Page 455 - Hurst FY19 Approved Budget

HCDC SALES TAX REVENUE BOND FUND

The HCDC Sales Tax Revenue Bond Fund, also known as the HCDC Sales Tax Interest and
Sinking Fund was established by ordinance authorizing the payment of bond principal
and interest as they come due. The bonds are special, limited obligations of the Hurst
Community Development Corporation and are secured by a lien on and pledge of certain
proceeds of a half-cent sales and use tax levied within the City of Hurst for the benefit
of the Corporation. The Corporation is authorized by the Industrial Development Act of
1979 as amended by Article 5190.6, Section 4B.

Proceeds from the sale of Bonds are restricted to projects as defined by Section 4B
such as community services projects. The fund is devoted to principal and interest
payments on debt for infrastructure projects built from community development half-
cent sales tax receipts.

The following is a list of bond refunding and associated savings:

FY SAVINGS
2003-2004 $795,172
2015-2016 $277,212

SCHEDULE OF HCDC SALES TAX REVENUE BOND INDEBTEDNESS

PRINCIPAL AND INTEREST REQUIREMENTS
FISCAL YEAR 2018-2019

Outstanding Interest Due
Balance Principal Due 02-15-19 & Tatal P & I Due

Description 10-01-18 08-15-19 08-15-19 FY 18-19
Existing Debt

1. Series 2011 *
Sales Tax Refunding Bonds 105,000 105,000 2,520 107,520
2. Series 2014
Certificates of Obligation 6,205,000 305,000 199,033 504,033
3. Series 2016
General Obligation Refunding 4,915,000 170,000 190,700 360,700
4. Series 2016
Certificates of Obligation 4,555,000 180,000 176,550 356,550

Total 15,780,000 760,000 568,803 1,328,803
* Final Year of Debt Payment

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