Page 261 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

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 service 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.

SCHEDULE OF HCDC SALES TAX REVENUE BOND INDEBTEDNESS
PRINCIPAL AND INTEREST REQUIREMENTS
FISCAL YEAR 2022-2023

Outstanding Principal Interest
Balance due in due in Total Due
Description 10-01-22 FY 23 FY 23 FY 23

1 Combined Tax and Revenue
Certificates of Obligation - Issued for rec center and aquatic center improvements
Series 2014 4,930,000 340,000 160,783 500,783

2 General Obligation
Refunding Bonds - Issued to achieve savings in debt service related to the conference
center
Series 2016 4,195,000 195,000 165,600 360,600

3 Combined Tax and Revenue
Certificates of Obligation - Issued for rec center and aquatic center improvements
Series 2016 3,790,000 210,000 151,600 361,600

Total 12,915,000 745,000 477,983 1,222,983

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