Page 46 - Grapevine FY20 Approved Budget

In April 2018 the City authorized the issuance of and sale of Sales Tax Revenue Refunding
Bonds, Series 2018 to refund the 2014 issue. The refund is estimated to reduce the interest rate
from 5.52% to 4.20% and is estimated to save the City approximately $2,476,583. This action
will not extend the term of the bonds, which will be fully retired in 2034.

Original
Issue Date
Outstanding Revenue Bond Issues Amount Issued Use of Proceeds

Sales Tax Revenue Bonds Series 2018 $16,930,000 04/15/18 Refunding

During the same period, the City has also issued certificates of obligation (CO) debt of $58.3
million to finance vehicle and capital equipment replacements, computers, golf carts, land
acquisitions, 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 paying contractual obligations to be incurred for the Grapevine
Main Station project, including: (a) planning, developing, constructing, and equipping public
plaza and open space improvements in downtown Grapevine; (b) planning, developing,
constructing and equipping a public observation and viewing tower; (c) planning, developing,
constructing and equipping a public parking garage in downtown Grapevine; (d) planning,
developing, constructing and equipping City Convention and Visitors Bureau meeting space and
offices; and (e) paying professional services of attorneys, financial advisors and other
professionals in connection with the projects and the issuance of the Certificates.

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

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