|
<br />.
<br />
<br />.
<br />
<br />.
<br />
<br />TEXAS MUNICIPAL REPORTS
<br />
<br />DETAn.S OF WATERWORKS & SEWER SYSTEM REVENUE BONDS
<br />
<br />(328M)
<br />
<br />Outstanding
<br />1-31-75
<br />WW & S Sys Rev Ref Ser'62 3-15-62 M&S 15
<br />(35-1)(VEWS)(5M except Nos. 1. 2 & 3
<br />for 1M) Mtys 3-15
<br />25M-75-76 ;
<br />25M-TI-78; 15M-79 $115,000
<br />
<br />3is
<br />J~s
<br />
<br />(300M) WW & S Sys Rev Ser'65 3-15-65 M&S 15
<br />(35-1)(VEWS)(5M) Mtys 3-15
<br />5s 5M-75;
<br />3ts 10M-76!79; 25M-80;
<br />3.60s 25M-81/83;
<br />3.70s 25M-84/88
<br />Total Waterworks & Sewer System Revenue Bonds
<br />
<br />270.000
<br />$385.000
<br />
<br />PaYillP: All:ent :
<br />
<br />(35-1) First City National Bank, Houston
<br />
<br />PERTINENT PROVISIONS OF THE WATERWORKS AND
<br />SEWER SYSTEM REVENUE BOND INDENTURE
<br />
<br />1 . Na ture of Pledll:e:
<br />First Lien on net revenues of Water & Sewer System.
<br />
<br />Al,LIICIolIIUIIIIYID
<br />
<br /> CI TY OF LA PORTE
<br /> Fiscal Year Ended
<br />~ ~ 9-30-72 .2:1Q:1l
<br />$319,457 $295,388 $271.921 $272,250
<br />~ ~ ll2.2W! 129.108
<br />$102,665 $147,662 $142.483 $143,142
<br />3.0lX 4.33X 4.18x 4.20X
<br />2,783 2.665 2.621 2,508
<br />2.643 2,515 2.401 2.288
<br />
<br />Income
<br />Expense
<br />
<br />Available for
<br />Debt Service
<br />
<br />Coverage of Avg Ann
<br />Reqmts on Rev Bonds
<br />
<br />Customer Count
<br />Water
<br />Sewer
<br />
<br />Audits by Eugene Hovey. CPA. La Porte, Texas
<br />
<br />SOURCE OF WATER SUPPLY Four wells
<br />
<br />WATER RATES (Monthly billing)
<br />
<br />First
<br />Next
<br />Next
<br />Next
<br />Next
<br />Over
<br />
<br />2.000 gallons
<br />3.000 gallons
<br />5,000 gallons
<br />40,000 gallons
<br />50.000 gallons
<br />100,000 gallons
<br />
<br />$2.00 (Min)
<br />. 851M
<br />.65/M
<br />.50/M
<br />.40/M
<br />.30/M
<br />
<br />2. Special Funds Created by Indenture comparing balances in
<br />each which are ultimately required and presently required SEWER RATES (Monthly billing) Based on water consumption.
<br />by indenture provisions as compared to actual balances
<br />on hand: 35" of water bill plus $1.25
<br />
<br />Special Funds
<br />I&SFund
<br />Reserve Fund
<br />Contingency Fund
<br />
<br />Required
<br />Ultimate
<br />Balance
<br />Not Applicable
<br />$34,106
<br />50, 000
<br />
<br />Required Actual
<br />Present Present
<br />Balance Balance
<br />$28.705 $42,347
<br />34,106 87,062
<br />Not Applicable 49,923
<br />
<br />3. Coverall:e Reauired as a Condition to Issuance of Parity
<br />Bonds: For the laat fiscal year preceding the issuance
<br />of additional bonds net revenues shall have been not
<br />less than It times maximum annual requirements. after
<br />giving effect of the additional bonds.
<br />
<br />SCHEDULE OF WATER & SEWER REVENUE DEBT SERVICE REQUIREMENTS
<br />
<br />Fiscal Yr Total
<br />Endll: 9-30 Principal Interest ReQmts
<br />1975 $ 30.000 $13.475 $ 43,475
<br />1976 35,000 12,300 47,300
<br />1977 35.000 11, 044 46,044
<br />1978 35,000 9,756 44,756
<br />1979 25,000 8,656 33,656
<br />1980 25.000 7,763 32,763
<br />1981 25.000 6,875 31,875
<br />1982 25,000 5.975 30,975
<br />1983 25,000 5, C175 30, C175
<br />1984 25,000 4,163 29,163
<br />1985 25,000 3,238 28,238
<br />1986 25.000 2,313 27.313
<br />1987 25,000 1,388 26,388
<br />1988 ~ ~ ~
<br />Totals $385.000 $92,484 $477,484
<br />Avg Ann Reqmts $ 34,106
<br />
<br />DETAn.S OF AIRPORT REVENUE BONDS
<br />
<br />(60M)
<br />
<br />Airpt Rev Ser'65 (NY) 12-15-65 J&J 1
<br />(88-218)(MPH) Mtys 77/84 Ca 1-15-76
<br />Mtys 1-15
<br />4M-76!79; 5M-80/84
<br />
<br />Outstanding
<br />1-31-75
<br />
<br />4ts
<br />
<br />'$41. 000
<br />
<br />Payinll: All:ent:
<br />
<br />(88-218) Bayshore National Bank, La Porte
<br />PERTINENT PROVISIONS OF THE AIRPORT REVENUE BOND INDENTURE
<br />
<br />1. Nature of Pledll:e:
<br />First Lien on net revenues of Airport System.
<br />
<br />2. Special Funds Created by Indenture comparing balances
<br />in each which ~re ultimately required and presently re-
<br />quired by indenture provisions as compared to actual
<br />balances on hand:
<br />
<br />Special Funds
<br />I&SFund
<br />Reserve Fund
<br />
<br />Required
<br />Ultimate
<br />Balance
<br />Not Applicable
<br />$6,000
<br />
<br />Actual
<br />Present
<br />Balance
<br />$6,706
<br />6,300
<br />
<br />Required
<br />Present
<br />Balance
<br />~ -0-
<br />6,000
<br />
<br />3. Coverall:e Required as a Condition to Issuance of Parity
<br />Bonds: For either the last complete fiscal year, or for
<br />any twelve consecutive calendar month period ending
<br />not more than 90 days preceding the adoption of addition-
<br />al bonds ordinance net revenues shall have been not less
<br />than l! times average annual requirements. after giving
<br />effect of the additional bonds.
<br />
<br />CITY I S WATERWORKS AND SEWER SYSTEM OPERATING STATEMENT The SCHEDULE OF AIRPORT REVENUE DEBT SERVICE REQUIREMENTS
<br />following condensed statements have been compiled from orig- I
<br />inal data the source of which is indicated below. Accounting ,
<br />principles customarily empl~ed in the determination of net
<br />revenues for coverage of debt service have been observed and
<br />in all instances exclude depreciation.' Statement for the
<br />fiscal year ended 9-30-74 includes $47.000 non-recurring
<br />expense estimated for replacement of cave-ins of water
<br />and sewer lines.
<br />
<br />Fiscal Yr Total
<br />Endll: 9-30 PrinciDBl Interest ReQmts
<br />1975 $ 4,000 $ 1,935 $ 5,935
<br />1976 4.000 1.755 5.755
<br />1977 4.000 1,575 5,575
<br />1978 4.000 1.395 5,395
<br />1979 4.000 1,215 5,215
<br />1980 5,000 1,013 6.013
<br />1981 5.000 788 5.788
<br />1982 5.000 563 5.563
<br />1983 5.000 338 5.338
<br />1984 -2..QQQ ~ ~
<br />Totals $45.000 $10. 90 $55. 90
<br />Avg Ann Reqmts $ 5.560
<br />
|