Page 44 - CityofGrapevineFY25AdoptedBudget

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 ten years, the City of Grapevine has issued long-term general obligation (GO) debt
of $89 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.

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 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 $28,860,000 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 in the amount of $16.9 million to refund the 2014 issue 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 4B Economic Development 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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