Page 119 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 BUDGET

schedule of HCDC Sales Tax Bond Indebtedness

Principal and Interest Requirements

The Hurst Community Development Corporation (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 HCDC
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.

Outstanding Interest Total
Balance Principal due 02-15-22 P & I due
Description 10-01-21 due 08-15-22 & 08-15-22 FY 21-22
1 Series 2014

Certificates of Obligation 5,260,000 330,000 170,683 500,683

2 Series 2016
General Obligation Refunding 4,385,000 190,000 173,200 363,200

3 Series 2016
Certificates of Obligation 3,990,000 200,000 159,600 359,600

Total 13,635,000 720,000 503,483 1,223,483

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