Page 331 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

SCHEDULE OF HOTEL/MOTEL TAX BOND INDEBTEDNESS
PRINCIPAL AND INTEREST REQUIREMENTS
FISCAL YEAR 2022-2023

Certificates of Obligation were issued in 2008 to be utilized for the design and construction of a
regional meeting facility in Hurst Town Center. Ground was broken on June 18, 2009 and the
facility opened in September 2010. The meeting facility is a major component of redevelopment
efforts collectively known as Transforming Hurst. Hurst Town Center hotels are seeing increased
occupancy levels associated with the maturing meeting facility and the recent opening of the
Hilton Garden Inn attached to the Conference Center has helped increase events. Additionally, a
Candlewood Suites opened in during 2020. The Hotel/Motel Fund continues to be devoted to
tourism and art related projects within the City of Hurst.

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

1 General Obligation Bond
Refunding – Issued to achieve savings in debt service related to the conference center

Series 2016 4,195,000 195,000 165,600 360,600

Total 4,195,000 195,000 165,600 360,600

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