Page 40 - Grapevine FY19 Operating Budget

During the same period, the City has also issued certificates of obligation (CO) debt of $37
million to finance vehicle and capital equipment replacements, computers, golf carts, land
acquisitions, construction of the Palace Arts Center, construction of the CVB Headquarters &
Museum Complex, improvements at the Vineyards Campground, and for the purchase of mobile
electronic hand-held ticket writers. The debt has been issued through both negotiated and
competitive sales. The notes are issued in denominations of $5,000 each. Interest is paid semi-
annually on February 15 and August 15. In April 2018 the City issued $32,310,000 in
Combination Tax and Revenue Certificates of Obligation for the purpose of developing the
Grapevine Main Station and parking facility.

Original
Issue Date
Outstanding CO Debt Issues Amount Issued Use of Proceeds

Comb Tax & Rev CO Series 2009 $8,995,000 05/01/09 Vehicles, CVB Expansion
Comb Tax & Rev CO Series 2009A $2,005,000 12/01/09 Mobile electronic citation system,
Vineyards Campground improvements
Comb Tax & Rev CO Series 2010 $500,000 11/02/10 Lake Parks improvements at
the Vineyards Campground
Public Property Finance Contractual $1,225,000 12/01/12 Fire apparatus
Obligation Series 2012
Comb Tax & Rev CO Series 2015 $11,720,000 02/01/15 Public improvements. Water & Sewer
82.94%
Public Property Finance Contractual $3,070,000 02/01/15 Vehicles and Equipment
Obligation Series 2015
Comb Tax & Rev CO Series 2017 $9,535,000 01/15/17 IT equipment, land acquisition for fire
station relocations
Comb Tax & Rev CO Series 2018 $32,310,000 04/15/18 Commuter Rail Station

The City has also issued tax notes, which are generally short-term debt instruments, in the
amount of $4.9 million for upgrades to the police/fire radio system, fire apparatus, police
vehicles and golf equipment.

Original
Issue Date
Outstanding Tax Note Debt Issues Amount Issued Use of Proceeds
Tax Notes Series 2013 $3,965,000 06/15/13 Police/Fire radio system, fire apparatus,
police vehicles, golf equipment
Tax Notes Series 2017 $970,000 10/17/17 Vehicles

Tax notes, GO bonds and COs all represent tax-supported debt, also called governmental debt.
Although the CO issues are a combination of tax and revenue supported debt, in the event of a
revenue shortfall the City has pledged its taxing authority as surety.

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