HomeMy WebLinkAbout(0091) Ft_Worth_W_SS_Cash_Defeasance_Preliminary_#s_01_20_22_11am.pdfSUMMARY OF REFUNDING RESULTS
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Dated Date 03/14/2022
Delivery Date 03/14/2022
Arbitrage yield
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount
Par amount of refunded bonds 9,895,000.00
Average coupon of refunded bonds 4.699283%
Average life of refunded bonds 1.950
PV of prior debt to 03/14/2022 @ 1.000000% 10,633,158.44
Net PV Savings 677,187.60
Percentage savings of refunded bonds 6.843735%
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 1
SOURCES AND USES OF FUNDS
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Dated Date 03/14/2022
Delivery Date 03/14/2022
Sources:
Other Sources of Funds:
Issuer Contribution
9,955,970.84
9,955,970.84
Uses:
Refunding Escrow Deposits:
Cash Deposit
Delivery Date Expenses:
Cost of Issuance
9,930,970.84
25,000.00
9,955,970.84
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 2
SAVINGS
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Present Value
Date
Prior Refunding
Debt Service Net Cash Flow
Savings
to 03/14/2022
@ 1.0000000%
09/30/2022
215,825.00
215,825.00
214,923.88
09/30/2023
3,539,325.00
3,539,325.00
3,506,181.71
09/30/2024
3,539,875.00
3,539,875.00
3,472,321.52
09/30/2025
3,541,375.00
3,541,375.00
3,439,731.34
10,836,400.00 0.00
10,836,400.00
10,633,158.44
Savings Summary
PV of savings from cash flow 10,633,158.44
Less: Prior funds on hand-9,955,970.84
Net PV Savings 677,187.60
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 3
SUMMARY OF BONDS REFUNDED
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Maturity
Interest Par Call
Call
Bond Date
Rate Amount Date
Price
W & SS Rev Ref Bonds, Series 2012, S12WW:
SERIALS 02/15/2023
3.000% 3,155,000.00 03/15/2022
100.000
02/15/2024
5.000% 3,285,000.00 03/15/2022
100.000
02/15/2025
5.000% 3,455,000.00 03/15/2022
100.000
9,895,000.00
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 4
PRIOR BOND DEBT SERVICE
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Dated Date 03/14/2022
Delivery Date 03/14/2022
Period
Ending
Principal
Coupon
Interest
Debt
Service
Annual
Debt
Service
08/15/2022
215,825
215,825
09/30/2022
215,825
02/15/2023
3,155,000
3.000%
215,825
3,370,825
08/15/2023
168,500
168,500
09/30/2023
3,539,325
02/15/2024
3,285,000
5.000%
168,500
3,453,500
08/15/2024
86,375
86,375
09/30/2024
3,539,875
02/15/2025
3,455,000
5.000%
86,375
3,541,375
09/30/2025
3,541,375
9,895,000
941,400
10,836,400
10,836,400
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 5
ESCROW REQUIREMENTS
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Period Principal
Ending Interest Redeemed Total
03/15/2022 35,970.83 9,895,000.00 9,930,970.83
35,970.83 9,895,000.00 9,930,970.83
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 6
ESCROW COST DETAIL
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
Global Proceeds Escrow:
03/14/2022 9,930,970.84 9,930,970.84
0 9,930,970.84 9,930,970.84
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 7
ESCROW SUFFICIENCY
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
03/14/2022 9,930,970.84 9,930,970.84 9,930,970.84
03/15/2022 9,930,970.83-9,930,970.83 0.01
9,930,970.83 9,930,970.84 0.01
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 8
ESCROW STATISTICS
City of Fort Worth, Texas [01/12/22] Cash Defeasance
Cash Defeasance, Series 2022 - 01/12/22
--UPDATED: 01 /20/22--
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
Global Proceeds Escrow:
9,930,970.84 9,930,970.84
9,930,970.84 9,930,970.84 0.00 0.00
Delivery date 03/14/2022
Jan 20, 2022 10:37 am Prepared by TGL Financial Consulting (Finance 8.500 Fort Worth, City of:022WW-DEF_22A,S22DEF) Page 9