Page 45 - Grapevine FY22 Adopted Budget v2

The City has also issued tax notes, which are generally short-term debt instruments, in the amount
of $4.9 million for upgrades to the police/fire radio system, fire apparatus, police vehicles and golf
equipment.

Original
Issue Date
Outstanding Tax Note Debt Issues Amount Issued Use of Proceeds

Tax Notes Series 2013 $3,965,000 06/15/13 Police/Fire radio system, fire apparatus,
police vehicles, golf equipment
Tax Notes Series 2017 $970,000 10/17/17 Vehicles

Tax notes, GO bonds and COs all represent tax-supported debt, also called governmental debt.
Although the CO issues are a combination of tax and revenue supported debt, in the event of a
revenue shortfall the City has pledged its taxing authority as surety.

Overall, current outstanding governmental debt is $217,063,072, (not including TIF) with a
principal balance of $164.5 million. Repayment of this debt is scheduled over a twenty (20) year
period and is payable from a general property tax levy.

Outstanding Interest Total Percentage
Debt Instrument Principal Due Debt of Total

General Obligation Bonds $84,945,000 $25,002,016 $109,947,016 55.96%
Certificates of Obligation $48,480,000 $16,413,578 $64,893,578 33.03%
Tax Notes and Contractual Obligations $1,910,000 $131,725 $2,041,725 1.04%
Sales Tax Revenue Bonds $15,260,000 $4,321,109 $19,581,109 9.97%
Total $150,595,000 $45,868,428 $196,463,428 100.00%

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