R-2018-5853 - 9/13/2018 RESOLUTION NO. R-2018-5853
WHEREAS, the City of Round Rock ("City") has previously entered into a Wastewater
Service Agreement ("Agreement') with Fern Bluff Municipal Utility District ("District"); and
WHEREAS, the City Council now wishes to enter into a Second Amendment to the
Agreement to amend Exhibit"A" to provide for reduced debt service payments, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the Mayor is hereby authorized and directed to execute on behalf of the City, Second
Amendment to the Wastewater Service Agreement Between the City of Round Rock and Fern Bluff
Municipal Utility District, a copy being attached hereto as Exhibit "A" and incorporated herein for all
purposes.
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 13th day of September, 2018.
X M/
CRAI ORGYl
, Mayor
City o Round R , Texas
ATTEST:
SARA L. WHITE, City Clerk
0112 1804;00408732
EXHIBIT
SECOND AMENDMENT TO THE
WASTEWATER SERVICE AGREEMENT
BETWEEN THE
CITY OF ROUND ROCK
AND
FERN BLUFF MUNICIPAL UTILITY DISTRICT
THIS SECOND AMENDMENT TO THE WASTEWATER SERVICE
AGREEMENT BETWEEN THE CITY OF ROUND ROCK AND FERN BLUFF MUNICIPAL
UTILITY DISTRICT (the "Second Amendment") is dated and entered into as of the . day of
, 2018, by and among the City of Round Rock, Texas ("Round Rock") a home-rule
municipality and political subdivisions of the State(the "City") and Fern Bluff Municipal Utility
District, (the"District").
RECITALS
WHEREAS, Round Rock and the District have entered into that certain Wastewater
Service Agreement Between the City of Round Rock and Fern Bluff Municipal Utility District,
(the"Agreement") effective as of December 8, 2009; and
WHEREAS, Exhibit "A" to the Agreement sets forth the debt service payments to be
made by the District for the purposes of the District Capital Charge; and
WHEREAS, in June 2016, the City refunded approximately $35,000,000 in Utility
System Revenue Bonds to take advantage of favorable market conditions which will allow the
City and District to save significant money for interest payments; and
WHEREAS, in 2017, the City refunded approximately $32,000,000 in
Utility System Revenue Bonds to take advantage of favorable market conditions which will
allow the City and District to save significant money for interest payments; and
WHEREAS, the parties hereto desire to amend Exhibit "A" to provide for reduced debt
service payments;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
contained, the sufficiency of which are hereby conclusively acknowledged, and subject to the
terms and conditions hereinafter set forth, Round Rock and the District mutually agree to
approve this Second Amendment,which shall read as follows:
ARTICLE 1
DEFINITIONS
Section 1.1 All terms used herein shall have the meanings assigned to them in the Agreement,
unless the context clearly requires otherwise.
00407228.nor.
ARTICLE II
AMENDED EXHIBIT A
Section 2.1 The document marked "Exhibit A", and entitled "City of Round Rock Texas,
Outstanding 2009, 2016 Refunding and 2017 Refunding as of 9130118, Fern Bluff MUD Portion
Only" attached to and incorporated herein replaces the previous "Exhibit A" attached to the
Agreement. Everywhere the Agreement refers to "Exhibit A," it is agreed that henceforth it will
be understood to refer to the attached"Exhibit A".
ARTICLE III
MISCELLANEOUS
Section 3.1 To the extent necessary to effect the terms and provisions of this Second
Amendment,the Agreement is hereby amended and modified. In all other respects, the aforesaid.
Agreement is hereby ratified and confirmed.
Section 3.2 This Second Amendment may be executed in counterparts, each of which shall be
an original and all of which together shall constitute but one and the same instrument.
IN FITNESS WHEREOF, the parties hereto acting under authority of their respective
governing bodies have caused this Second Amendment to be duly executed as of the day and
year first above written.
(SIGNATURES ON FOLLOWING PAGES)
2
FERN BLUFF MUNICIPAL UTILITY DISTRICT
By:
President
Attest:
By:
Secretary
3
CITY OF ROUND ROCK,TEXAS
By:
Craig Morgan,Mayor
Attest:
By:
Sara White, City Clerk
4
EXHIBIT
"A"
City of Round Rock,Texas
Outstanding 2009, 2016 Refunding and 2017 Refunding as of 9/30/18
Fern Bluff MUD Portion Only
Aggregate Debt Service Part 1 of 2
Date Principal Interest Total P+I Fiscal Total
09/30/2018 - -
02/01/2019 - 30,719.50 30,719.50
08/01/2019 50,000.00 30,719.50 80,719.50 -
09/30/2019 - - - 111,439.00
02/01/2020 - 29,700.00 29,700.00 -
08/01/2020 45,000.00 29,700.00 74,700.00 -
09/30/2020 - - - 104,400.00
02/01/2021 - 28,575.00 28,575.00 -
08/01/2021 45,000.00 28,575.00 73,575.00 -
0.9/30/2021 - - 102,150.00
02/01/2022 - 27,450.00 27,450.00
08/01/2022 50,000.00 27,450.00 77,450.00 -
09/30/2022 - - - 104,900.00
02/01/2023 - 26,200.00 26,200.00 -
08/01/2023 50,000.00 26,200.00 76,200.00 -
09/30/2023 - - - 102,400.00
02/01/2024 - 24,950.00 24,950.00 -
08/01/2024 60,000.00 24,950.00 84,950.00 -
09/30/2024 - - - 109,900.00
02/01/2025 - 23,450.00 23,450.00 -
08/01/2025 65,000.00 23,450.00 88,450.00 -
09/30/2025 - - - 111,900.00
02/01/2026 - 21,825.00 21,825.00 -
08/01/2026 70,000.00 21,825.00 91,825.00 -
09/30/2026 - - - 113,650.00
02/01/2027 - 20,075.00 20,075.00 -
08/01/2027 70,000.00 20,075.00 90,075.00 -
09/30/2027 - - - 110,150.00
02/01/2028 - 19,200.00 19,200.00 -
08/01/2028 75,000.00 19,200.00 94,200.00 -
09/30/2028 - - - 113,400.00
02/01/2029 - 18,262.50 18,262.50 -
08/01/2029 75,000.00 18,262.50 93,262.50 -
09/30/2029 - - - 111,525.00
02/01/2030 - 17,231.25 17,231.25 -
08/01/2030 75,000.00 17,231.25 92,231.25 -
09/30/2030 - - - 109,462.50
02/01/2031 - 16,200.00 16,200.00 -
08/01/2031 80,000.00 16,200.00 96,200.00 -
09/30/2031 - - - 112,400.00
Aggregate 1 6/20/2018 1 2:33 PM
Specialized Public Finance Inc.
Austin,Texas '..-
m I
City of Round Rock,Texas
Outstanding 2009, 2016 Refunding and 2017 Refunding as of 9/30/18
Fern Bluff MUD Portion Only
Aggregate Debt Service Part 2 of 2
Date Principal Interest Total P+I Fiscal Total
02/01/2032 - 15,000.00 15,000.00 -
08/01/2032 80,000.00 15,000.00 95,000.00 -
09/30/2032 - - - 110,000.00
02/01/2033 - 13,800.00 13,800.00 -
08/01/2033 85,000.00 13,800.00 98,800.00 -
09/30/2033 - - - 112,600.00
02/01/2034 - 12,100.00 12,100.00 -
08/01/2034 90,000.00 12,100.00 102,100.00 -
09/30/2034 - - - 114,200.00
02/01/2035 - 10,300.00 10,300.00 -
08/01/2035 90,000.00 10,300.00 100,300.00 -
09/30/2035 - - - 110,600.00
02/01/2036 - 8,500.00 8,500.00 -
08/01/2036 100,000.00 8,500.00 108,500.00 -
09/30/2036 - - - 117,000.00
02/01/2037 - 6,375.00 6,375.00 -
08/01/2037 95,000.00 6,375.00 101,375.00 -
09/30/2037 - - - 107,750.00
02/01/2038 - 4,356.25 4,356.25 -
08/01/2038 100,000.00 4,356.25 104,356.25 -
09/30/2038 - - - 108,712.50
02/01/2039 - 2,231.25 2,231.25 -
08/01/2039 105,000.00 2,231.25 107,231.25 -
09/30/2039 - - - 109,462.50
Total $1,555,000.00 $753,001.50 $2,308,001.50 -
Par Amounts Of Selected Issues
2017 Utility Rev Ref allocation as of 9/30/18-Fern Bluff MUD 650,000.00
2016 Utility Rev Ref.allocation as of 9/30/18 Fern Bluff MUD 855,000.00
2009 Utility Rev allocation as of 9/30/18-Fern Bluff MUD 50,000.00
TOTAL 1,555,000.00
Aggregate 1 6/20/2018 1 2:33 PM
Specialized Public
Austin, •
City of Round Rock,Texas
$78,785,000 Utility System Revenue Bonds, Series 2009
Fern Bluff MUD Portion
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2018 - - - _ _
02/01/2019 - - 1,019.50 1,019.50 -
08/01/2019 50,000.00 4.078% 1,019.50 51,019.50 -
09/30/2019 - - - - 52,039.00
Total $50,000.00 - $2,039.00 $52,039.00 -
Yield Statistics
Bond Year Dollars $50.00
Average Life _.
1.000 Years
_.._....._....._......._..........._._..._........_._._.._........_....._........___._..__.._..........._......_....__...._.._...._......_..._................._...._._..........._.
Average Coupon 4.0780000%0
Net Interest Cost NIC) 4.0780000%
True Interest Cost(TIC) 4.0780000%
.................................................................................................................__...._........_........_._. 5.0000
_..__.__.___.__..._......_..._.... __ __ ____._�_ 5......0
Bond.Yield.for Arbitrage Purposes _ 000%
All Inclusive Cost AIC °
.._...... ........_ ( ........).__ .._.__— _ _ -- 4.0780000/°
IRS Form 8038
Net Interest Cost 4.0780000%
Weighted Average Maturity 1.000 Years
2009 Utility Rev allocati I Fern Bluff MUD 1 6/20/2018 1 2:34 PM
Specialized Public
Austin,Texas '.r-
City of Round Rock,Texas
$35,185,000 Utility System Revenue Refunding Bonds, Series 2016
Fern Bluff MUD Portion
Debt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2018 - - _ _ _
02/01/2019 - - 14,950.00 14,950.00 -
08/01/2019 - - 14,950.00 14,950.00 -
09/30/2019 - - - - 29,900.00
02/01/2020 - - 14,950.00 14,950.00 -
11-_._...................._. _ _ _ _ _�.......-
08/01/2020 - - 14,950.00 14,950.00 -
09/30/2020 - - - - 29,900.00
02/01/2021 - - 14,950.00 14,950.00 -
08/01/2021 - - 14,950.00 14,950.00 -
09/30/2021 - - 29,900.00
_ _... _
. ...............___......_ _._..__....._---__-------------. ... ....._-___._......................_..._......._...__.... .._...._.-_-._...__-.......................................
.........._._...__....__..._..._......................._.-.............
02/01/2022 - - 14,950.00 14,950.00 -
08/01/2022 - - 14,950.00 14,950.00 -
09/30/2022 - - - - 29,900.00
02/01/2023 - - 14,950.00 14,950.00 -
08/01/2023 - - 14,950.00 14,950.00
..._..09/30/2023.._._...---...... ._._. _- ._._.._......__............_.........._...._-.-_ _.__...__._._.._............................................_...................._............._......
......_..._._......_..._._.._._..........................................._.......---.._._..._..-__..._--.............29,900.00..
02/01/2024 - - 14,950.00 14,950.00 -
08/01/2024 - - 14,950.00 14,950.00 -
09/30/2024 - - - - 29,900.00
02/01/2025 - - 14,950.00 14,950.00 -
_..._.._ _.-.._ ___..___—___.__ _ ._._ _ +._......................_.........____.._ _ _......____.__..._._ ..._ ._._..._._..............
08/01/2025 65,000.00 5.000% 14,950.00 79,950.00 -
09/30/2025 - - - - 94,900.00
02/01/2026 - - 13,325.00 13,325.00 -
08/01/2026 70,000.00 5.000% 13,325.00 83,325.00- -
09/30/2026 - - - 96 650_.00
.....................__._._._.._.._.___._._.__.._.._.._._.__.
02/01/2027 - - 11,575.00 11,575.00 -
08/01/2027 70,000.00 2.500% 11,575.00 81,575.00 -
09/30/2027 - - - - 93,150.00
02/01/2028 - - 10,700.00 10,700.00 -
08/0.1/2028 - 75,...................... --___..
.....
09/30/2028 - - � ....
- - 96,400.00
02/01/2029 - - 9,762.50 9,762.50 -
08/01/2029 75,000.00 2.750% 9,762.50 84,762.50 -
09/30/2029 - - - - 94,525.00
02/01/2030 - - .8,731:25 _.._. __...........8,731.25__._ _.__.__.._.._.-_._..._._.._..._.........'
08/01/2030 75,000.00 2.750% 8,731.25 83,731.25 -
09/30/2030 - - - - 92,462.50
02/01/2031 - - 7,700.00 7,700.00 -
08/01/2031 80,000.00 3.000% 7,700.00 87,700.00 -
09/30/2031 - - - - 95,400.00
2016 Utility Rev Ref allo I Fern Bluff MUD 1 6/20/2018 1 2:35 PM
Specialized Public Finance
City of Round Rock,Texas
$35,185,000 Utility System Revenue Refunding Bonds, Series 2016
Fern Bluff MUD Portion
Debt Service Schedule Part 2 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
02/01/2032 - - 6,500.00 6,500.00 -
08/01/2032 80,000.00 3.000% 6,500.00 86,500.00 -
09/30/2032 - - - - 93,000.00
02/01/2033 - - 5,300.00 5,300.00 -
08/01/2033 85,000.00 4.000% 5,300.00 _ 90,300.00 -
09/30/2033 - - - .___.__._.._._...._....._.__....._..........-
- 95,600.00
02/01/2034 - - 3,600.00 3,600.00 -
08/01/2034 90,000.00 4.000% 3,600.00 93,600.00 -
09/30/2034 - - - - 97,200.00
02/01/2035 - - 1,800.00 1 800.00 -
_.._.__..._.........__......._._....................._........_.._____._..............._._._.__._.._.. __.._._....._....._...._I.........................._..___.... _.__.._..__.....>._......
...................... ......................................
08/01/2035 90,000.00 4.000% 1,800.00 91,800.00 -
09/30/2035 - - - - 93,600.00
Total 5855,000.00 - $367,287.50 $1,222,287.50 -
Yield Statistics
Bond Year Dollars $10,525.00
.Average Life___.__._._..._..__..._...._.._...__..._.._..__......__.__.__._..._._._.__._................... 12.310 Years
Average Coupon __ 3.4896675%
Net Interest Cost C
3.4896675%
True Interest Cost(TIC) 3.4838949%
Bond Yield.for Arbitrage Purposes _ _ 3.4648660%
... .......__..........._..._......._._.__...._ _......_._....._.._......._.._.........._....._.._....._ _.............._...__.........__............_......�...._..........................
......................__....._..........._....
All Inclusive Cost(AIC) 3.4838949%
IRS Form 8038
Net Interest Cost
..............................................-................................._._.....___.._....-......................................_............................_.........._._._...
_. _. _._.._...................._............................................_............_..........._........ 3.4896675/
_......_................
Weighted Average Maturity 12.3 10 Years
2016 Utility Rev Ref allo I Fern Bluff MUD 1 6/20/2018 1 2:35 PM
Specialized Public
Austin,Texas r-g
City of Round Rock, Texas
$32,785,000 Utility System Revenue Refunding Bonds, Series 2017
Fern Bluff MUD Portion
Debt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2018 - - - - _
02/01/2019 - - 14,750.00 14,750.00
08/01/2019 - - 14,750.00 14,750.00 -
09/30/2019 - - - - 29,500.00
02/01/2020 - - 14,750.00 14,750.00 -
�. _--......_....................._...__ _..._._..........
_ — _
08/01/2020 45,000.00 5.000% 14,750.00 59,750.00 -
09/30/2020 - - - - 74,500.00
02/01/2021 - - 13,625.00 13,625.00 -
08/01/2021 45,000.00 5.000% 13,625.00 58,625.00 -
09/30/2021 - - - 72 250 00
........_.I........_........._ __.._..__.._..._...._.....__...._.._........................._ _....__._..._._._._.._.._...._..__.....__._ ---- -
02/01/2022 - - 12,500.00 12,500.00 -
08/01/2022 50,000.00 5.000% 12,500.00 62,500.00 -
09/30/2022 - - - - 75,000.00
02/01/2023 - - 11,250.00 11,250.00 -
08/O1/2023 50,000.:00....._.__._..........._._._._........5.000%.............._._.._._._.._..._.__..........11,250.00....._...._.._...--_.._...._........__........._..61,250,:.00.........
...............-......._.........................................
..'...
09/30/2023 - - - - 72,500.00
02/01/2024 - - 10,000.00 10,000.00 -
08/01/2024 60,000.00 5.000% 10,000.00 70,000.00 -
09/30/2024 - - - - 80,000.00
02/01/2025 - - 8,500.00 8,500.00 -
08/01/2025 - - 8,500.00 8,500.00 -
09/30/2025 - - - - 17,000.00
02/01/2026 - - 8,500.00 8,500.00 -
08/01/2026 - - 8,500.00 8,500.00 -
09/30/2026 - - - 17,000.00
...._._......_.____..____._._._____._ _.._._.__.___.._.._...__.....__. _._......_.._......___.._.........._.___._..__.._......_._....__........................._..._...._._..............
_........-......_............._........_....__.....
02/01/2027 - - 8,500.00 8,500.00 -
08/01/2027 - - 8,500.00 8,500.00 -
09/30/2027 - - - - 17,000.00
02/01/2028 - - 8,500.00 8,500.00 -
08/01/2028 - - 8,500.00 8..500.00 -
...............-............................................................_........._.......................__........._---.............................................._._........._......_...
.._................................................._...._.._...............__...._._.............._...................................._........-......--.............................................
09/30/2028 - - - - 17,000.00
02/01/2029 - - 8,500.00 8,500.00 -
08/01/2029 - - 8,500.00 8,500.00 -
09/30/2029 - - - - 17,000.00
02/01/2030 - - 8,500 00 8,500.00 -
___._._.__.._..____._......_..___._._..__...._._.___._....__._.____.....__.--- __.._.__.._._._._.. .._._..........._._._..__._._..____..._..._................_.....
08/01/2030 - - 8,500.00 8,500.00 -
09/30/2030 - - - - 17,000.00
02/01/2031 - - 8,500.00 8,500.00 -
08/01/2031 - - 8,500.00 8,500.00 -
09/30/2031 - - - - 17,000.00
2017 Utility Rev Ref allo I Fern Bluff MUD 1 6/20/2018 1 2:36 PM
Specialized
Texas s
City of Round Rock,Texas
$32,785,000 Utility System Revenue Refunding Bonds, Series 2017
Fern Bluff MUD Portion
Debt Service Schedule Part 2 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
02/01/2032 - - 8,500.00 8,500.00 -
08/01/2032 - - 8,500.00 8,500.00 -
09/30/2032 - - - - 17,000.00
02/01/2033 - - 8,500.00 8,500.00 -
08/01/2033 - - 8,500.00 8,500.00 -
09/30/2033 - - - - 17,000.00
02/01/2034 - - 8,500.00 8,500.00 -
08/01/2034 - - 8,500.00 8,500.00 -
09/30/2034 - - - - 17,000.00
02/01/2035 - - 8,500.00 8,500......... __._....._..............._................
08/01/2035 - - 8,500.00 8,500.00 -
09/30/2035 - - - - 17,000.00
02/01/2036 - - 8,500.00 8,500.00 -
08/01/2036 100,000.00 4.250% 8,500.00 108,500.00 -
09/30/2036 - - - 117 000.00
._......-...........................--.__...._...._._.._._.�...................._.._....__..._._........__......_....._..._._._................................ -
02/01/2037 - - 6,375.00 6,375.00 -
08/01/2037 95,000.00 4.250% 6,375.00 101,375.00 -
09/30/2037 - - - - 107,750.00
02/01/2038 - - 4,356.25 4,356.25 -
....._08/O1/203...____ ____ -100,000.00 ,_--_--__4:250% ___�_ _ 4,356.25.._.__. __ 104,356.25 ..... -
09/30/2038 - - - - 108,712.50
02/01/2039 - - 2,231.25 2,231.25 -
08/01/2039 105,000.00 4.250% 2,231.25 107,231.25 -
09/30/2039 - - - - 109,462.50
Total $650,000.00 - $383,675.00 $1,033,675.00 -
Yield Statistics
Bond Year Dollars $8,845.00
..........._....................._...........I....................._ ._._.._.__.._..._..............__.._.........._...._._..__..._......._....._......._........._......_............_.............
........._................_........._......._ _ .._.._...._......_..__.........._.........._._................_....__.....__..._...._._....._......__.....................................
Average Life 13.608 Years
Average Coupon... ___...._.__..._.......___ ..__..._..__..___.._._...._.__ 4.3377614%
Net Interest Cost(NIC) 4.3377614%
_._._.___.__._____.._.._....__..__........__..___..__....._.._.._._._.._.._.._._...__..___.._._._...._._.._____....____ _.._.._.._.._.._.._._..__.......___.____.____.._......_.._.._.____
True Interest Cost(TIC) 4.3633299%
Bond Yield for Arbitrage Purposes 4.4213301°/
_.....__...._......._.... ._...._..._.._...._.__.................._......_.... _... _ ..............__................................
All Inclusive Cost.(AIC) 4.3633299%
IRS Form 8038
Net Interest Cost 4.3377614%
Weighted Average Maturity 13.608 Years
2017 Utility Rev Ref allo 1 Fern Bluff MUD 1 6/20/2018 1 2:36 PM
Specialized Public
Austin,TexasPage