Page 312 - Hurst Budget FY21

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 2020-2021

Outstanding Interest Total
Balance Principal due 02-15-21 P & I due
Description 10-01-20 1due 8-15-20 & 08-15-21 FY 20-21

EXISTING DEBT

1 Series 2014
Certificates of Obligation 5,585,000 325,000 180,433 505,433

2 Series 2016
General Obligation Refunding 4,570,000 185,000 176,900 361,900

3 Series 2016
Certificates of Obligation 4,185,000 195,000 165,450 360,450

Total 14,340,000 705,000 522,783 1,227,783

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