R-10-01-28-10F3 - 1/28/2010RESOLUTION NO. R -10-01-28-10F3
WHEREAS, the City of Round Rock (the "City") and Fern Bluff
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
debt for which the District is responsible under the Wastewater
0:\wdox\SCClnt$\0112\1005\MUNICIPAL\00180791.DOC/xmc
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 January, 2010.
ATTEST:
SARA L. WHITE, City Secretary
2
ALAN MCGRAW, Mayor
City of Round Rock, Texas
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Fern Bluff MUD Portion
Project Fund Deposit = $2,088,056.99
Debt Service Schedule
EXHIBIT
Part 1 of 3
Date Principal Coupon Interest Total P+I Fiscal Total
12/08/2009 - - -
08/01/2010 60,000.00 4.078% 60,608.14 120,608.14 -
09/30/2010 - - - 120,608.14
02/01/2011 - - 41,391.70 41,391.70 -
08/01/2011 40,000.00 4.078% 41,391.70 81,391.70 -
09/30/2011 122,783.40
02/01/2012 - - 40,576.10 40,576.10 -
08/01/2012 40,000.00 4.078% 40,576.10 80,576.10 -
09/30/2012 - - 121,152.20
02/01/2013 - - 39,760.50 39,760.50
08/01/2013 40,000.00 4.078% 39,760.50 79,760.50
09/30/2013 - - 119,521.00
02/01/2014 - - 38,944.90 38,944.90
08/01/2014 45,000.00 4.078% 38,944.90 83,944.90
09/30/2014 - - - 122,889.80
02/01/2015 - - 38,027.35 38,027.35
08/01/2015 45,000.00 4.078% 38,027.35 83,027.35
09/30/2015 - - - - 121,054.70
02/01/2016 - - 37,109.80 37,109.80
08/01/2016 45,000.00 4.078% 37,109.80 82,109.80-
09/30/2016 -
119,219.60
02/01/2017 - - 36,192.25 36,192.25
08/01/2017 50,000.00 4.078% 36,192.25 86,192.25
09/30/2017 - - 122,384.50
02/01/2018 - - 35,172.75 35,172.75
08/01/2018 50,000.00 4.078% 35,172.75 85,172.75
09/30/2018 - - 120,345.50
02/01/2019 - - 34,153.25 34,153.25
08/01/2019 50,000.00 4.078% 34,153.25 84,153.25
09/30/2019 - - - 118,306.50
02/01/2020 - - 33,133.75 33,133.75
08/01/2020 55,000.00 4.078% 33,133.75 88,133.75
09/30/2020 - - 121,267.50
02/01/2021 - - 32,012.30 32,012.30
08/01/2021 55,000.00 4.078% 32,012.30 87,012.30 -
09/30/2021 119,024.60
02/01/2022 - - 30,890.85 30,890.85
08/01/2022 60,000.00 4.078% 30,890.85 90,890.85
09/30/2022
02/01/2023
29,667.45 29,667.45
121,781.70
09 RR util revs level MUD 1 FB MUD 1 1/ 6/2010 1 9:37 AM
Specialized Public Finance Inc.
Austin. Texas
Page 1
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Fern Bluff MUD Portion
Project Fund Deposit = $2,088,056.99
Debt Service Schedule
Part 2 of 3
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2023 60,000.00 4.078% 29,667.45 89,667.45 -
09/30/2023 - - 119,334.90
02/01/2024 - 28,444.05 28,444.05 -
08/01/2024 65,000.00 4.078% 28,444.05 93,444.05 -
09/30/2024 - - 121,888.10
02/01/2025 - 27,118.70 27,118.70 -
08/01/2025 65,000.00 4.078% 27,118.70 92,118.70 -
09/30/2025 - 119,237.40
02/01/2026 - 25,793.35 25,793.35 -
08/01/2026 70,000.00 4.078% 25,793.35 95,793.35 -
09/30/2026 121,586.70
02/01/2027 - 24,366.05 24,366.05 -
08/01/2027 70,000.00 4.078% 24,366.05 94,366.05 -
09/30/2027 - 118,732.10
02/01/2028 - - 22,938.75 22,938.75 -
08/01/2028 75,000.00 4.078% 22,938.75 97,938.75 -
09/30/2028 - 120,877.50
02/01/2029 - 21,409.50 21,409.50 -
08/01/2029 80,000.00 4.078% 21,409.50 101,409.50 -
09/30/2029 - - 122,819.00
02/01/2030 - 19,778.30 19,778.30 -
08/01/2030 80,000.00 4.078% 19,778.30 99,778.30 -
09/30/2030 - - 119,556.60
02/01/2031 - - 18,147.10 18,147.10 -
08/01/2031 85,000.00 4.078% 18,147.10 103,147.10 -
09/30/2031 - - - 121,294.20
02/01/2032 - - 16,413.95 16,413.95 -
08/01/2032 85,000.00 4.078% 16,413.95 101,413.95 -
09/30/2032 - - 117,827.90
02/01/2033 14,680.80 14,680.80 -
08/01/2033 90,000.00 4.078% 14,680.80 104,680.80 -
09/30/2033 - - 119,361.60
02/01/2034 - - 12,845.70 12,845.70 -
08/01/2034 95,000.00 4.078% 12,845.70 107,845.70 -
09/30/2034 - - - 120,691.40
02/01/2035 - - 10,908.65 10,908.65 -
08/01/2035 100,000.00 4.078% 10,908.65 110,908.65 -
09/30/2035 - - 121,817.30
02/01/2036 - - 8,869.65 8,869.65
08/01/2036 105,000.00 4.078% 8,869.65 113,869.65
09 RR util revs level MUD 1 FB MUD 1 1/ 6/2010 1 9:37 AM
Specialized Public Finance Inc.
Austin. Texas
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Fern Bluff MUD Portion
Project Fund Deposit = $2,088,056.99
Debt Service Schedule
Part3of3
Date Principal Coupon Interest Total P+I Fiscal Total
09/30/2036 - - 122,739.30
02/01/2037 6,728.70 6,728.70 -
08/01/2037 105,000.00 4.078% 6,728.70 111,728.70 -
09/30/2037 118,457.40
02/01/2038 - - 4,587.75 4,587.75 -
08/01/2038 110,000.00 4.078% 4,587.75 114,587.75 -
09/30/2038 - 119,175.50
02/01/2039 2,344.85 2,344.85 -
08/01/2039 115,000.00 4.078% 2,344.85 117,344.85 -
09/30/2039 119,689.70
Total $2,090,000.00 $1,525,425.74 $3,615,425.74
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
5,445.26
$37,272.69
17.834 Years
4.0926092%
4.0926092%
4.0769818%
4.5358924%
4.0767831%
4.0780000%
17.834 Years
09 RR udl revs level MUD 1 FB MUD 1 1/ 6/2010 1 9:37 AM
Specialized Public Finance Inc.
Austin. Texas
Page 3
City of Round Rock, Texas
Utility System Revenue Bonds, Series 2009
Fern Bluff MUD Portion
Project Fund Deposit = $2,088,056.99
Debt Service Schedule
Date
09/30/2010
09/30/2011
09/30/2012
09/30/2013
09/30/2014
09/30/2015
09/30/2016
09/30/2017
09/30/2018
09/30/2019
09/30/2020
09/30/2021
09/30/2022
09/30/2023
09/30/2024
09/30/2025
09/30/2026
09/30/2027
09/30/2028
09/30/2029
09/30/2030
09/30/2031
09/30/2032
09/30/2033
09/30/2034
09/30/2035
09/30/2036
09/30/2037
09/30/2038
09/30/2039
Principal
60,000.00
40,000.00
40,000.00
40,000.00
45,000.00
45,000.00
45,000.00
50,000.00
50,000.00
50,000.00
55,000.00
55,000.00
60,000.00
60,000.00
65,000.00
65,000.00
70,000.00
70,000.00
75,000.00
80,000.00
80,000.00
85,000.00
85,000.00
90,000.00
95,000.00
100,000.00
105,000.00
105,000.00
110,000.00
115,000.00
Coupon
Interest
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
4.078%
60,608.14
82,783.40
81,152.20
79,521.00
77,889.80
76,054.70
74,219.60
72,384.50
70,345.50
68,306.50
66,267.50
64,024.60
61,781.70
59,334.90
56,888.10
54,237.40
51,586.70
48,732.10
45,877.50
42,819.00
39,556.60
36,294.20
32,827.90
29,361.60
25,691.40
21,817.30
17,739.30
13,457.40
9,175.50
4,689.70
Total P+I
120,608.14
122,783.40
121,152.20
119,521.00
122,889.80
121,054.70
119,219.60
122,384.50
120,345.50
118,306.50
121,267.50
119,024.60
121,781.70
119,334.90
121,888.10
119,237.40
121,586.70
118,732.10
120,877.50
122,819.00
119,556.60
121,294.20
117,827.90
119,361.60
120,691.40
121,817.30
122,739.30
118,457.40
119,175.50
119,689.70
Total $2,090,000.00
$1,525,425.74 $3,615,425.74
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 uGl revs level MUD 1 FB MUD 1 1/ 6/2010 1 9:37 AM
5,445.26
$37,272.69
17.834 Years
4.0926092%
4.0926092%
4.0769818%
4.5358924%
4.0767831%
4.0780000%
17.834 Years
Specialized Public Finance Inc.
Austin. Texas
Page 4
DATE: January 21, 2010
SUBJECT: City Council Meeting —January 28, 2010
ITEM: 10F3. Consider a resolution authorizing the amendment of Exhibit "A" of the
Wastewater Service Agreement with Fern Bluff Municipal Utility District.
Department:
Staff Person:
Justification:
Finance
Cheryl Delaney, Finance Director
In September of 2009, Fern Bluff 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'. Fern Bluff 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 Fern Bluff 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