Page 223 - Hurst Budget FY21

REVENUE BOND FUND
The Revenue Bond Fund, also known as the Revenue Bond Interest and Sinking Fund, was established by
ordinance to provide for the payment of revenue bond and certificate of obligation principal and interest.
Revenue Bonds and Certificates of Obligation are a common capital resource for enterprise activities.
Revenue bond indentures contain a legal requirement that revenues derived from enterprise activity be
pledged for the repayment of debt. The same philosophy is utilized by the City for the repayment of
Certificates of Obligation debt. All existing debt includes certificates of obligation and general refunding
bonds. These debt instruments have allowed the City to achieve substantial interest savings, as detailed in
the list below. All debt associated with the Revenue Bond Fund is used to finance additions and repairs to
the City’s utility infrastructure such as water line and sewer main additions/replacements, water storage
tanks, and pump stations.

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

FY SAVINGS
2003-2004 $849,693
2006-2007 $1,148,404
2008-2009 $288,500
2010-2011 $270,188
2011-2012 $80,208
2012-2013 $145,560
2014-2015 $97,304
2016-2017 $255,314

Outstanding Interest Total
Balance Principal due 02-21 P & I due
Description 10-01-20 due 08-21 & 08-21 FY 20-21

1 Series 2009
Combined Tax and Revenue
Certificates of Obligation 210,000 210,000 8,400 218,400

2 Series 2011
General Obligation
Refunding Bonds 415,000 285,000 16,600 301,600

3 Series 2012
General Obligation
Refunding Bonds 380,000 120,000 17,800 137,800
4 Series 2013
General Obligation
Refunding Bonds 940,000 180,000 31,100 211,100
5 Series 2015
General Obligation
Refunding Bonds 980,000 130,000 36,600 166,600
6 Series 2015
Combined Tax and Revenue
Certificates of Obligation 915,000 45,000 35,650 80,650

7 Series 2016
General Obligation
Refunding Bonds 890,000 100,000 32,450 132,450

8 Series 2017
General Obligation
Refunding Bonds 2,215,000 40,000 48,509 88,509
9 Series 2018
Combined Tax and Revenue
Certificates of Obligation 1,235,000 65,000 13,623 78,623

Total 8,180,000 1,175,000 240,731 1,415,731
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