Page 165 - CITY OF AZLE, TEXAS

City of Azle
Utility Fund Debt Schedule and Description of Accounts
Revenue Bonds and General Obligation Refunding Bonds

Bonds
Description, Interest Date of Original Outstanding
& Maturity Date Issue Issue 10/1/2022

Waterworks & Sewer System Revenue Refunding Bonds 5/1/2012 $ 3,835,000 $ 385,000
Series 2012 2.16% to 2.16%
Series Due 8/1/2012 to 8/1/2023
Purpose: Refunding of previously issued debt for various utility system infrastructure improvements
Bond Ratings:
Standard & Poor's: A+

Waterworks & Sewer System Revenue Refunding Bonds 5/20/2014 $ 2,175,000 $ 425,000
Series 2014 2.04% to 2.04%
Series Due 8/1/2014 to 8/1/2024
Purpose: Refunding of previously issued debt for various utility system infrastructure improvements
Bond Ratings:
Standard & Poor's: A+

Tax & Surplus Revenue Certificates of Obligation 3/1/2017 $ 1,335,000 $ 710,000
Series 2017 2.159% to 2.159%
Series Due 2/15/2018 to 2/15/2027
Purpose: Acquisition and installation of an automated meter reading system
Bond Ratings:
Standard & Poor's: AA

Tax & Utility System Revenue Certificates of Obligation 11/21/2017 $ 1,350,000 $ 1,045,000
Series 2017A 0.58% to 2.29%
Series Due 2/1/2018 to 2/1/2037
Purpose: Water line rehab and upgrade on Main Street in Azle
Bond Ratings:
Standard & Poor's: AA

General Obligation Refunding Bonds 8/6/2020 $ 7,685,000 $ 6,215,000
Series 2020 1.09% to 1.09%
Series Due 2/1/2021 to 2/1/2030
Purpose: Refunding of previously issued debt to upgrade the City's wastewater treatment plant
Bond Ratings:
Standard & Poor's: AA

2022-2023 Estimated Utility Debt Coverage
Revenue Operating Expenses Avail for Debt Svc. FY 2023 Pmt for Rev Bonds Coverage Coverage Required
$ 9,892,562.00 $ 7,580,047.24 $ 2,312,514.76 $ 611,986.00 3.77870533 1.1

*Note: only the City's revenue bonds require revenue coverage at a certain level. Revenue available for
debt service must be at least 1.1 times greater than the required annual payment.

City of Azle FY 2022-2023 Budget 154