02-10-16 Regular Meeting of the La Porte Area Water Authority

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DRAFT Bonds payable activity for the year ended September 30, 2015 was as follows: Amounts Beginning Retirements & Ending Due Within Bonds Payable Balance Additions Adjustments Balance One Year Contract revenue refunding $ 1,640,000 $ - $ 650,000 $ 990,000 $ 670,000 Premium on bonds 42,550 - 17.312 25,238 - $ 1,682,550 $ - $ 667,312 $ 1,015,238 $ 670,000 As of September 30, 2015, the debt service requirements on contract revenue bonds outstanding are as follows: Fiscal Year Total Ending Principal Interest Requirements 2016 $ 670,000 $ 22,850 $ 692,850 2017 320,000 6,400 326,400 $ 990,000 $ 29,250 $ 1,019,250 VIII. NET POSITION The Authority provides surface water to the City of La Porte, Texas (the "City") and the Cities of Shoreacres and Morgan's Point in order for these entities to comply with certain requirements imposed by the Harris County Subsidence District. The City retains the rights to approximately 86% of the water capacity of the Authority with the Cities of Shoreacres and Morgan's Point retaining the rights to the remaining 14%. The City, Shoreacres, and Morgan's Point have agreed to service the debt on the Authority's contract revenue bonds and to fund operations of the Authority in relation to their capacity rights and to purchase water based on actual consumption. As part of debt service requirements, the participants are billed to build a reserve for future debt service requirements as set forth in the contract revenue bonds of the Authority. During the year, Authority's billings were applied as follows: Water supplied and operating costs (user fees) $ 1,106,779 Debt service billings/charges 691,785 Capital recovery billings 95,500 Total billings $ 1,894,064 16