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Contract - Fern Bluff MUD - 9/13/2018
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 6C1Z-, 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 I JOVWEM2017, 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.DOC 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 9/30/18, 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 WITNESS 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 BLIIFF MUNICIPAL UTILITY DISTRICT President Atte By. 5l �-p kPfIXO. 6�ciV) �j ,Secretary CITY OF ROUND ROCK, TEXAS By: _ 1,144 /M / Craig organ, rayor Attest: By: / Sara White, City Clerk 4 i 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 - - - 1 1 1,439.00 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 - 09/30/2021 - - - 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 - - - 1 13,400.00 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 17,23125 - 08/01/2030 75,000.00 17,231.25 92,23125 _ 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 Austin,Specialized Public Finance Inc. Pagel 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 _ _ 02/01/2033 _ - 110,000.00 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 _ _ 02/01/2035 _ 114,200.00 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 _ _ 02/01/2038 107,750.00 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 2,231.25 107,23 l.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 Ret 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 SpecializedPublic 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% Net Interest Cost(NIC)_ — 4.0780000% True Interest Cost(TIC) Bond Yield for 4.0780000% Arbitrage Purposes 5 0000000% 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 SpecializedPublic Austin, .•- City of Round Rock,Texas $351185,000 Utility System Revenue Refunding Bonds, Series 2016 Fern Bluff MUD Portion Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P+l Fiscal Total- 08/01/2018 otal08/01/2018 _ _ 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 _ 08/01/2020 - - 14,950.00 14,950.00 _ 09/30/2020 _ _ _ 02/01/2021 _ - 29,900.00 14,950.00 14,950.00 _ 08/01/2021 - - 14,950.00 14,950.00 _ 09/30/2021 _ _ _ 02/01/2022 _ - 29 900.00 14,950.00 14,950.00 _ 08/01/2022 - - 14,950.00 14,950.00 _ 09/30/2022 _ _ _ 02/01/2023 _ 29,900.00 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 _ 08/01/2028 `w 75,000.00 2.500% 10,700.00 85,700.00 _ ___._..._...._._...........__ .___.__-.. ---_.__......._.._.._.._______......_-__ ___--..._...._._....._..... 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 1 Fern Bluff MUD 1 6/20/2018 1 2:35 PM SpecializedPublic Austin, ..- f 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 otal02/01/2032 - - 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 _ _ 08/01/20-15 90,000.00 4.000% 1,800.00 -91,800.00 09/30/2035 - - - - 93,600.00 Total $855,000.00 - $367,287.50 $1,222,287.50 _ Yield Statistics Bond Year Dollars $10,525.00 Aver"_......._._.._.___..._.__-_.. __---..._...._._.-..._,_._._.._._.._._. Average Life 12.3 10 Years Average Coupon 3.4896675% Net Interest Cost(NIC) 3.4896675% True Interest Cost(TIC) 3.4838949/0 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 Fem Bluff MUD 1 6/20/2018 1 2:35 PM Specialized Public Austin, -, a 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 - 08/0l/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 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 - 08/0l/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 Public Austin,Texas .g-6 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 8,500.00 - 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 - 08/01/2038 100,000.00 4.250% 4,356.25_ 104,356.25 - 09/30/203 8 - - - - 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 Average Lite 13.608 Years Average Coulon _T 4.3377614% Net Interest Cost(NIC) 4.3377614% True Interest Cost(:TIqL..—�� 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 I Fern Bluff MUD 1 6/20/2018 1 2:36 PM SpecializedPublic Austin,Texas .g-