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Home My WebLink AboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-11/12/2013City of Colleyville Page 1 City of Colleyville City Council and Colleyville Economic Development Corporation Board Joint Worksession Agenda City Hall 100 Main Street Colleyville, Texas 76034 817.503.1000 www.colleyville.com Tuesday, November 12, 2013 5:15 p.m. Executive Conference Room Third Floor – City Hall 1. CALL TO ORDER 2. PRESENTATION AND DISCUSSION 2a Presentation and discussion of potential refunding of outstanding Colleyville Economic Development Corporation Series 2005 Refunding and Improvement Sales Tax Revenue Bonds 3. ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Friday, November 8, 2013 by 5:00 p.m. Amy Shelley, TRMC City Secretary Any matter on this agenda may, at the discretion of the governing body, be opened for public comment and discussion. If you plan to attend this public meeting and have a disability that requires special accommodations, please advise the City Secretary at least 48 hours in advance at 817.503.1133, and reasonable accommodations will be made to assist you. City of Colleyville Page 1 City of Colleyville Joint Colleyville City Council and Colleyville Economic Development Corporation Board Worksession Agenda Briefing City Hall 100 Main Street Colleyville, Texas 76034 www.colleyville.com Agenda Number 2a Agenda Date 11/12/2013 Number Type Presentation and Discussion Department City Manager Title Presentation and discussion of potential refunding of outstanding Colleyville Economic Development Corporation Series 2005 Refunding and Improvement Sales Tax Revenue Bonds Explanation Currently, the Series 2005 Refunding and Improvement Sales Tax Revenue Bonds is the only outstanding bond issue of the Colleyville Economic Development Corporation with an interest rate of 4.10%. The City's financial advisory firm, First Southwest, continually monitors market conditions for potential bond refunding opportunities that would exceed a net present value savings of 4%. Based upon the attached analysis and attached memo from Jim Sabonis of First Southwest, there is the potential to refund the bond issue, which is currently callable on February 15, 2014, with a net present value savings of 4.84% (total savings - $487,105 / net present value savings - $367,796), which saves approximately $30,000 in debt service cost on an annual basis through 2029, on a projected interest rate of 3.15%. The method of sale would be a competitive private placement. As indicated in the memo, the projected sale date is Monday, December 2, 2013, and market conditions could improve or deteriorate in the interim, so actual transaction savings could vary from the projection. In the event market conditions deteriorate to the point that the transaction is not economically viable, the Corporation is not obligated to complete the transaction. Staff is seeking direction from the Colleyville Economic Development Corporation Board of Directors and the City Council, who ratifies the sale by adoption of a resolution. If the Colleyville Economic Development Corporation Board of Directors and the City Council wishes to proceed with the refunding, there will be a special Board meeting held at 5:00 p.m. on Tuesday, December 3, 2013 to approve the results of the sale. There will be a subsequent resolution placed on the Tuesday, December 3, 2013 City Council agenda to ratify the results of the sale. Attachments 1.Refunding of Colleyville EDC Sales Tax Revenue Refunding Bonds memo - November 8, 2013 City Council and Colleyville Economic Development Corporation Board Joint Worksession Agenda Briefing 2a City of Colleyville Page 2 2.Preliminary financial analysis of CEDC bond refunding �i�st. �Q�t��r�u►��C�!"�,'` � �� ,��,�. Contact James S. Sabonis Managing Director 325 N. St. Paul Street, Suite 800 Dallas, Texas 75201 Direct 214.953.4195 Fax 214.953.4050 jim.sabonis @firstsw.com City of Colleyville November 12, 2013 Colleyville Economic Development Corporation Tab1e of Contents 1. 2. 3. Summary of Colleyville Economic Development Corporation Debt Refunding Opportunity Municipal Market Update Proposed 2013 CEDC Sales Tax Debt Refunding a � c. CEDC Sales Tax Supported Debt Refunding Opportunity CEDC Sales Tax Supported Debt Refunding Analysis Summary Series 2013 Refunding Key Dates and Action Items c �+ NFempQr F[NFiA & SIPC p 2'�73 i�r��ui��t .. 1 Firsi SauEhwesi Comp,any � 0 r r < < � r m m � 0 z O � n v m < m r O 'o 3 m z � n O � v 0 � A 1 O z Summary of CEDC Debt Refunding �pportunity � The Colleyville Economic Development Corporation and City of Colleyville have the opportunity to refund the outstanding CEDC Series 2005 Refunding and Improvement Sales Tax Subordinate Lien Revenue Bonds for debt service savings. The Bonds are callable on 2/15/2014, at which time they can be refunded on a current basis. Existing Series 2005 CEDC Sales Tax Debt: _ � __ � ��,��,-r . _ ,��,m „��.,._ .. , ,��,m � .. � .,_� ._. Ref. & Tmp. Sales -- - 2(��JS T� Subc�rdinate Lien $7,2�a[�,DQO Revenue � ond� �� r�J��%E�.S� � �-. � �J�]o 211Sf2+�14 i(?�J% Mem6er FINRA & SIPC O 2013 � First Southwest Company � 0 m < < � r m m 0 0 � 0 � � v m < m r O � 3 m z 1 n O � v O z D 1 O z Municipal Market Update (Bond Buyer Revenue Index) 9.OD 8.D0 7,DD 6.�0 5.0(} 4.fl�6 3.(]4 2.pp 1.fl0 Bond Buyer Revenue Index 25 Year History Weekly Actual as of 11/7/2013 0.00 ; , , , . . . . , . 1988 1985 193C] 1991 1992 �993 1�9A 19�'a 199fi 1597 i998 1�9 2000 2001 2002 2003 2D04 2005 20p6 2C�Ci7 20(}B 2009 2p10 2Q11 2t}i� This graph depic[s historical interest rates and their respedive relationships. Future irrterest rates are dependent upon many fac[ors such as, but not limited to, interest rate Vends, tax rates, the supply and demand M short tertn securities, chartges in laws, rules and regulations, as well as changes in credit quality and rating agency considerations. The effeci of changes in such factors individually or in any combination could materialy affect the relationships and effective irrterest rates. These results should be viewed with these potential changes in mind as weil as the understandng that there may be irrtertuptions in the short tertn market or no market may epst at all. Source: The Bdnd Buyer F■ �,y�+�■, Member FINRA & SIPC 02013 [r��iLM��"��t � First Southwest Company n 0 r r m < < r r m rn c� 0 z 0 � A v m < m r 0 v � m z -� n 0 � � O � D 1 O z CEDC Sales Tax Supported Debt Refunding Opportunity ■ Small Issuer, Under $10 million, Bank Qualified IRS Status borrowing rates and estimated costs of issuance are as of November 8, 2013. (Preliminary, subject to change) � The refunding is structured to achieve uniform annual savings. Assumed Delivery Date is 12/20/2013. No change in payment dates or extension of term. � The $7,360,000 Sales Tax Rev Ref Bonds, Series 2013 Bonds would have a true interest cost of 3.149% as of 11/8/2013 assuming closing on December 20, 2013, preliminary subject to change. Far Amount a, f I2�f�,rnd�d �ond.s Avg. Interest R�te of Refu�tded Bonds GrQSS D�b� SerYvice Sa�in�s Net Present Value Saving� Net Pr��ent Va1ue Sauings as % c�� Re�rand�d Bonds Est�mat�d Interest �tate on Series 2013 Bonds *Preliminary, subject to change. F�rs�Sc�uth�+►r�st� �7,G0�,4�i0! 4.1 �1��1a $487,1 tl5 $367,796 4.83�% 3.149% Member FINRA & SIPC O 2073 r,� First Southwest Company � 0 � m < < r r m m h O z 0 � c� v m < m r 0 � � m Z -� � 0 � � 0 � n � 0 Z Debt Service Impact of Series 2013 Refunding Exxsting �}ebt S�rvic� New Iieht Servic� Fiscal Year (2[3�5 ]3nnds� (�i�13 Bonds} �[) I � $ b44,63 a � 151.34i� _ 2�I5 6�5,3�3 6IS,6�8 2(� 16 65t],4 X 8 G 18,17d 2�11�i �644,�'3S 'b��,2'61 2018 643,540 �i1�,953 2fl I9 64�,73�3 6I8,171 2020 649,100 b 13,996 2021 G4S,753 614,428 ..�_ . , .. �, .... , _ .-..-,.._ . . ..ia!:: . . .. 2022 ' 65�,5$S 514,38b 2D23 646,598 ��3,872 2�2� b4S,893 � 17,8D8 2D2S 649,2:�55 G 16,191 �.0�6 ii46,7 i5 fi 1.4,103 2�27 b53,I40 5� 6,4�3 2028 C48,�4{� 6'13,271 . � G049 .. � . V4�C]y�10. ... . �l�y�� TUTAL $1�U,365,U4+p $9,384,645 �[1^S� i�1ti1V'�� v�t ��e�r Accrued �nterest ta Series �i1�3 Saving� $4'�3,290 $ - - 29,68� - 32,241 - 34,4i4 - 26,588 . {'4�F{+Y f 'I ..•,1� -f�'.:.. . - 2$,559 - 35,1 C�4 - ' 31;325 - 37,199 R ��,��,� - ?$.dg� � ��3�J� - 32,613 ry : 3f,678 - 35,269 . . . �JT�D�� . $ 493,29U $4�7,1t�5 Mem6er FINRA & SIPC OO 2013 � First Southwest Company � a r r m < < � r m m � 0 Z 0 � A v m < m r 0 � � m z 1 � 0 � � 0 � D 1 0 a Series 2013 Refunding - Key Dates and Action Items R . r November 12, 2013: Presentation of Refunding Opportunity CEDC Board of Directors reviews refunding opportunity and directs Staff and Financial Advisor to move forward with implementation City Council reviews CEDC bond refunding opportunity December 2, 2013: Competitive Placement / Pricing of CEDC Sales Tax Revenue Refunding Bonds, Series 2013 December 3, 2013: Approval Of Refunding Bond Issuance Colleyville EDC Board of Directors considers and approves a Resolution authorizing the issuance of the Sales Tax Revenue Refunding Bonds, Series 2013 City Council considers and approve a Resolution approving CEDC's issuance of the Sales Tax Revenue Refunding Bonds, Series 2013 December 20, 2013: Closing of debt issue and delivery of funds to Escrow Agent February 15, 2014: Redemption of the refunded bonds Member FINRA & SIPC � 2013 ��"��"��5`� .. �j FirstSouthwestCompany � 0 r r m < < � r m m 0 0 Z 0 � A v m < m a � � m Z � � a � v 0 x a � 0 z Date: November 8, 2013 To: Terry Leake Assistant City Manager / Chief Financial Officer Re: Refunding of Colleyville EDC Sales Tax Revenue Refunding Bonds The Colleyville Economic Development Corporation (“the Corporation”) has an economic refunding opportunity for its outstanding Refunding and Improvement Sales Tax Subordinate Lien Revenue Bonds, Series 2005 (“2005 Bonds”). The 2005 Bonds have a coupon rate of 4.10% and are callable on February 15, 2014 at par. Based on current market conditions, refunding bonds can be issued at an all in cost of 3.32% which would results in gross debt service savings of approximately $487 thousand or present value savings of $368 thousand or 4.84% of the refunded debt. The following tables summarize the projected refunding transaction and financial impact to the Corporation, and the proposed implementation timeframe and action items: Refunding Statistics* Sales Tax Revenue Refunding Bonds, Series 2013 Refunded Bond Par Amount $7,360,000 Refunded Maturities 2015 - 2029 Total Savings $487,105 Net Present Value Savings $367,796 Present Value Savings as % of Refunded Bonds 4.84% Average Annual Savings $32,474 Savings Discount Rate 3.33% Coupon Rate of New Debt 3.15% * Assumes Competitive Sale by Private Placement and Interest Rates as of November 8, 2013. Date Event / Action Item Tuesday, November 12, 2013 CEDC Board Directs Staff to Implement Refunding (Sets Min. Savings Target) City Council Reviews CEDC Refunding Monday, December 2, 2013 Competitive Private Placement of Refunding Bonds Tuesday, December 3, 2013 CEDC Board Approves Resolution Issuing Refunding Bonds City Council Approves Resolution Approving CEDC Refunding Bond Issuance Friday, December 20, 2013 Closing and Delivery of Funds to Escrow Agent Monday, February 17, 2014 Redemption of 2005 Bond Issue * Bold type indicates EDC / Council Action Items. 325 North St. Paul Street Suite 800 Dallas, Texas 75201-3852 214 953-4000 Jim Sabonis Managing Director jim.sabonis@firstsw.com Andre Ayala Vice President andre.ayala@firstsw.com Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) TABLE OF CONTENTS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Report Page Sources and Uses of Funds............................1 Summary of Refunding Results..........................2 Savings ....................................3 Summary of Bonds Refunded...........................4 Prior Bond Debt Service.............................5 Bond Summary Statistics.............................6 Bond Debt Service ................................7 Bond Pricing ..................................8 Escrow Requirements..............................9 Escrow Cost ..................................10 Escrow Sufficiency ...............................11 Escrow Statistics ................................12 Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 1 SOURCES AND USES OF FUNDS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Dated Date12/20/2013 Delivery Date12/20/2013 Sources: Bond Proceeds: Par Amount7,360,000.00 Other Sources of Funds: Transfer from prior issue D/S Fund493,290.00 7,853,290.00 Uses: Refunding Escrow Deposits: Cash Deposit7,755,800.00 Delivery Date Expenses: Cost of Issuance95,000.00 Other Uses of Funds: COI Contingency2,490.00 7,853,290.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 2 SUMMARY OF REFUNDING RESULTS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Dated Date12/20/2013 Delivery Date12/20/2013 Arbitrage yield3.149344% Escrow yield Value of Negative Arbitrage Bond Par Amount7,360,000.00 True Interest Cost3.149344% Net Interest Cost3.150000% All‐In TIC3.326209% Average Coupon3.150000% Average Life8.733 Par amount of refunded bonds7,600,000.00 Average coupon of refunded bonds4.100000% Average life of refunded bonds8.526 PV of prior debt to 12/20/2013 @ 3.326209%8,126,086.21 Net PV Savings367,796.21 Percentage savings of refunded bonds4.839424% Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 3 SAVINGS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ PriorPriorPriorRefunding DateDebt ServiceReceiptsNet Cash FlowDebt ServiceSavings 09/30/2014644,630.00493,290.00151,340.00151,340.00 09/30/2015645,382.50645,382.50615,697.5029,685.00 09/30/2016650,417.50650,417.50618,176.2532,241.25 09/30/2017649,735.00649,735.00615,261.2534,473.75 09/30/2018643,540.00643,540.00616,952.5026,587.50 09/30/2019646,730.00646,730.00618,171.2528,558.75 09/30/2020649,100.00649,100.00613,996.2535,103.75 09/30/2021645,752.50645,752.50614,427.5031,325.00 09/30/2022651,585.00651,585.00614,386.2537,198.75 09/30/2023646,597.50646,597.50613,872.5032,725.00 09/30/2024645,892.50645,892.50617,807.5028,085.00 09/30/2025649,265.00649,265.00616,191.2533,073.75 09/30/2026646,715.00646,715.00614,102.5032,612.50 09/30/2027653,140.00653,140.00616,462.5036,677.50 09/30/2028648,540.00648,540.00613,271.2535,268.75 09/30/2029648,017.50648,017.50614,528.7533,488.75 10,365,040.00493,290.009,871,750.009,384,645.00487,105.00 Savings Summary Savings PV date12/20/2013 Savings PV rate3.326209% PV of savings from cash flow367,796.21 Net PV Savings367,796.21 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 4 SUMMARY OF BONDS REFUNDED Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ MaturityInterestParCallCall BondDateRateAmountDatePrice Refunding & Improvement Sales Tax Subordinate Lien Revenue Bonds, Series 2005, S05: TERM02/15/20144.100%340,000.00 02/15/20154.100%355,000.0002/15/2014100.000 02/15/20164.100%375,000.0002/15/2014100.000 02/15/20174.100%390,000.0002/15/2014100.000 02/15/20184.100%400,000.0002/15/2014100.000 02/15/20194.100%420,000.0002/15/2014100.000 02/15/20204.100%440,000.0002/15/2014100.000 02/15/20214.100%455,000.0002/15/2014100.000 02/15/20224.100%480,000.0002/15/2014100.000 02/15/20234.100%495,000.0002/15/2014100.000 02/15/20244.100%515,000.0002/15/2014100.000 02/15/20254.100%540,000.0002/15/2014100.000 02/15/20264.100%560,000.0002/15/2014100.000 02/15/20274.100%590,000.0002/15/2014100.000 02/15/20284.100%610,000.0002/15/2014100.000 02/15/20294.100%635,000.0002/15/2014100.000 7,600,000.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 5 PRIOR BOND DEBT SERVICE Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/15/2014340,0004.100%155,800.00495,800.00 08/15/2014148,830.00148,830.00 09/30/2014 644,630.00 02/15/2015355,0004.100%148,830.00503,830.00 08/15/2015141,552.50141,552.50 09/30/2015 645,382.50 02/15/2016375,0004.100%141,552.50516,552.50 08/15/2016133,865.00133,865.00 09/30/2016 650,417.50 02/15/2017390,0004.100%133,865.00523,865.00 08/15/2017125,870.00125,870.00 09/30/2017 649,735.00 02/15/2018400,0004.100%125,870.00525,870.00 08/15/2018117,670.00117,670.00 09/30/2018 643,540.00 02/15/2019420,0004.100%117,670.00537,670.00 08/15/2019109,060.00109,060.00 09/30/2019 646,730.00 02/15/2020440,0004.100%109,060.00549,060.00 08/15/2020100,040.00100,040.00 09/30/2020 649,100.00 02/15/2021455,0004.100%100,040.00555,040.00 08/15/202190,712.5090,712.50 09/30/2021 645,752.50 02/15/2022480,0004.100%90,712.50570,712.50 08/15/202280,872.5080,872.50 09/30/2022 651,585.00 02/15/2023495,0004.100%80,872.50575,872.50 08/15/202370,725.0070,725.00 09/30/2023 646,597.50 02/15/2024515,0004.100%70,725.00585,725.00 08/15/202460,167.5060,167.50 09/30/2024 645,892.50 02/15/2025540,0004.100%60,167.50600,167.50 08/15/202549,097.5049,097.50 09/30/2025 649,265.00 02/15/2026560,0004.100%49,097.50609,097.50 08/15/202637,617.5037,617.50 09/30/2026 646,715.00 02/15/2027590,0004.100%37,617.50627,617.50 08/15/202725,522.5025,522.50 09/30/2027 653,140.00 02/15/2028610,0004.100%25,522.50635,522.50 08/15/202813,017.5013,017.50 09/30/2028 648,540.00 02/15/2029635,0004.100%13,017.50648,017.50 09/30/2029 648,017.50 7,600,0002,765,040.0010,365,040.0010,365,040.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 6 BOND SUMMARY STATISTICS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Dated Date12/20/2013 Delivery Date12/20/2013 First Coupon08/15/2014 Last Maturity02/15/2029 Arbitrage Yield3.149344% True Interest Cost (TIC)3.149344% Net Interest Cost (NIC)3.150000% All‐In TIC3.326209% Average Coupon3.150000% Average Life (years)8.733 Duration of Issue (years)7.481 Par Amount7,360,000.00 Bond Proceeds7,360,000.00 Total Interest2,024,645.00 Net Interest2,024,645.00 Bond Years from Dated Date64,274,444.44 Bond Years from Delivery Date64,274,444.44 Total Debt Service9,384,645.00 Maximum Annual Debt Service618,176.25 Average Annual Debt Service619,334.96 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price100.000000 ParAverageAverage Bond ComponentValuePriceCouponLife Serial Bonds7,360,000.00100.0003.150%8.733 7,360,000.008.733 All‐InArbitrage TICTICYield Par Value7,360,000.007,360,000.007,360,000.00 + Accrued Interest + Premium (Discount) ‐ Underwriter's Discount ‐ Cost of Issuance Expense ‐95,000.00 ‐ Other Amounts Target Value7,360,000.007,265,000.007,360,000.00 Target Date12/20/201312/20/201312/20/2013 Yield3.149344%3.326209%3.149344% Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 7 BOND DEBT SERVICE Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 08/15/2014151,340.00151,340.00 09/30/2014 151,340.00 02/15/2015390,0003.150%115,920.00505,920.00 08/15/2015109,777.50109,777.50 09/30/2015 615,697.50 02/15/2016405,0003.150%109,777.50514,777.50 08/15/2016103,398.75103,398.75 09/30/2016 618,176.25 02/15/2017415,0003.150%103,398.75518,398.75 08/15/201796,862.5096,862.50 09/30/2017 615,261.25 02/15/2018430,0003.150%96,862.50526,862.50 08/15/201890,090.0090,090.00 09/30/2018 616,952.50 02/15/2019445,0003.150%90,090.00535,090.00 08/15/201983,081.2583,081.25 09/30/2019 618,171.25 02/15/2020455,0003.150%83,081.25538,081.25 08/15/202075,915.0075,915.00 09/30/2020 613,996.25 02/15/2021470,0003.150%75,915.00545,915.00 08/15/202168,512.5068,512.50 09/30/2021 614,427.50 02/15/2022485,0003.150%68,512.50553,512.50 08/15/202260,873.7560,873.75 09/30/2022 614,386.25 02/15/2023500,0003.150%60,873.75560,873.75 08/15/202352,998.7552,998.75 09/30/2023 613,872.50 02/15/2024520,0003.150%52,998.75572,998.75 08/15/202444,808.7544,808.75 09/30/2024 617,807.50 02/15/2025535,0003.150%44,808.75579,808.75 08/15/202536,382.5036,382.50 09/30/2025 616,191.25 02/15/2026550,0003.150%36,382.50586,382.50 08/15/202627,720.0027,720.00 09/30/2026 614,102.50 02/15/2027570,0003.150%27,720.00597,720.00 08/15/202718,742.5018,742.50 09/30/2027 616,462.50 02/15/2028585,0003.150%18,742.50603,742.50 08/15/20289,528.759,528.75 09/30/2028 613,271.25 02/15/2029605,0003.150%9,528.75614,528.75 09/30/2029 614,528.75 7,360,0002,024,645.009,384,645.009,384,645.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 8 BOND PRICING Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ Maturity Bond ComponentDateAmountRateYieldPrice Serial Bonds: 02/15/2015390,0003.150%3.150%100.000 02/15/2016405,0003.150%3.150%100.000 02/15/2017415,0003.150%3.150%100.000 02/15/2018430,0003.150%3.150%100.000 02/15/2019445,0003.150%3.150%100.000 02/15/2020455,0003.150%3.150%100.000 02/15/2021470,0003.150%3.150%100.000 02/15/2022485,0003.150%3.150%100.000 02/15/2023500,0003.150%3.150%100.000 02/15/2024520,0003.150%3.150%100.000 02/15/2025535,0003.150%3.150%100.000 02/15/2026550,0003.150%3.150%100.000 02/15/2027570,0003.150%3.150%100.000 02/15/2028585,0003.150%3.150%100.000 02/15/2029605,0003.150%3.150%100.000 7,360,000 Dated Date12/20/2013 Delivery Date12/20/2013 First Coupon08/15/2014 Par Amount7,360,000.00 Original Issue Discount Production7,360,000.00100.000000% Underwriter's Discount Purchase Price7,360,000.00100.000000% Accrued Interest Net Proceeds7,360,000.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 9 ESCROW REQUIREMENTS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ PeriodPrincipal EndingPrincipalInterestRedeemedTotal 02/15/2014340,000.00155,800.007,260,000.007,755,800.00 340,000.00155,800.007,260,000.007,755,800.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 10 ESCROW COST Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ PurchaseCost ofCashTotal DateSecuritiesDepositEscrow Cost 12/20/20137,755,800.007,755,800.00 07,755,800.007,755,800.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 11 ESCROW SUFFICIENCY Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ EscrowNet EscrowExcessExcess DateRequirementReceiptsReceiptsBalance 12/20/20137,755,800.007,755,800.007,755,800.00 02/15/20147,755,800.00 ‐7,755,800.00 7,755,800.007,755,800.000.00 Note: Preliminary, subject to change. Nov 8, 2013 1:47 pm Prepared by FirstSouthwest (eaa)(Finance 7.006 Colleyville 2014:COLYV_4B‐S13,S13) Page 12 ESCROW STATISTICS Colleyville Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 Callable on 2/15/2024 @ par NO DEBT SERVICE RESERVE FUND ‐‐‐‐‐Estimated Private Placement Pricing‐‐‐‐‐ ModifiedYield toYield toPerfectValue of TotalDurationReceiptDisbursementEscrowNegativeCost of EscrowEscrow Cost(years)DateDateCostArbitrageDead Time CASH493,290.000.000000%0.000000%490,940.642,349.36 BP7,262,510.000.000000%0.000000%7,227,921.3534,588.65 7,755,800.007,718,861.990.0036,938.01 Delivery date12/20/2013 Arbitrage yield3.149344% Note: Preliminary, subject to change.