18-Deliberate and possibly take action of debt refundingCITY COUNCIL AGENDA ITEM BRIEFING SHEET
Submittal Date:
Originating Department:
Presented By:
Agenda Item No.:
11 /03/09
Council Date:
Finance
Gene Anderson
18.
12/14/09
RECOMMENDED MOTION:
Move to authorize the refunding of Series 1998, 2000, 2001 general obligation bonds and series 1997,
1998, and 2000 waterworks and sewer system revenue bonds.
POLICY ISSUE(S):
Fiscal management.
At the November 9, 2009 City Council meeting, Council questioned whether or not the City could save
money on refunding the 1998 and 2001 bond series. At that time Finance Director told City Council
that he would ask Dan Almon to be present at the December 14th meeting to answer questions.
At the same meeting, City Council did authorize staff to move forward on refunding the bonds that
could save the City money.
BOARD/COMMISSION RECOMMENDATION:
None
EXHIBITS:
Description of bonds included in refunding; P& I Payment Comparison - WW & SS Issues; P& I
Payment Comparison - GO Issues
ACTION:
BUDGET INFO:
F-I Financial Report ~ Minute Order
Expense
$NA
❑ Department Report ❑ Resolution
Budgeted Amt.
$NA
❑ Presentation ❑ Ordinance
y'I'D Actual
$NA
❑ Public Hearing ❑ Other
Acct. Name
NA
Acct. Number
NA
FISCAL NOTES:
See accompanying exhibits
REVIEWED AND APPROVED BY:
Z Administration Z City Cletk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire
❑ Municipal Court ❑ Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities
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SOURCES AND USES OF FUNDS
$6,425,000*
CITY OF PARIS, TEXAS
General Obligation Refunding Bonds, Series 2009
Refunded Bonds: Series 1998, 2000, & 2001
Market Scale: Bank Qualitied - [nsured
December Delivery: Perfect Escrow - No Sig Escrow
Preliminary Numbers: As of October 20, 2009
Dated Date 12/20/2009
Deliverv Date 12/20/2009
Sources:
Bond Proceeds:
Par Amount 6,425,000.00
Premium 203,307.25
6,628,307.25
Uses:
Refunding Escrow Deposits
Cash Deposit 6,474,596.32
Delivery Date Expenses
Cost of Issuance (Est) 70,000.00
Underwriter's Discount 44,975.00
Bond Insurance (50 bps) 36,41 1.76
- 151.386.76
Other Uses of Funds:
Additionai Proceeds 2324.17
6,628,307.25
Note: * Preliminar% Subject to Change
Oct 20, 2009 1:10 pm Prepared by Southwest Securities, Inc. (Finance 6.014 Paris. City of:PARISGO-2009REF.2009REF) Page I
.,li
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SAVINGS
$6.425.000*
CITY OFPAR1S. TEXAS
General Obligation Refunding Bonds. Series 2009
Refunded Bonds: Series 1998. 2000. & 2001
Market Scale: Bank Qualitied - Insured
December Delivery: Perfect Escrow - No Slg Escrow
Preliminary Numbers: As of October 20, 2009
Series 1998.
2000 & 2001
Series 2009
Present Value
Outstanding
Refunding
to 12/20/2009
Date
Debt Service
Debt Service
Savings
(c_; 2.601 1279%
09/30/2010
165,467.50
97.902.78
67,564.72
66,721.22
09/30/2011
1.845.148.75
1,787.250.00
57,898.75
55,776.89
09/30/2012
1.8>5_683.13
1.798.050.00
57.633.13
54,267.78
09/30/2013
507,958.76
447.750.00
60,208.76
55,312.72
09/30/2014
504,288.76
447.100.00
57,188.76
51,226.11
09/30/2015
509,257.51
451.075.00
58,182.51
50,846.77
09/30/2016
507,791.26
449.675.00
58.116.26
49,550.91
09/30/2017
509,918.76
451900.00
57.018.76
47,432.83
09/30/2018
510.590.63
450J50.00
59.840.63
48,584.83
09/30/2019
5 10,150.00
451.100.00
59A50.00
46,763.56
09/30/2020
508,612.50
448.800.00
59.812.50
46,207.30
7.934.867.56
7.282.352.78
652.514.78
572,690.93
Savings Swnmarv
Dated Date
Detivery Date
PV of savings from cash flow
Plus: Refimding funds on hand
Net PV Savings
Oct 20, 2009 I:10 pm Prepared by Southwest SecL]rities, Inc
1.* 2
12/20/2009
12/20/2009
572,690.93
2.324.17 - F90M PAL,(-
AnDj-n,?NA. P¢oceEoS
575,015.10
(Finance 6.014 Paris. City of:PARISGO-2009REF.2009REF) P1ee Z
SUMMARY OF REFUNDING RESULTS
$6,425.000*
CITY OF PAR1S. TEXAS
Genera) Obligation Reftinding Bonds, Series 2009
Refunded Bonds: Series 1998, 2000, & 2001
Market Scale: Bank Qualified - Insured
December Delivery: Perfect Escrow - No Slg Escrow
Preliminary Numbers: As of October 20, 2009
Dated Date
12/20/2009
Delivery Date
12/20/2009
Arbitrage yield
2.601128%
Escrow yield
Bond Par Amount
6,425,000.00
True Interest Cost
2.636336%
Net Interest Cost
2.705108%
Average Coupon
1317831 %
Average Life
4.022
Par amount of refunded bonds
6,470,000.00
Average coupon of refunded bonds
5.396392%
Average life of refunded bonds
4.182
PV of prior debt to 12/20/2009 (a~ 2.601 128%
7,164,586.42
Net PV Savings
575,015.10
Percentage savings of refunded bonds
8.887405%
Percentage savings of retimding bonds
8.949651%
Oct 20_ 2009 I:10 pm Preptlred by Southwest Securities. Inc.
(Finance 6.014 Paris. City of:PARISGO-2009RLF.2009REF) Paee 3
BOND PRICING
$6.425.000*
CITY OF PARIS, TEXAS
General Obligation Refunding Bonds. Series 2009
Ref'unded Bonds: Series 1998. 2000, & 2001
Market Scale: Bank Qualitied - Insured
December Delivery: Perfect Escrow - No Slg Escrow
Preliminary Numbers: As of Ocrober 20. 2009
Maturity
Bond Component Date
Amount
Rate
Yield
Price
Premium
(-Discount)
Serial Bond:
12/15/2010
1,610.000
3.000%
0.950%
102.007
32,312.70
12/1S/201 1
1,670,000
3.000%
1.200%
103.522
58,817.40
12/15/2012
350.000
3.000%
1.550%
104.215
14,752.50
12/15/2013
360.000
3.000%
1.800%
104.595
16,542.00
12/15/2014
375.000
3.000%
2.200%
103.758
14,092.50
12/15/2015
385.000
3.000%
2.500%
102.763
10,637.55
12/15/2016
400,000
3.000%
2.700%
101.898
7,592.00
12/15/2017
410.000
3.000%
3.000%
100.000
12/15/2018
425,000
4.000%
3.200%
106.204
26,367.00
12/ 15/2019
440,000
4.000%
3.400%
105.044
22,193.60
6,425,000
203,307.25 - 56~C, Qq(~ 2
r ~
Dated Date
12/20/2009
Delivery Date
12/20/2009
First Coupon
06/15/2010
Par Amount
6.425,000.00
Premium
203307.25
Production
6.628.307.25
103.16431 5%
Underwriter's Discount
(44_975.00)
(0.70000{})
Purchase Price
6.583.332.25
102.464315%
Accrued Interest
Net Proceeds
6.5837332.25
Oct 20, 2009 1:10 pm Prepared by Southwest Securities. Inc. (Finance 6.014 Paris. City of:PARISGO-2009REF,2009RE}=) Page 4
SERIES 2009 REFUNDING BOND DEBT SERVICE
$6.425,OOOM
CITY OF PARIS, TEXAS
General Obligation Refunding Bonds, Series 2009
Retunded Bonds Series 1998. 2000, & 2001
Market Scale: Bank Qualified - Insured
December Delivery: Perfect Escrow - No Slg Escrow
Preliminary Numbers: As of October 20. 2009
Dated Date 12/20/2009
Deliveiv Date 12/20/2009
Period
Annual
Ending
Principal
Coupon
(nterest
Debt Service
Debt Service
06/15/2010
97,902.78
97,902.78
09/30/2010
97,902J8
12/15/2010
1,610,000
3.000%
100,700.00
1,710,700.00
06/15/2011
76,550.00
76,550.00
09/3 0/2011
1,787,250.00
12/15/2011
1.670,000
3.000%
76,550.00
1,746,550.00
06/15/2012
51,500.00
51,500.00
09/30/2012
1,798,050.00
12/15/2012
350,000
3.000%
517500.00
401,500.00
06/15/2013
46,250.00
46,250.00
09/30/2013
447,750.00
12/15/2013
360.000
3.000%
46.250.00
406,250.00
06i15i2014
40,850.00
40,850.00
09/30/2014
447.100.00
12/15/2014
375,000
3.000%
40,850A0
415,850.00
06/15/2015
35.225.00
35,225.00
09/30/2015
451,075.00
12/15/2015
385.000
3.000°/a
35,225.00
420.225.00
06/15/2016
29.450.00
29,450.00
09/30/2016
449,675.00
12/1 5/2016
400,000
3.000%
29.450.00
429,450.00
06/15/2017
23,450.00
23,450.00
09/30/2017
452.900.00
12/15/2017
410.000
3.000%
23,450.00
433,450.00
06/1 5/2018
17.300.00
17,300.00
09/30/2018
450,750.00
12/15/2018
425.000
4.000%
17,300.00
442,300.00
06/15/2019
8.800.00
8.800.00
09/30/2019
451,100.00
12/15/2019
440.000
4.000%
8,800.00
448,800.00
09/30/2020
448,800.00
6,425.000
857.352.78
7,282,352.78
7,282.352.78
Oct 20, 2009 1:10 pm Nrepared by SouthNvest Securities. Inc. (Finance 6.014 Paris. City of:PARISGO-2009R[:P.2009REF) Page 8
SERIES 2009 REFUNDING BOND DEBT SERVICE
$6.425_000*
CITY OF PARIS, TEXAS
General Obligation Refunding Bonds, Series 2009
Refunded Bonds: Series 1998. 2000, & 2001
Market Scale: Bank Qualitied - Insured
December Delivery: Perfect Escrow - No Slg Escrow
Preliminary Numbers: As of October 20. 2009
D1ted Date 12/20/2009
Delivery Date 12/20/2009
Period
Ending
Principal
Coupon
lnterest
Debt Service
09/30/2010
97,902.78
97_902J8
09/30/2011
1,610,000
3.000%
177,250.00
1,787.250.00
09/30/2012
1,670,000
3.000%
128,050.00
1.798,050.00
09/30/2013
350,000
3.000°/a
97.750.00
447,750.00
09/30/2014
360,000
3.000%
87,100.00
447.100.00
09/30/2015
375.000
3.000%
76,075.00
451.075.00
09/30/2016
385,000
3.000%
64,675.00
449.675.00
09/30/2017
400,000
3.000%
52.900.00
452,900.00
09/30/2018
410,000
3.000%
40,750.00
450,750.00
09/30/2019
425.000
4.000%
26.100.00
451 _ I 00.00
09/30/2020
440.000
4.000%
8,800.00
448_800.00
6,425,000
857,352.78
7.282.352.78
Oct 20. 2009 1 :10 pm Prepared by Southwest Securities, ]na (Finance 6.014 Paris. Citv of:PARISGO-2009REF.2009REP) Page 9
11
~ ~ 6
SUMMARY OF BONDS REFUNDED
$6.42>.000*
CiTY OF PAR1S. TEXAS
General Obligation Refunding Bonds. Series 2009
Retlinded Bonds: Series 1998. 2000. & 2001
Market Scale: Banl: Qualitied - Insured
December Delivery: Perfect 6scrow - No Slg Escrow
Preliminary Numbers: As of October 20, 2009
Maturiri
Bond Date
Interest
Rate
Par
Amount
Call
Date
Call
Price
Tax & Rev Ref Bds_ Series 98. 1998:
C1BS 12/15/2010
4.850%
675,000.00
12/20/2009
100.000
12/ I S/201 1
4950%
715,000.00
12/20/2009
100.000
I .3 90, 000.00
Combination Tas & Revenue C/O Series
2000, 2000C0:
SERIAL 12/1 5/2010
5.300%
295,000.00
12/20/2009
100.000
12/15/2011
5.400%
315.000.00
12/20/2009
100.000
12/15/2012
5.400%
335,000.00
12/20/2009
100.000
12/15/2013
5.500%
350,000.00
12/20/2009
100.000
12/15/2014
5.550%
375,000.00
12/20/2009
100.000
12/15/2015
5.600%
395.000.00
12/20/2009
100.000
1Z/ 15/2016
5.625%
420.000.00
12/20/2009
100.000
12/15/2017
5.625%
445.000.00
12/20/2009
100.000
12/15/2018
5.500%
470.000.00
12/20/2009
100.000
12/15/2019
5.500%
495.000.00
12/20/2009
100.000
1395,000.00
Tax & Rev Ref Qds. Series 2001. 2001
CIBS 12/ I S/2010 4.000'%a 580,000.00 12/20/2009 100.000
12/ I S/201 1 4.125% 605.000.00 I 2/20/2009 100.000
1.185.000.00
6.470,000.00
Oct 20_ 2009 1:10 pm Preparecl by South%vest Securities_ lnc (Finance 6.014 Paris, City of:PARISGO-2009REF.2009REF) Page 10
SERIES 1998. 2000 & 2001 REFUNDED BOND DEBT SF,RVICE
$6,425,000*
CITY OF PARIS. TEXAS
General Obiigation Reftmding Bonds. Series 2009
Refunded Bonds: Series 1998, 2000. & 2001
Market Scale: Bank Qualified - Insured
December Delivery: Perfect EscroNm - No Slg Escrow
Preliminary Numbers: As of October 20, 2009
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
09/30/2010
165,467.50
I 65.467.50
165,467.50
03/30/201 1
1.550,000
165.467.50
1,715.467.50
09/30/201 1
129,681.25
129,681.25
1,845,148J5
03/30/2012
1.635,000
12901.25
1.764.681.25
09/30/2012
91,001.88
91,001.88
1,855,683.13
03/30/2013
335,000
5.400%
91,001.88
426,001.88
09/30/2013
81.956.88
81,956.88
507,958.76
03/30/2014
350,000
5.500%
81,956.88
431,956.88
09/30/2014
72>331.88
72,331.88
504,288.76
03/30/201 5
375,000
5.550%
72,331.88
447,331.88
09/30/2015
61,925.63
61,925.63
509,257.51
03/30/2016
395,000
5.600%
61,925.63
456,925.63
09/30/2016
50,865.63
50,865.63
5077791.26
03/30/2017
420.000
5.625%
50,865.63
4701865.63
09/30/2017
39,053.13
39,053.13
509,918.76
03/30/2018
445,000
5.625%
39,053.13
484,053.13
09/30/2018
26.537.50
26.537.50
510.590.63
03/30/2019
470,000
5.500%
26,537.50
496.537.50
09/30/2019
13,612.50
13,612.50
510,150.00
03/30/2020
495.000
5.500%
13,612.50
508.612.50
09/30/2020
508,612.50
6.470.000
17464,867.56
7,934.867.56
7,934,867.56
Oct 20. 2009 1:10 pm Preparecl b%South\a'est Securities. Ine. (Fiiiance 6.014 Paris_ Cit\of:PARISGO-2009RE1=_2009REF) Paee 1 I
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SOURCES AND USES Ot FUNDS
$10.885.000*
CITY OF PARIS. TEXAS
Watenvorks & Sewer System Revenue Refunding Bonds, Series 2009
Refunded Bonds: Series 1997. 1998 & 2000
Market Scale: Bank Qualified lnsured - Savings Solution: Uniform
Preliminary Numbers: As of October 20. 2009
Dated Date 12/20/2009
Delivery Date 12/20/2009
Sources:
Bond Proceeds
Par Amount 10.885.000.00
Net Premium 285.037.55
11.170.037.55
Uses
Refimding Escrow Deposits:
Cash Deposit 4,187.800.78
SLGS Purchases 6.744.402.00
--10.932.202.78
Delivery Date Expenses
Cost of Issuance 95.000.00
Undenvriter's Discoim[ 76.195.00
Bond Insurance Premium (50bps) 61547.31
234_7423 I
Odier Uses of Funds:
Additional Proceeds 3.092.46
( 1.170.037.55
Note: ` Preliminar)Sub.iect to Change
Oct 20_ 2009 1:24 pm Prepared by South~~est SecLn-ities. liIc. (Finance 6.014 Paris. Cityof:PnRSW\A'SS-200)Rt.l:?009REF) Page I
- - "1 ? 0
SAVINGS
$ I 0.885,000*
C1TY OF PARIS, TEXAS
Waterworks & Sewer System Revenue Refunding Bonds.
Series 2009
Refunded Bonds: Series 1997.
1998 & 2000
Market Scale: E3ank
Qualitied Insw-ed - S
avings Solutio
n: Unifonn
Preliminarv Numbers: As of October 20. 2009
1997. 1998 & 2000
Series 2009
Present Value
OLitstanding
Refunding
to 12/20/2009
Date
Debt Service
Debt Service
Savings
a. 2.9153045%
09/30/2010
589.459.38
519.361.11
70,098.27
69,] 18.94
09/30/201I
2.169.026.26
2.077.900.00
91,126.26
100,106.12
09/30/2012
2.170.202.50
2,080,700.00
89,502.50
96,076.85
09/30/2013
1.303,015.00
1.211.850.00
91,165.00
83,411.52
09/30/2014
1.314.215.00
1,222,450.00
91,765.00
81,434.74
09/30/2015
L31 3.365.00
1,221,850.00
91,515.00
78,772.38
09/30/2016
1_314.140.00
1,225.350.00
88,790.00
74,129.30
09/30/2017
877.002.50
787,800.00
89,202.50
72,202.41
09/30/2018
876.112.50
787,400.00
88,712.50
69,642.53
09/30/2019
877.343J6
784,400.00
92,943.76
70,783.83
09/30/2020
879.881.26
790,400.00
89,481.26
66,135.96
13.681763.16
12.709,461.1 I
974,302.05
861,814.57
Savings Summary
Dated Date
12/20/2009
Deliverv Date
12/20/2009
PV ofsavings from cash tlow
861,814.57
Plus: fZetiinding funds on hand
3,09146
Net PV Savings 864,907.03
Oct 20. 2009 1:24 pm Prepai-ed b\Southmest Seau•ities_ Inc. (Finanee 6.014 Paris. City of:PnRSWWSS-2009REF.2009REF) Page 3
SUMMARY OF RGFUNDING RESULTS
$10.885.000*
CITY OF PARIS. TEXAS
Water~vorks & Sevver System Revenue Refunding Bonds. Series 2009
Refunded Bonds: Series 1997. 1998 & 2000
Market Scale: Banl: Qualitied lnsured - Savings Solution: Unitorm
Preliminaiy Numbers: As of October 20, 2009
Dated Date
Delivery Date
Arbitrage yield
Escrow yield
Bond Par Amount
"I'rue Interest Cost
Net Interest Cost
Average Coupon
Average Life
Par amount of refunded bonds
Average coupon of refiinded bonds
Average life of refiinded bonds
PV of prior debt to 12/20/2009 (in 2.915304%
Net PV Savings
Percentage savings of refunded bonds
Percentage savings of retuiiding bonds
Oct 20. 2009 I:24 pm Prepared by South\Vest Securities_ Inc.
12/20/2009
I 2/20/2009
2915304%
0.129686%
10.885.000.00
2.940795%
2.998198%
3.385759%
4.951
10,750,000.00
5.401687%
5.039
11.968,304.81
864.907.03
8.045647%
7.945862%
(I=inance 6.014 Paris, City of:PARSWWSS-2009RGF_2009REF) Page 3
- " - ~ 1n 2
BOND PRlC1NG
$ I 005.000*
CITY OF PARIS. TEXAS
Waterworks & Sewer System Revenue Refunding Bonds, Series 2009
Refunded Bonds: Series 1997, 1998 & 2000
Market Scale: Bank Qualitied Insured - Savings Solution: Uniform
Preliminaiy Numbers: As of October 20, 2009
Maturitv Yield to Premium
Bond Component Date Amount Rate Yield Price Maturity (-Discount)
Serial Bond:
O6/15/2010
350.000
3.000%
0.950%
100.991
3.468.50
06/15/2011
1.740.000
3.000%
1.050%
102.867
49.885.80
O6/15/2012
1.795_000
3.000%
1.300%
104.145
74.402.75
06/15/2013
980.000
3.000%
1.650%
104.555
44.639.00
O6/15/2014
1 A20.000
3.000%
1.900%
104.708
48,021.60
06/15/2015
1.050.000
3.000%
2.700%
101.519
15949.50
O6/15/2016
1,085.000
3.000%
3.000%
100.000
O6/15/2017
680,000
3.000%
3.200%
98.677
(8.996.40)
06/15/2018
700.000
4.000%
3.450%
104.016
28, 112.00
O6/15/2019
725,000
4.000%
3.650%
102.784
20.184.00
06/15/2020
760.000
4.000°/a
3.850%
101.233 C 3.856%
9.370.80
10.885.000
285,037.55
Dated Date
12/20/2009
Delivery Date
12/20/2009
First Coupon
06/15/2010
Par Amount
10,885,000.00
Premium
285,037.55
Production
11,170,037.55 102.618627%
Undeitivriter's Discount
(76.195.00) (0.7100000)
Purchase Price
I 1,093,842.55 I01.918627%
Accrued Interest
Net Proceeds 11,093,842.55
Oct 20. 2009 1:24 pm Prepared 6y Southwest Securities_ Inc. (Finance 6.014 Paris Cit~ot`.PARSW WSS-2009RI:F.20091ZE:F) Pagc 4
SERIES 2009 REFUNDING BOND DEBT SERVICE
$10,885,000*
CITY OF PARIS. TEXAS
Waterworks & Sewer System Revenue Refimding Bonds, Series 2009
Refunded Bonds: Series 1997, 1998 & 2000
Maeket Scale: Bank Qualified Insured - Savings Solution: Uniform
Preliminary Numbers: As of October 20. 2009
Dated Date 12/20/2009
Delivery Date 12/20/2009
Period
Ending
Principal
Coupon
]nterest
Debt Service
Annual
Debt Service
06/15/2010
350.000
3.000%
169,361.11
519,361.11
09/30/20 I 0
519.361.11
I 2/ 15/20 I 0
168,950.00
168,950.00
06/15/2011
1,740.000
3.000%
168,950.00
1,908,950.00
09/30/201 I
2,077,900.00
I 2/ 15/20 I 1
142,850.00
142,850.00
06/15/2012
1,7957000
3.000°/a
142,850.00
1,937,850.00
09/30/2012
2,080.700.00
I 2/ 15/2012
115,925.00
115,925.00
06/15/2013
980.000
3.000%
115,925.00
1 ,095,92 5.00
09/30/2013
1,211.850.00
I 2/ I 5/20 I 3
101,225.00
101,225.00
06/15/2014
1.020.000
3.000%
101,225.00
1,121,225.00
09/30/2014
1,222,450.00
12/15/2014
85,925.00
85,925.00
06/15/2015
1.050.000
3.000%
85,925.00
1.1357925.00
09/30/20 I 5
1.22 1 .850.00
I 2/ 15/2015
70,175.00
70,175.00
06/ I 5/2016
I 085.000
3.000%
70.175.00
1.155,175.00
09/30/2016
1.225350.00
12/15/2016
53,900.00
53,900.00
06/15/2017
680.000
3.000%
537900.00
733,900.00
09/30/2017
787.800.00
12/15/2017
43,700.00
43,700.00
06/15/2018
700.000
4.000%
43,700.00
743,700.00
09/30/20 I 8
787,400.00
12/15/2018
29,700.00
29,700.00
06/15/2019
725.000
4.000°/a
29,700.00
754,700.00
09/30l2019
784,400.00
I 2/ I5/2019
15,200.00
15,200.00
06/15/2020
760,000
4.000%
15,200.00
775,200.00
09/30/2020
790.400.00
10.8 55.000
1,824,461.11
12.709,461.11
12.709.461.11
Oct 20, 2009 1:24 pm Prepared by Southwest Securities. Inc. (Finvice 6.014 Paris, CityoEPnRSWWSS-2009RfI?009R1_F) P<tge S
SERIES 2009 REFUNDWG BOND DEBT SERVICI:
$ I 0.885.000*
CiTY OF PARIS. TEXAS
Waterworks & Sewer System Revenue Refunding Bonds. Series 2009
Refunded Bonds: Series 1997. 1998 & 2000
Market Scale: Bank Qualified lnsured - Savings Solution: Uniforni
Preliminary Numbers: As of October 20. 2009
Daied Date 12/20/2009
Delivety Date 12/20/2009
Period
Ending Principal CoLipon Interest Debt Service
09/30/2010
350,000
3.000%
169.361.11
519,361.11
09/30/2011
1.740.000
3.000°/a
337900.00
2.077.900.00
09/30/2012
1,795,000
3.000%
285.700.00
2.080,700.00
09/30/2013
980,000
3.000%
231.850.00
1.211,850.00
09/30/2014
1.020.000
3.000%
202.450.00
1.222,450.00
09/30/2015
1,050,000
3.000%
171,850.00
1.221.850.00
09/30/2016
1,085,000
3.000%
140,350.00
1.225350.00
09/30/2017
6807000
3.0000/o
107,800.00
787.800.00
09/30/2018
700.000
4.000%
87,400.00
787,400.00
09/30/2019
725.000
4.000%
59.400.00
784,400.00
09/30/2020
760.000
4.000%
30.400.00
790.400.00
10,885,000
1 ,824.46 1.11
12J09.461.11
Oct 20. 2009 124pm Prepared by South\vest Securities. Ina (Finance 6.0I4 Paris. CitN of:PARSWVVSS-2009RGE.2009REE) Page 9
. ^C7
G.~
SUMMARY OE BONUS REFUNDED
$ ] 0,885,000*
CITY OF PARIS, TEXAS
Watenvorks & Sewer System Revenue Refunding Bonds, Series 2009
Retunded Bonds: Series 1997, 1998 & 2000
Market Scale: Bank Qualitied Insured - Savings Solution: Uniforni
Preliminary Numbers: As of October 20, 2009
Matw-itv Interest Par Call
Call
Qond Date Rate Amount Date
Price
Waterworks & Sewer Sys Revenue Bonds, Series 1997, 1997:
CIBS 06/15/2010 5.000% 305,000.00 12/20/2009
100.000
06/ 1 5/20 I 1 5.000% 320,000.00 1 Z/20/2009
100.000
06/15l2012 5.000% 340.000.00 12/20/2009
100.000
06/ I S/2013 5.000% 360,000.00 12/20/2009
100.000
06/15/2014 4.500% 380,000.00 12/20/2009
100.000
06/15/2015 4.500% 400.000.00 12/20/2009
100.000
06/ 15/2016 4.500% 420,000.00 12/20/2009
100.000
2,525,000.00
Watenvorks & Sewer Sys Rev Ref. Bonds, Series 1998, 1998:
CIBS 12/15/2010 4.850% 810,000.00 12/20/2009
100.000
12/ I S/201 1 4.950% 850,000.00 12/20/2009
100.000
1,660,000.00
Waterworks & Sewer Sys Revenue Bonds, Series 2000, 2000
CIBS 06/15/2011
5.375°/a
505.000.00
06/15/2010
100.
000
06/15/2012
5.500°/a
530,000.00
06/15/2010
100.
000
06/15/2013
5.500%
560.000.00
06/15/2010
100.
000
06/15/2014
5.625%
600,000.00
06/15/2010
100.
000
06/ I 5/20 I i
5.750%
630.000.00
06/ 15/2010
100.
000
06/15/201 G
5.750%
665.000.00
06/ I 5/2010
100.
000
06/15/2017
5.800%
705_000.00
06/15/2010
100.
000
06/15/2018
5.875%
745,000.00
06/15/2010
100.
000
06/ I S/2019
5.375%
790,000.00
06/ I S/201 U
100.
000
06/15/2020
5.375%
8357000.00
06/15/2010
100.
000
6,565.000.00
10.750.000.00
Oct 20. 2009 1:24pm Prepai•ed by South\\csl Secw-ities. Inc. (Finance 6.0I4 Paris. Cit\of:PARSWWSS-2009RGF.2009REF) f'ace 10
1997. 1998 & 2000 REFUNDED E30ND DEBT SERVICE
$ I 0.885.000*
CITY OF PARIS, TEXAS
Waterworks & Sewe
r System Revenue Refunding Bonds. Series 2009
Refunded Bonds: Series 1997. 1998 & 2000
Market Scale: Bank Qualitied lnsured - Savings Solution
: Uniform
Preliminary Numbers: As of October 20, 2009
Period
Ending
Principal
Coupon Interest
Debt Service
09/30/2010
305,000
5.000% 284.459.38
589,459.38
09/30/201 1
1.635,000
534.026.26
1169,026.26
09/30/2012
1.720.000
• 450.202.50
21170,202.50
09/30/2013
920,000
383.015.00
1,303,015.00
09/30/2014
980.000
334,215.00
1,314,215.00
09/30/2015
1,030,000
283.365.00
1,313,365.00
09/30/2016
1,085,000
229.140.00
1,314,140.00
09/30/2017
705.000
5.800% 172,002.50
877,002.50
09/30/2018
745,000
5.875% 131.112.50
876,112.50
09/30/2019
790,000
5. 375% 87.343.76
877,343.76
09/30/2020
835.000
5.375% 44,881.26
879,881.26
10,750.000
2,933.763.16
13,683,763.16
Oct 20. 2009 1:24 pm Prepared bySouthwest Secw-ities. inc. (Finance 6.014 Paris. City of:PARSWWSS-2009REI'.2009REF) Page I I
- - , z7
ESCROW STATISTICS
$ f 0.885.000*
CITY OF PARIS. TEXAS
Waterworks & Sewer System Revenue Refunding Bonds, Series 2009
Refunded Bonds: Series 1997, 1998 & 2000
Market Scale: Bank Qualitied Insured - Savings Solution: Uniform
Preliminarv Numbers: As of October 20. 2009
Modified Yield to Yield to Perfect
Value of
Total
Duration Receipt Disbursement Escrow
Negative
Cost of
Escrow Escrow Cost
(years) Date Date Cost
Arbitrage
Dead Time
1997 & 1989 Refunded Bonds(97 98):
4,187,800.14
4.187,800.14
2000 Refunded Bonds (2000):
6,744,402.64
0.486 0.129686% 0.129686% 6,654,370.18
90,032.45
0.01
10,932,202.78
10,842,170.32
90,032.45
0.01
Delivery date
Arbi[rage yield
I 2/20/2009
2.915.i04%
Oct 20. 2009 1:24 pm Prepamd by South%vest Securities_ Inc.
(Finance 6.014 Paris. City of:PARSWWSS-2009RE1=.2009RGF) Paer 19