Page 355 - Hurst FY20 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, maintenance and
operational costs for infrastructure projects built from half-cent sales tax receipts and some minor capital
expenditures.

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 2019-2020

Outstanding Interest Total
Balance Principal due 02-15-20 P & I due
Description 10-01-19 due 8-15-20 & 08-15-20 FY 19-20

EXISTING DEBT

1 Series 2014
Certificates of Obligation 5,900,000 315,000 189,883 504,883

2 Series 2016
General Obligation Refunding 4,745,000 175,000 183,900 358,900

3 Series 2016
Certificates of Obligation 4,375,000 190,000 171,150 361,150

Total 15,020,000 680,000 544,933 1,224,933

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