50 63,910,000.00 10.132 44,539.50 All -In Arbitrage TIC TIC Yield Par Value 63,910,000.00 63,910,000.00 63,910,000.00 + Accrued Interest + Premium (Discount) 10,752,961.65 10,752,961.65 10,752,961.65 Underwriter's Discount -383,460.00 -383,460.00 Cost of Issuance Expense -281,582.52 Other Amounts Target Value 74,279,501.65 73,997,919.13 74,662,961.65 Target Date 07/13/2021 07/13/2021 07/13/2021 Yield 2.443017% 2.489178% 1.773559% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 23 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2021A Tax Notes) *** Tax Supported *** $74,000,000 Tax Notes, Series 2021A Key Bank FINAL (21 A2K) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 09/01/2021 343,688.89 343,688.89 09/30/2021 343,688.89 03/01/2022 14,800,000 0.760% 281,200.00 15,081,200.00 09/01/2022 224,960.00 224,960.00 09/30/2022 15,306,160.00 03/01/2023 14,800,000 0.760% 224,960.00 15,024,960.00 09/01/2023 168,720.00 168,720.00 09/30/2023 15,193,680.00 03/01/2024 14,800,000 0.760% 168,720.00 14,968,720.00 09/01/2024 112,480.00 112,480.00 09/30/2024 15,081,200.00 03/01/2025 14,800,000 0.760% 112,480.00 14,912,480.00 09/01/2025 56,240.00 56,240.00 09/30/2025 14,968,720.00 03/01/2026 14,800,000 0.760% 56,240.00 14,856,240.00 09/30/2026 14,856,240.00 74,000,000 1,749,688.89 75,749,688.89 75,749,688.89 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 24 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2021A Tax Notes) *** Tax Supported *** $74,000,000 Tax Notes, Series 2021A Key Bank FINAL (21 A2K) Period Ending Principal Coupon Interest Debt Service 09/30/2021 343,688.89 343,688.89 09/30/2022 14,800,000 0.760% 506,160.00 15,306,160.00 09/30/2023 14,800,000 0.760% 393,680.00 15,193,680.00 09/30/2024 14,800,000 0.760% 281,200.00 15,081,200.00 09/30/2025 14,800,000 0.760% 168,720.00 14,968,720.00 09/30/2026 14,800,000 0.760% 56,240.00 14,856,240.00 74,000,000 1,749,688.89 75,749,688.89 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 25 HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2011 GP Bonds) *** Tax Supported *** Prior Prior Prior Refunding Date Debt Service Receipts Net Cash Flow Debt Service Savings 09/30/2021 215,625.00 215,625.00 09/30/2022 5,257,500.00 5,257,500.00 1,485,600.00 3,771,900.00 09/30/2023 3,766,875.00 3,766,875.00 3,766,875.00 9,240,000.00 215,625.00 9,024,375.00 1,485,600.00 7,538,775.00 Savings Summary Savings PV date Savings PV rate PV of savings from cash flow Less: Prior funds on hand Net PV Savings Note: Preliminary, for illustrative purposes only. 07/13/2021 2.055012% 7,365,025.77 7,100,000.00 265,025.77 Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 26 HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2011 GP Bonds) *** Tax Supported *** Dated Date 07/13/2021 Delivery Date 07/13/2021 Arbitrage yield 1.773559% Escrow yield 0.000000% Value of Negative Arbitrage Bond Par Amount True Interest Cost Net Interest Cost All -In TIC Average Coupon Average Life Weighted Average Maturity 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 07/13/2021 @ 2.055012% Net PV Savings Percentage savings of refunded bonds Note: Preliminary, for illustrative purposes only. 1,440,000.00 1.367547% 1.400000% 2.055012% 5.000000% 0.633 0.633 8,625,000.00 5.000000% 1.059 1.056 9,047,138.24 265,025.77 3.072763% Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 27 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2011 GP Bonds) *** Tax Supported *** Period Debt Ending Principal Coupon Interest Service 09/30/2022 1,440,000 5.000% 45,600 1,485,600 1,440,000 45,600 1,485,600 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 28 Hilltop5ecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2011 GP Bonds) *** Tax Supported *** Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2022 Arbitrage Yield 1.773559% True Interest Cost (TIC) 1.367547% Net Interest Cost (NIC) 1.400000% All -In TIC 2.055012% Average Coupon 5.000000% Average Life (years) 0.633 Weighted Average Maturity (years) 0.633 Duration of Issue (years) 0.633 Par Amount 1,440,000.00 Bond Proceeds 1,481,472.00 Totallnterest 45,600.00 Net Interest 12,768.00 Bond Years from Dated Date 912,000.00 Bond Years from Delivery Date 912,000.00 Total Debt Service 1,485,600.00 Maximum Annual Debt Service 1,485,600.00 Average Annual Debt Service 2,345,684.21 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 102.280000 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 1,440,000.00 102.880 5.000% 0.633 100.80 1,440,000.00 0.633 100.80 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. TIC 1,440,000.00 41,472.00 110.00 1,472,832.00 07/13/2021 1.367547 % All -In TIC 1,440,000.00 41,472.00 -8,640.00 -6,344.53 1,466,487.47 07/13/2021 2.055012 % Arbitrage Yield 1,440,000.00 41,472.00 1,481,472.00 07/13/2021 1.773559 % Mar 26, 2021 12:33 pm Prepared by Hilltop5ecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 29 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2011 GP Bonds) *** Tax Supported *** $46,680,000 General Purpose Refunding Bonds, Series 2011(2011) Annual Period Debt Debt Ending Principal Coupon Interest Service Service 09/01/2021 215,625 215,625 09/30/2021 215,625 03/01/2022 4,950,000 5.000% 215,625 5,165,625 09/01/2022 91,875 91,875 09/30/2022 5,257,500 03/01/2023 3,675,000 5.000% 91,875 3,766,875 09/30/2023 3,766,875 8,625,000 615,000 9,240,000 9,240,000 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 30 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding and Improvement Bonds, Series 2021A (Current Refunding of Series 2011 GP Bonds) *** Tax Supported *** $46,680,000 General Purpose Refunding Bonds, Series 2011 (2011) Period Ending Principal Coupon Interest Debt Service 09/30/2021 215,625 215,625 09/30/2022 4,950,000 5.000% 307,500 5,257,500 09/30/2023 3,675,000 5.000% 91,875 3,766,875 8,625,000 615,000 9,240,000 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:33 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021A_GP) Page 31