Page 42 - Grapevine FY23 Adopted Budget (1)

T
he Debt Service Fund is used for the accumulation of resources for and the payment of general
long-term debt principal, interest and related costs on general obligation bonds and public
property finance contractual obligations issued by the City. Revenues are generated by the
collection of property taxes dedicated to interest and sinking fund requirements (I&S), interest
income, and transfers from the Convention and Visitors, Stormwater Drainage, Utility Enterprise
and Lake Enterprise funds.

Over the past fourteen years, the City of Grapevine has issued long-term general obligation (GO)
debt of $128 million to finance capital improvements, the annual street overlay program, to
purchase land, and to refinance existing debt at lower interest rates. The issues are primarily the
result of a negotiated sale and are issued in denominations of $5,000 each. Interest is paid semi-
annually on February 15 and August 15.

On August 3, 2021 the City Council authorized the issuance and sale of General Obligation
Refunding Bonds Series 2021 in the amount of $44.9 million. The purpose of the issue was the
refunding of Series 2013 GO Bonds originally issued for the construction of the Public Safety
Building and the expansion of the recreation center.

Original
Issue Date
Outstanding GO Bond Debt Issues Amount Issued Use of Proceeds
GO Ref Bonds Series 2009 $24,280,000 05/21/09 Refunding
GO Ref Bonds Series 2010 $10,475,000 06/15/10 Refunding, 39% Water & Sewer
GO Ref Bonds Series 2012 $8,060,000 12/01/12 Refunding, 13.5% Lake Pks, 3.1% CVB
GO Ref Bonds Series 2015 $14,695,000 02/01/15 Refunding
GO Ref Bonds Series 2017 $1,365,000 01/15/17 Refunding
GO Ref & Improv Bonds Series 2019 $24,700,000 06/04/19 Refunding, Animal Shelter facility,
Fire Stations 2 & 3, Golf Clubhouse
GO Ref Bonds Series 2021 $44,945,000 08/03/21 Refunding of Series 2013 GO Bonds

In April 2018 the City authorized the issuance of and sale of Sales Tax Revenue Refunding Bonds,
Series 2018 to refund the 2014 issue of $19.5 million used to acquire land within the city used to
promote new and expanded business enterprises for economic development. The bonds are
secured by the gross proceeds of ¼ of the ½ cent sales and use tax levied within the City of
Grapevine for the benefit of the Corporation. This action will not extend the term of the bonds,
which will be fully retired in 2034.

Original
Issue Date
Outstanding Revenue Bond Issues Amount Issued Use of Proceeds
Sales Tax Revenue Bonds Series 2018 $16,930,000 04/15/18 Refunding of Series 2014 Bonds

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