HomeMy WebLinkAboutRES 910069 - Refunding Bond IssueA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS, AUTHORIZING FIRST SOUTHWEST COMPANY TO PROCEED WITH
AN ADVANCE REFUNDING BOND ISSUE OF CALLABLE PORTIONS OF
UTILITY REVENUE BONDS, SERIES 1984 AND 1985, AND TO SELECT AN
UNDERWRITER GROUP THEREFOR.
WHEREAS, First Southwest Company serves as the Financial Advisor of the City
of Georgetown, Texas, and
WHEREAS, First Southwest Company has advised the City Council of the City of
Georgetown that interest rates for municipal securities are currently at low levels which
justify issuing new bonds to refund callable portions of City of Georgetown Utility Revenue
Bonds, Series 1984 and 1985, and
WHEREAS, the City Council has found that this action implements Finance Policy
1 ("The City will conduct all municipal operations in an efficient business -like manner ') &
the Century Plan - Policy Plan Element, and is not found to be inconsistent or in conflict
with any other Century Plan Policies, as required by Section 2.03 of the Administrative
Chapter of the Policy Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GEORGETOWN, TEXAS, THAT4
Omy
The facts and recitations contained in the preamble of this ordinance are hereby
found and declared to be true and correct, and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim.
0 91" V
First Southwest Company is authorized to proceed with an advance refunding b
issue for callable portions of Utility Revenue Bonds, Series 1984 and 1985, and to select
underwriter group therefor. I
RESOLVED this IaAh day of 1991.
3oi7d_'RWCvndj4 Resolution No. D000
Page 1 of 2.
m�� A
lsffm� -am
APPROVED AS TO FORM:
Marianne Landers Banks
City Attorney
oncZ Re-Aundinq Resolution No. 9/004,7
Page 2 of 2. "
THE C GEORGETOWN:
By: W.H. CONNOR
Mayor
FEB 05 191 03:01PM
FIRST'95U-THWEST COMPANY
2/05/1901 ' PAGE: I
RECORD NAME - GEORGETOWN REV 91 REFUND
REFUNDING ISSUE
INTEREST DEBT SERVICE OU
TSTANDING
23m,wi
8/15/1991
80,000.00
5.100
283,615.00
363,615.00
353,188.28
44,720.64 0
811511992
100,000.00
5.200
563,150.00
663,150,00
706,376.25
43,226.25
8115/1993
105,000.00
5.400
557,950.00
662,950.00
706,376.25
43,426.25
8/15/1994
110,000.00
5.600
552,280.00
662,280.00
706,376.25
44,096.25
8/15/1995
250,000.00
5.700
546,120.00
796,120.00
841,376.25
45,256.25
8/15/1996
720,000.00
5.800
531,870,00
1,251,870.00
1,293,618.75
41,748.75
8/15/1997
760,000.00
5.900
490,110.00
1,250,110.00
1,291,868.75
41,758.75
871511998
795,000.00
6.000
445,270.00
1,240,270.00
1,285,168.75
44,698.75
8115/1999
830,000.00
6.100
397,570,00
1,227,570.00
1,273,018.75
45,448.75
8/15/2000
890,000.00
6.250
-U6,940.00
1,236,940.00
1,280,218.75
43,278.75
8/15/2001
945,000.00
6.350
291,315.00
1,236,315.00
1,280,143.75
43,828.75
8/15/2002
975,000.00
6.400
231,307,50
1,206,307.50
1,252,143.75
45,836.25
8/15/2003
90,000.00
6.500
168,907.50
1,133,907.50
1,174,943.75
41,036.25
8/15/2004
815,000.00
6,550
106,182.50
921,182.50
963,600.00
42,417.50
8/1512005
800,000.00
6.600
52,800-00
852,800.00
894,300.00
41'500.00
TOTALS
9,140,000.00
5,565,387.50
14,705,387.50
15,302,718.28
652,478.14
# - SAVINGS
INCLUDES ACCRUED INTEREST OF
55,147.36
PRESENT
VALUE OF PRIOR
DEBT SERVICE
AT 6.373152883%
9,534,814.61
PRESENT
VALUE OF NEW DEBT
SERVICE AT
6.373152883%
9,145,147.22
LESS ACCRUED INTEREST
55,147.36 -
PLUS CASH CONTRIBUTION
0.00
9,089,999.86
PRESENT
VALUE SAVINGS
444,814.75
P. V. SAVINGS AS A % OF
THE REFUNDED
BONDS
5.480 X
P.2/8
.05 '91 03:01PM
AST COMPANY
PAGE: 1
DATED DATE 2/15/1991
DELIVERY DATE 3/20/1991
PRINCIPAL AMOUNT OF SLGS
81865,000.00
96.991%
UNDERWRITERS FEE
109,680.00
1.200%
UNRECOVERABLE ISSUANCE COSTS
115,000.00
1.258%
OUTSTANDING DUE W/IN 30 DAYS
ORIGINAL ISSUE DISCOUNT
INSURANCE FEE
50,000.00
0,547%
ADDITIONAL AMOUNT OF BONDS
RESERVE FUND FROM PROCEEDS
BALANCING FIGURE
320.00
0.004%
* TOTAL RtQUIRED
9,140,000.00
LESS PREMIUM ON THE BONDS
LESS CASH ON HAND
LESS INSURANCE REFUND
PLUS ACCRUED INTEREST 55,147.36
LESS UNDERWRITERS FEE 109,680.00
PLUS PREMIUM ON THE BONDS
LESS ORIGINAL ISSUE DISCOUNT
k NET TO ISSUER 9,0854467.34,
TIC OF REFUNDING ISSUE 6.3731$2883
YIELD ON ESCROW 6.3709466k
WEIGHTED AVE MATURITY FOR 8038-G 1 9,545
BOND YEARS 88,135.000
NET INTEREST COST 5,675,067.50
NET INTEREST COST (AS A %) 6.439062234
P.3/8