R-10-01-28-10F2 - 1/28/2010RESOLUTION NO. R -10-01-28-10F2
WHEREAS, the City of Round Rock (the "City") and Brushy Creek
Municipal Utility District (the "District") have entered into that
certain "Wastewater Services Agreement" effective as of December 8,
2009 (the "Wastewater Services Agreement") setting forth the terms
and conditions pursuant to which the City has agreed to provide
wastewater treatment and disposal services to the District;
WHEREAS, under the Wastewater Services Agreement, the District
agreed to pay the "District Capital Charge", which represents the
portion of the City's debt necessary to serve the District for which
the District is responsible under the terms of the Wastewater
Services Agreement;
WHEREAS, Exhibit "A" to the Wastewater Services Agreement sets
forth an estimate of the debt service payments to be made by the
District to the City for purposes of the District Capital Charge,
and Section 1.01 of the Wastewater Services Agreement specifically
provides that Exhibit "A" would be amended based upon the final
amount of the debt and true interest cost of the bonds issued by the
City to purchase the Brushy Creek Regional Wastewater System (the
"Regional Wastewater System") from LCRA;
WHEREAS, the City, along with the Cities of Austin and Cedar
Park, have now closed on the purchase of the Regional Wastewater
System from LCRA and in connection therewith, the City has issued
its bonds for payment of a pro rata share of the purchase price of
the Regional Wastewater System;
WHEREAS, a revised debt service payment scheduled has been
prepared by the City to reflect the District's share of the City's
O:\wdox\SCClnts\0112\1005\MUNICIPAL\00180786.DOC/rmc
debt for which the District is responsible under the Wastewater
Services Agreement; and
WHEREAS, the City Council desires to adopt this Resolution to
evidence its approval of the revised debt service schedule, and to
authorize the schedule to be attached as the final Exhibit "A" to
the Wastewater Services Agreement; Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS, THAT:
Section 1. The facts and recitations in the preamble of
this Resolution 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.
Section 2. The City Council hereby approves the debt
service schedule attached hereto, and further authorizes such debt
service schedule to be attached to, and serve as the final Exhibit
"A" of, the Wastewater Services Agreement.
The City Council hereby finds and declares that written notice
of the date, hour, place and subject of the meeting at which this
Resolution was adopted was posted and that such meeting was open to
the public as required by law at all times during which this
Resolution and the subject matter hereof were discussed, considered
and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
RESOLVED this 28th day of Januar 2010.
Th
ATTEST:
c51.1/W,-
SARA L. WHITE, City Secretary
2
ALAI MCGRAW, Mayor
City of Round Rock, Texas
EXHIBIT
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Brushy Creek MUD Portion
Project Fund Deposit = $7,403,111.14
Debt Service Schedule
Part1 of 3
Date Principal Coupon Interest Total P+I Fiscal Total
12/08/2009 - - -
08/01/2010 215,000.00 4.073% 214,475.13 429,475.13 -
09/30/2010 - - 429,475.13
02/01/2011 - - 146,424.35 146,424.35 -
08/01/2011 135,000.00 4.073% 146,424.35 281,424.35
09/30/2011
02/01/2012 -
08/01/2012 140,000.00
09/30/2012 -
02/01/2013
08/01/2013 145, 000.00
09/30/2013
02/01/2014
08/01/2014 150,000.00
09/30/2014
02/01/2015 -
08/01/2015 15 5,000.00
09/30/2015 -
02/01/2016 -
08/01/2016 165,000.00
09/30/2016
02/01/2017 -
08/01/2017 170, 000.00
09/30/2017 -
02/01/2018 -
08/01/2018 175,000.00
09/30/2018 -
02/01/2019
08/01/2019 185,000.00
09/30/2019
02/01/2020 -
08/01/2020 190,000.00
09/30/2020 -
02/01/2021 -
08/01/2021 200,000.00
09/30/2021 -
02/01/2022 -
08/01/2022 210,000.00
09/30/2022 -
02/01/2023
427,848.70
- 143,675.08 143,675.08 -
4.073% 143,675.08 283,675.08 -
- 427,350.16
- 140,823.98 140,823.98
4.073% 140,823.98 285,823.98
- 426,647.96
- 137,871.05 137,871.05 -
4.073% 137,871.05 287,871.05 -
- 425,742.10
- 134,816.30 134,816.30
4.073% 134,816.30 289,816.30 -
- 424,632.60
- 131,659.73 131,659.73 -
4.073% 131,659.73 296,659.73 -
428,319.46
- 128,299.50 128,299.50 -
4.073% 128,299.50 298,299.50 -
- 426,599.00
- 124,837.45 124,837.45 -
4.073% 124,837.45 299,837.45 -
- 424,674.90
121,273.58 121,273.58 -
4.073% 121,273.58 306,273.58 -
- 427,547.16
- 117,506.05 117,506.05 -
4.073% 117,506.05 307,506.05 -
-
425,012.10
- 113,636.70 113,636.70 -
4.073% 113,636.70 313,636.70 -
-
427,273.40
- 109,563.70 109,563.70 -
4.073% 109,563.70 319,563.70 -
-
429,127.40
105,287.05 105,287.05 -
09 RR util revs level MUD 1 BC MUD 1 1/ 6/2010 1 9:26 AM
Specialized Public Finance Inc.
Austin. Texas
Page 1
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Brushy Creek MUD Portion
Project Fund Deposit = $7,403,111.14
Debt Service Schedule
Part 2of3
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2023 215,000.00 4.073% 105,287.05 320,287.05 -
09/30/2023 - - - 425,574.10
02/01/2024 - - 100,908.58 100,908.58 -
08/01/2024 225,000.00 4.073% 100,908.58 325,908.58 -
09/30/2024 - - - 426,817.16
02/01/2025 - - 96,326.45 96,326.45 -
08/01/2025 235,000.00 4.073% 96,326.45 331,326.45 -
09/30/2025 - - - 427,652.90
02/01/2026 - - 91,540.68 91,540.68 -
08/01/2026 245,000.00 4.073% 91,540.68 336,540.68
09/30/2026 428,081.36
02/01/2027 - - 86,551.25 86,551.25 -
08/01/2027 255,000.00 4.073% 86,551.25 341,551.25 -
09/30/2027 - - - 428,102.50
02/01/2028 - - 81,358.18 81,358.18 -
08/01/2028 265,000.00 4.073% 81,358.18 346,358.18 -
09/30/2028 - - - 427,716.36
02/01/2029 - - 75,961.45 75,961.45 -
08/01/2029 275,000.00 4.073% 75,961.45 350,961.45 -
09/30/2029 - - 426,922.90
02/01/2030 - - 70,361.08 70,361.08 -
08/01/2030 285,000.00 4.073% 70,361.08 355,361.08 -
09/30/2030 - - - 425,722.16
02/01/2031 - - 64,557.05 64,557.05 -
08/01/2031 300,000.00 4.073% 64,557.05 364,557.05 -
09/30/2031 429,114.10
02/01/2032 - - 58,447.55 58,447.55 -
08/01/2032 310,000.00 4.073% 58,447.55 368,447.55 -
09/30/2032 - - 426,895.10
02/01/2033 - - 52,134.40 52,134.40
08/01/2033 325,000.00 4.073% 52,134.40 377,134.40 -
09/30/2033 - - - 429,268.80
02/01/2034 - - 45,515.78 45,515.78 -
08/01/2034 335,000.00 4.073% 45,515.78 380,515.78 -
09/30/2034 - 426,031.56
02/01/2035 - - 38,693.50 38,693.50
08/01/2035 350,000.00 4.073% 38,693.50 388,693.50 -
09/30/2035 - - 427,387.00
02/01/2036 - - 31,565.75 31,565.75 -
08/01/2036 365,000.00 4.073% 31,565.75 396,565.75
09 RR util revs level MUD I BC MUD 1 1/ 6/2010 1 9:26 AM
Specialized Public Finance Inc.
Austin. Texas
Page 2
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Brushy Creek MUD Portion
Project Fund Deposit = $7,403,111.14
Debt Service Schedule
Part3of3
Date Principal Coupon Interest Total P+I Fiscal Total
09/30/2036 - 428,131.50
02/01/2037 - - 24,132.53 24,132.53 -
08/01/2037 380,000.00 4.073% 24,132.53 404,132.53 -
09/30/2037 - - 428,265.06
02/01/2038 - - 16,393.83 16,393.83 -
08/01/2038 395,000.00 4.073% 16,393.83 411,393.83 -
09/30/2038 - - 427,787.66
02/01/2039 - - 8,349.65 8,349.65 -
08/01/2039 410,000.00 4.073% 8,349.65 418,349.65 -
09/30/2039 - - - 426,699.30
Total $7,405,000.00 $5,411,419.59 $12,816,419.59
Yield Statistics
Accrued Interest from 11/15/2009 to 12/08/2009
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
Net Interest Cost
Weighted Average Maturity
19,269.25
$132,387.68
__.............
17.878 Years
4.0875553%
.... ............................
4.0875553%
4.0719869%
4.5346029%
4.0717892%
....... ......
4.0730001%
17.878 Years
09 RR util revs level MUD 1 BC MUD 1 1/ 6/2010 1 9:26 AM
Specialized Public Finance Inc.
Austin, Texas
Page 3
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Brushy Creek MUD Portion
Project Fund Deposit = $7,403,111.14
Debt Service Schedule
Date Principal
09/30/2010 215,000.00
09/30/2011 135,000.00
09/30/2012 140,000.00
09/30/2013 145,000.00
09/30/2014 150,000.00
09/30/2015 155,000.00
09/30/2016 165,000.00
09/30/2017 170,000.00
09/30/2018 175,000.00
09/30/2019 185,000.00
09/30/2020 190,000.00
09/30/2021 200,000.00
09/30/2022 210,000.00
09/30/2023 215,000.00
09/30/2024 225,000.00
09/30/2025 235,000.00
09/30/2026 245,000.00
09/30/2027 255,000.00
09/30/2028 265,000.00
09/30/2029 275,000.00
09/30/2030 285,000.00
09/30/2031 300,000.00
09/30/2032 310,000.00
09/30/2033 325,000.00
09/30/2034 335,000.00
09/30/2035 350,000.00
09/30/2036 365,000.00
09/30/2037 380,000.00
09/30/2038 395,000.00
09/30/2039 410,000.00
Coupon Interest Total P+I
4.073% 214,475.13 429,475.13
4.073% 292,848.70 427,848.70
4.073% 287,350.16 427,350.16
4.073% 281,647.96 426,647.96
4.073% 275,742.10 425,742.10
4.073% 269,632.60 424,632.60
4.073% 263,319.46 428,319.46
4.073% 256,599.00 426,599.00
4.073% 249,674.90 424,674.90
4.073% 242,547.16 427,547.16
4.073% 235,012.10 425,012.10
4.073% 227,273.40 427,273.40
4.073% 219,127.40 429,127.40
4.073% 210,574.10 425,574.10
4.073% 201,817.16 426,817.16
4.073% 192,652.90 427,652.90
4.073% 183,081.36 428,081.36
4.073% 173,102.50 428,102.50
4.073% 162,716.36 427,716.36
4.073% 151,922.90 426,922.90
4.073% 140,722.16 425,722.16
4.073% 129,114.10 429,114.10
4.073% 116,895.10 426,895.10
4.073% 104,268.80 429,268.80
4.073% 91,031.56 426,031.56
4.073% 77,387.00 427,387.00
4.073% 63,131.50 428,131.50
4.073% 48,265.06 428,265.06
4.073% 32,787.66 427,787.66
4.073% 16,699.30 426,699.30
Total $7,405,000.00
$5,411,419.59
$12,816,419.59
Yield Statistics
Accrued Interest from 11/15/2009 to 12/08/2009
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
Net Interest Cost
Weighted Average Maturity
09 RR util revs level MUD I BC MUD 1 1/ 6/2010 1 9:26 AM
19,269.25
$132,387.68
17.878 Years
4.0875553%
4.0875553%
4.0719869%
4.5346029%
4.0717892%
4.0730001%
17.878 Years
Specialized Public Finance Inc.
Austin. Texas
Page 4
DATE: January 21, 2010
SUBJECT: City Council Meeting—January 28, 2010
ITEM: 10F2. Consider a resolution authorizing the amendment of Exhibit "A" of the
Wastewater Service Agreement with Brushy Creek Municipal Utility District.
Department:
Staff Person:
Justification:
Finance
Cheryl Delaney, Finance Director
In September of 2009, Brushy Creek Municipal Utility District entered into an agreement with the City of
Round Rock to provide wholesale wastewater treatment and disposal services. Contained in the
agreement is a payment obligation for capital charges -Exhibit 'A'. Brushy Creek MUD requested that the
Exhibit 'A' be amended to provide a level capital charge schedule. This amended Exhibit 'A' reflects this
request. This amendment is subject to approval by the Brushy Creek MUD board. This will not affect
the City's debt obligation.
Strategic Plan Relevance:
8.0 — Maintain and enhance public confidence, satisfaction and trust in City Government.
Funding:
Cost: N/A
Source of funds: N/A
Outside Resources:
Garry Kimball, Specialized Public Finance Inc.
Public Comment:
N/A