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HomeMy WebLinkAboutCertificates of Obligation Series 2013 documents Town of Westlake Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2013 April 2, 2013 Pricing Summary – pages 1 Aggregate Debt Service – pages 2 Sources and Uses – page 3 Lawrence Financial Consulting LLC Registered Municipal Advisor and Texas Securities Dealer (214) 340-1954 (Phone) (214) 343-3456 (Fax) tlawrence@lfctexas.com (E-mail) http://www.lfctexas.com (Web site) Town of Westlake, Texas Combination Tax and Revenue Certificates of Obligation, Series 2013 Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 02/15/2014 Serial Coupon 2.000%0.400%100,000.00 101.263% 101,263.00 02/15/2015 Serial Coupon 2.000%0.480%195,000.00 102.708% 200,280.60 02/15/2016 Serial Coupon 2.000%0.680%195,000.00 103.643% 202,103.85 02/15/2017 Serial Coupon 2.000%0.880%200,000.00 104.167% 208,334.00 02/15/2018 Serial Coupon 2.000%1.130%200,000.00 104.046% 208,092.00 02/15/2019 Serial Coupon 2.000%1.280%205,000.00 104.006% 213,212.30 02/15/2020 Serial Coupon 2.000%1.480%215,000.00 103.347% 222,196.05 02/15/2021 Serial Coupon 2.500%1.700%215,000.00 105.813% 227,497.95 02/15/2022 Serial Coupon 2.500%1.900%225,000.00 104.835% 235,878.75 02/15/2024 Term 1 Coupon 3.000%2.070%470,000.00 108.202%c 508,549.40 02/15/2026 Term 2 Coupon 3.000%2.300%495,000.00 106.103%c 525,209.85 02/15/2028 Term 3 Coupon 3.250%2.530%530,000.00 106.207%c 562,897.10 02/15/2029 Serial Coupon 3.500%2.650%390,000.00 107.285%c 418,411.50 02/15/2030 Serial Coupon 3.500%2.750%405,000.00 106.396%c 430,903.80 02/15/2031 Serial Coupon 3.500%2.800%415,000.00 105.955%c 439,713.25 02/15/2033 Term 4 Coupon 4.000%3.000%910,000.00 108.426%c 986,676.60 02/15/2036 Term 5 Coupon 4.000%3.200%1,035,000.00 106.675%c 1,104,086.25 02/15/2039 Term 6 Coupon 3.625%3.950%1,155,000.00 94.768% 1,094,570.40 02/15/2043 Term 7 Coupon 4.000%4.050%1,765,000.00 99.134% 1,749,715.10 Total ---$9,320,000.00 --$9,639,591.75 Bid Information Par Amount of Bonds $9,320,000.00 Reoffering Premium or (Discount)319,591.75 Gross Production $9,639,591.75 Total Underwriter's Discount (0.690%)$(64,353.57) Bid (102.739%)9,575,238.18 Total Purchase Price $9,575,238.18 Bond Year Dollars $166,538.33 Average Life 17.869 Years Average Coupon 3.6775914% Net Interest Cost (NIC)3.5243305% True Interest Cost (TIC)3.4194261% 2013 CO | SINGLE PURPOSE | 4/ 1/2013 | 4:07 PM Lawrence Financial Consulting LLC Registered Municipal Advisor & Texas Securities Dealer Page 1 Town of Westlake, Texas Combination Tax and Revenue Certificates of Obligation, Series 2013 Net Debt Service Schedule Date Principal Coupon Interest Total P+I Existing D/S Net New D/S 09/30/2013 ----1,578,615.12 1,578,615.12 09/30/2014 100,000.00 2.000%407,158.60 507,158.60 1,582,160.00 2,089,318.60 09/30/2015 195,000.00 2.000%312,043.76 507,043.76 1,580,879.00 2,087,922.76 09/30/2016 195,000.00 2.000%308,143.76 503,143.76 1,584,365.00 2,087,508.76 09/30/2017 200,000.00 2.000%304,193.76 504,193.76 1,583,558.00 2,087,751.76 09/30/2018 200,000.00 2.000%300,193.76 500,193.76 1,584,533.00 2,084,726.76 09/30/2019 205,000.00 2.000%296,143.76 501,143.76 1,583,720.00 2,084,863.76 09/30/2020 215,000.00 2.000%291,943.76 506,943.76 1,581,758.00 2,088,701.76 09/30/2021 215,000.00 2.500%287,106.26 502,106.26 1,583,745.00 2,085,851.26 09/30/2022 225,000.00 2.500%281,606.26 506,606.26 1,580,645.00 2,087,251.26 09/30/2023 230,000.00 3.000%275,343.76 505,343.76 1,581,658.00 2,087,001.76 09/30/2024 240,000.00 3.000%268,293.76 508,293.76 1,579,638.00 2,087,931.76 09/30/2025 240,000.00 3.000%261,093.76 501,093.76 1,584,413.00 2,085,506.76 09/30/2026 255,000.00 3.000%253,668.76 508,668.76 1,581,045.00 2,089,713.76 09/30/2027 260,000.00 3.250%245,618.76 505,618.76 1,580,133.00 2,085,751.76 09/30/2028 270,000.00 3.250%237,006.26 507,006.26 1,581,533.00 2,088,539.26 09/30/2029 390,000.00 3.500%225,793.76 615,793.76 1,473,995.00 2,089,788.76 09/30/2030 405,000.00 3.500%211,881.26 616,881.26 1,470,170.00 2,087,051.26 09/30/2031 415,000.00 3.500%197,531.26 612,531.26 1,473,810.00 2,086,341.26 09/30/2032 595,000.00 4.000%178,368.76 773,368.76 1,316,160.00 2,089,528.76 09/30/2033 315,000.00 4.000%160,168.76 475,168.76 -475,168.76 09/30/2034 330,000.00 4.000%147,268.76 477,268.76 -477,268.76 09/30/2035 345,000.00 4.000%133,768.76 478,768.76 -478,768.76 09/30/2036 360,000.00 4.000%119,668.76 479,668.76 -479,668.76 09/30/2037 370,000.00 3.625%105,762.51 475,762.51 -475,762.51 09/30/2038 385,000.00 3.625%92,078.13 477,078.13 -477,078.13 09/30/2039 400,000.00 3.625%77,850.00 477,850.00 -477,850.00 09/30/2040 415,000.00 4.000%62,300.00 477,300.00 -477,300.00 09/30/2041 430,000.00 4.000%45,400.00 475,400.00 -475,400.00 09/30/2042 450,000.00 4.000%27,800.00 477,800.00 -477,800.00 09/30/2043 470,000.00 4.000%9,400.00 479,400.00 -479,400.00 Total $9,320,000.00 -$6,124,599.46 $15,444,599.46 $31,046,533.12 $46,491,132.58 2013 CO | SINGLE PURPOSE | 4/ 1/2013 | 4:07 PM Lawrence Financial Consulting LLC Registered Municipal Advisor & Texas Securities Dealer Page 2 Town of Westlake, Texas Combination Tax and Revenue Certificates of Obligation, Series 2013 Sources & Uses Dated 04/30/2013 | Delivered 04/30/2013 Sources Of Funds Par Amount $9,320,000.00 Reoffering Premium 319,591.75 Total Sources $9,639,591.75 Uses Of Funds Deposit to Project Construction Fund 9,500,000.00 Costs of Issuance 75,220.00 Total Underwriter's Discount (0.690%)64,353.57 Rounding Amount 18.18 Total Uses $9,639,591.75 2013 CO | SINGLE PURPOSE | 4/ 1/2013 | 4:07 PM Lawrence Financial Consulting LLC Registered Municipal Advisor & Texas Securities Dealer Page 3