Loading...
HomeMy WebLinkAbout(0098) 21_TNC(2021GOBB) Tax Notes, Series 2021C ($17.000 mm)_03.26.2021.pdfHilltopSecurities A Hilltop Holdings Company TABLE OF CONTENTS City of Fort Worth, Texas Tax Notes, Series 2021C (Funding $17,000,00) Tax -Exempt Rates as of 3/25/2021 (+25 bps) (AA+/AA/AA) Report Page Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Mar 26, 2021 12:24 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-21_TNQ HilltopSecurities A Hilltop Holdings Company SOURCES AND USES OF FUNDS City of Fort Worth, Texas Tax Notes, Series 2021C (Funding $17,000,00) Tax -Exempt Rates as of 3/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 Sources: Bond Proceeds: Par Amount 15,020,000.00 Premium 2,248,858.60 17,268,858.60 Uses: Project Fund Deposits: Project Fund 17,000,000.00 Delivery Date Expenses: Cost of Issuance 175,000.00 Underwriter's Discount 90,120.00 265,120.00 Other Uses of Funds: Additional Proceeds 3,738.60 17,268,858.60 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:24 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-21_TNC) Page 1 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas Tax Notes, Series 2021C (Funding $17,000,00) Tax -Exempt Rates as of 3/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2028 Arbitrage Yield 1.008368% True Interest Cost (TIC) 1.153501% Net Interest Cost (NIC) 1.270492% All -In TIC 1.438481% Average Coupon 5.000000% Average Life (years) 3.854 Weighted Average Maturity (years) 3.971 Duration of Issue (years) 3.622 Par Amount 15,020,000.00 Bond Proceeds 17,268,858.60 Total Interest 2,894,133.34 Net Interest 735,394.74 Bond Years from Dated Date 57,882,666.67 Bond Years from Delivery Date 57,882,666.67 Total Debt Service 17,914,133.34 Maximum Annual Debt Service 2,560,250.00 Average Annual Debt Service 2,700,623.12 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 114.372427 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 15,020,000.00 114.972 5.000% 3.854 6,214.45 15,020,000.00 3.854 6,214.45 All -In Arbitrage TIC TIC Yield Par Value 15,020,000.00 15,020,000.00 15,020,000.00 + Accrued Interest + Premium (Discount) 2,248,858.60 2,248,858.60 2,248,858.60 Underwriter's Discount-90,120.00 -90,120.00 Cost of Issuance Expense -175,000.00 Other Amounts Target Value 17,178,738.60 17,003,738.60 17,268,858.60 Target Date 07/13/2021 07/13/2021 07/13/2021 Yield 1.153501% 1.438481% 1.008368% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:24 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-21_TNC) Page 2 HilltopSecurities A Hilltop Holdings Company Period Ending BOND DEBT SERVICE City of Fort Worth, Texas Tax Notes, Series 2021C (Funding $17,000,00) Tax -Exempt Rates as of 3/25/2021 (+25 bps) (AA+/AA/AA) Principal Coupon Interest Debt Service Annual Debt Service 03/01/2022 1,750,000 5.000% 475,633.34 2,225,633.34 09/01/2022 331,750.00 331,750.00 09/30/2022 2,557,383.34 03/01/2023 1,945,000 5.000% 331,750.00 2,276,750.00 09/01/2023 283,125.00 283,125.00 09/30/2023 2,559,875.00 03/01/2024 2,045,000 5.000% 283,125.00 2,328,125.00 09/01/2024 232,000.00 232,000.00 09/30/2024 2,560,125.00 03/01/2025 2,150,000 5.000% 232,000.00 2,382,000.00 09/01/2025 178,250.00 178,250.00 09/30/2025 2,560,250.00 03/01/2026 2,260,000 5.000% 178,250.00 2,438,250.00 09/01/2026 121,750.00 121,750.00 09/30/2026 2,560,000.00 03/01/2027 2,375,000 5.000% 121,750.00 2,496,750.00 09/01/2027 62,375.00 62,375.00 09/30/2027 2,559,125.00 03/01/2028 2,495,000 5.000% 62,375.00 2,557,375.00 09/30/2028 2,557,375.00 15,020,000 2,894,133.34 17,914,133.34 17,914,133.34 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:24 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-21_TNC) Page 3 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas Tax Notes, Series 2021C (Funding $17,000,00) Tax -Exempt Rates as of 3/25/2021 (+25 bps) (AA+/AA/AA) Period Ending Principal Coupon Interest Debt Service 09/30/2022 1,750,000 5.000% 807,383.34 2,557,383.34 09/30/2023 1,945,000 5.000% 614,875.00 2,559,875.00 09/30/2024 2,045,000 5.000% 515,125.00 2,560,125.00 09/30/2025 2,150,000 5.000% 410,250.00 2,560,250.00 09/30/2026 2,260,000 5.000% 300,000.00 2,560,000.00 09/30/2027 2,375,000 5.000% 184,125.00 2,559,125.00 09/30/2028 2,495,000 5.000% 62,375.00 2,557,375.00 15,020,000 2,894,133.34 17,914,133.34 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:24 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-21_TNC) Page 4 HilltopSecurities A Hilltop Holdings Company BOND PRICING City of Fort Worth, Texas Tax Notes, Series 2021C (Funding $17,000,00) Tax -Exempt Rates as of 3/25/2021 (+25 bps) (AA+/AA/AA) Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Principal Cost Serial Bond: 03/01/2022 1,750,000 5.000% 0.440% 102.880 50,400.00 1,800,400.00 03/01/2023 1,945,000 5.000% 0.510% 107.293 141,848.85 2,086,848.85 03/01/2024 2,045,000 5.000% 0.660% 111.310 231,289.50 2,276,289.50 03/01/2025 2,150,000 5.000% 0.820% 114.932 321,038.00 2,471,038.00 03/01/2026 2,260,000 5.000% 0.960% 118.264 412,766.40 2,672,766.40 03/01/2027 2,375,000 5.000% 1.110% 121.184 503,120.00 2,878,120.00 03/01/2028 2,495,000 5.000% 1.280% 123.583 588,395.85 3,083,395.85 15,020,000 2,248,858.60 17,268,858.60 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 15,020,000.00 2,248,858.60 17,268,858.60 114.972427 % -90,120.00-0.600000% 17,178,738.60 114.372427 % 17,178,738.60 Mar 26, 2021 12:24 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-21_TNC) Page 5