HomeMy WebLinkAboutCertificates of Obligation Series 2016 documents
Town of Westlake
Certificates of Obligation, Series 2016
December 5, 2016
Registered Municipal Advisor and Texas Securities Dealer
(512) 375-3424 (Phone) (512) 582-8259 (Fax)
tlawrence@lfctexas.com (email)
www.lfctexas.com (website)
Westlake (Town)
$9,200,000 Combination Tax and Revenue Certificates of
Obligation, Series 2016
The following bids were submitted using PARITY® and displayed ranked by lowest TIC.
Click on the name of each bidder to see the respective bids.
Bid Award* Bidder Name TIC
FTN Financial Capital Markets 3.468893
Robert W. Baird & Co., Inc. 3.521912
Cantor Fitzgerald & Co. 3.545580
SunTrust Robinson Humphrey 3.552284
Wells Fargo Bank, National Association 3.565881
Raymond James & Associates, Inc. 3.782436
Northland Securities, Inc. 3.784224
Town of Westlake, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2016
(Fire Station)
Pricing Summary
Maturity Type of Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
02/15/2018 Serial Coupon 3.000%1.150%200,000.00 102.101% ---204,202.00
02/15/2019 Serial Coupon 3.000%1.450%205,000.00 103.264% ---211,691.20
02/15/2020 Serial Coupon 3.000%1.550%210,000.00 104.435% ---219,313.50
02/15/2021 Serial Coupon 3.000%1.700%215,000.00 105.183% ---226,143.45
02/15/2022 Serial Coupon 3.000%1.850%225,000.00 105.620% ---237,645.00
02/15/2023 Serial Coupon 3.000%2.000%230,000.00 105.755% ---243,236.50
02/15/2024 Serial Coupon 3.000%2.100%235,000.00 105.942% ---248,963.70
02/15/2025 Serial Coupon 3.000%2.200%245,000.00 105.935% ---259,540.75
02/15/2037 Term 1 Coupon 3.000%3.000%3,575,000.00 100.000% ---3,575,000.00
02/15/2038 Serial Coupon 4.000%3.250%360,000.00 105.890%c 3.600%02/15/2026 100.000%381,204.00
02/15/2040 Term 2 Coupon 4.000%3.350%765,000.00 105.081%c 3.672%02/15/2026 100.000%803,869.65
02/15/2042 Term 3 Coupon 4.000%3.450%835,000.00 104.279%c 3.736%02/15/2026 100.000%870,729.65
02/15/2044 Term 4 Coupon 4.000%3.500%900,000.00 103.881%c 3.770%02/15/2026 100.000%934,929.00
02/15/2046 Term 5 Coupon 4.000%3.600%980,000.00 103.090%c 3.823%02/15/2026 100.000%1,010,282.00
Total ---$9,180,000.00 -----$9,426,750.40
Bid Information
Par Amount of Bonds $9,180,000.00
Reoffering Premium or (Discount)246,750.40
Gross Production $9,426,750.40
Total Underwriter's Discount (1.550%)$(142,314.33)
Bid (101.138%)9,284,436.07
Total Purchase Price $9,284,436.07
Bond Year Dollars $159,736.50
Average Life 17.400 Years
Average Coupon 3.6110709%
Net Interest Cost (NIC)3.5456907%
True Interest Cost (TIC)3.4760665%
2016 CO | SINGLE PURPOSE | 12/ 5/2016 | 11:47 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 1
Town of Westlake, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2016
(Fire Station)
Debt Service Schedule
Date Principal Coupon Interest Total P+I
09/30/2017 --203,098.33 203,098.33
09/30/2018 200,000.00 3.000%310,800.00 510,800.00
09/30/2019 205,000.00 3.000%304,725.00 509,725.00
09/30/2020 210,000.00 3.000%298,500.00 508,500.00
09/30/2021 215,000.00 3.000%292,125.00 507,125.00
09/30/2022 225,000.00 3.000%285,525.00 510,525.00
09/30/2023 230,000.00 3.000%278,700.00 508,700.00
09/30/2024 235,000.00 3.000%271,725.00 506,725.00
09/30/2025 245,000.00 3.000%264,525.00 509,525.00
09/30/2026 250,000.00 3.000%257,100.00 507,100.00
09/30/2027 260,000.00 3.000%249,450.00 509,450.00
09/30/2028 265,000.00 3.000%241,575.00 506,575.00
09/30/2029 275,000.00 3.000%233,475.00 508,475.00
09/30/2030 285,000.00 3.000%225,075.00 510,075.00
09/30/2031 290,000.00 3.000%216,450.00 506,450.00
09/30/2032 300,000.00 3.000%207,600.00 507,600.00
09/30/2033 310,000.00 3.000%198,450.00 508,450.00
09/30/2034 320,000.00 3.000%189,000.00 509,000.00
09/30/2035 330,000.00 3.000%179,250.00 509,250.00
09/30/2036 340,000.00 3.000%169,200.00 509,200.00
09/30/2037 350,000.00 3.000%158,850.00 508,850.00
09/30/2038 360,000.00 4.000%146,400.00 506,400.00
09/30/2039 375,000.00 4.000%131,700.00 506,700.00
09/30/2040 390,000.00 4.000%116,400.00 506,400.00
09/30/2041 410,000.00 4.000%100,400.00 510,400.00
09/30/2042 425,000.00 4.000%83,700.00 508,700.00
09/30/2043 440,000.00 4.000%66,400.00 506,400.00
09/30/2044 460,000.00 4.000%48,400.00 508,400.00
09/30/2045 480,000.00 4.000%29,600.00 509,600.00
09/30/2046 500,000.00 4.000%10,000.00 510,000.00
Total $9,180,000.00 -$5,768,198.33 $14,948,198.33
Yield Statistics
Bond Year Dollars $159,736.50
Average Life 17.400 Years
Average Coupon 3.6110709%
Net Interest Cost (NIC)3.5456907%
True Interest Cost (TIC)3.4760665%
Bond Yield for Arbitrage Purposes 3.0708747%
All Inclusive Cost (AIC)3.5469445%
IRS Form 8038
Net Interest Cost 3.3625349%
Weighted Average Maturity 17.419 Years
2016 CO | SINGLE PURPOSE | 12/ 5/2016 | 11:47 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 2
Town of Westlake, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2016
(Fire Station)
Sources & Uses
Dated 12/22/2016 | Delivered 12/22/2016
Sources Of Funds
Par Amount of Bonds $9,180,000.00
Reoffering Premium 246,750.40
Total Sources $9,426,750.40
Uses Of Funds
Deposit to Project Construction Fund 9,200,000.00
Total Underwriter's Discount (1.550%)142,314.33
Costs of Issuance 81,113.55
Rounding Amount 3,322.52
Total Uses $9,426,750.40
2016 CO | SINGLE PURPOSE | 12/ 5/2016 | 11:47 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 3
TOWN OF WESTLAKE
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017
SCHEDULE OF EVENTS
(Council Meeting Dates Highlighted)
Action Date
Bond Sale/Delegated Pricing Approved by Town Council 10/24/16
Application for Credit Rating; initial draft of POS distributed 12/07/16
Credit Rating Received 01/03/17
Preliminary Official Statement Distributed to Investors 01/03/17
Bond Pricing Completed 01/10/17
Bond Counsel Submits Transcript to AG for Review 01/13/17
Final Official Statement printed 01/17/17
Closing Memorandum Distributed 01/18/17
Attorney General Approval Received 02/02/17
Closing 02/07/17
Redemption of 2007 Bonds 05/01/17
Lawrence Financial Consulting LLC 11/30/2016