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<br />UTIILTY DEPARTMENT
<br />(As of 7 31 85)
<br />Waterworks and Sewer System Revenue Bonds Outstanding (the Series 1985
<br />Bonds) ...................................................................$6,000,000
<br />~ecial Fund Balances
<br />Interest and Sinking and Reserve Fund ......... $ 442,500
<br />Operating Fund ............................ 1,788,745
<br />' Total Special Funds ........................................ $2,231,245
<br />* On August 16, 1985 the City defeased $75,000 waterworks and Sewer System Revenue
<br />Bonds, Series 1965 (the "Defeased Bonds") by depositing into a special escrow account
<br />U.S. Government securities in an amount sufficient to meet the debt service payments
<br />on the Defeased Bonds as they become due. In the opinion of Bond Counsel, as a result
<br />of the defeasance, the Defeased Bonds are no longer payable from the net revenues of
<br />the System, but are payable solely from the principal of and interest on the U.S.
<br />Government securities and cash held for such purposes by the escrow agent, and the
<br />first lien on and pledge of the net revenues of the System for the payment of the
<br />principal and interest on the Defeased Bonds are discharged.
<br />WATERWORKS AND SEWER SYSTEM REVENUE
<br />BONDS AUTHORIZED BUT UNISSUED
<br />Date of Authorized
<br />Author- Amount This But
<br />ization Purpose Authorized Issue Unissued
<br />6/15/85 Waterworks System $ 800,000 $ -0- $ 800,000
<br />6/15/85 Sewer System 8,550,000 6,000,000 2,550,000
<br />59,350,000 $6,000,000 $3,350,000
<br />WATERWORKS AND SEWER SYSTEM OPERATING STATEMENTS
<br />The following information was taken from the City's Audit Reports as prepared by
<br />Eugene Hovey, CPA, La Porte, Texas.
<br />Fiscal Year Ended September 30
<br />1984 1983 1982 1981 1980
<br />Revenues $3,396,090 $2,140,973 $2,211,038 $1,564,404 $1,219,121
<br />Expenses 1,732,453 1,502,478 1,239,205 1,044,443 911,983
<br />Available for
<br />Debt Service.........: $1,663,637 $ 638,495 $ 971,833 $ 519,961 $ 307,138
<br />The average annual debt service requirements on the Bonds (assuming an interest rate
<br />of 108) is $600,000; the maximum annual debt service requirements on the Bonds at an
<br />assumed rate of 108 occurs in the fiscal year ending 9/30/86. The net revenues avail-
<br />able for debt service for the fiscal year ending 9/30/84 are 2.77 times the average
<br />annual debt service requirements and 1.88 times the maximum annual debt service re-
<br />quirements.
<br />CUSTOMER COUNT
<br />Fiscal Year Ended September 30
<br />1989 1983 1982 1981 1980 1979
<br />Water 7,248 6,426 6,058 5,695 5,075 3,958
<br />Sewer 6,977 6,426 6,058 5,663 4,855 3,688
<br />WATER AND SEWER RATES - RESIDENTIAL AND COMMERCIAL
<br />(All customers are billed monthly)
<br />Water:
<br />Sewer:
<br />First 2,000 gallons ...... .... $4.50 (Minimum)
<br />Over 2,000 gallons ..... .$1.60 per 1,000 gallons
<br />$4.25 flat rate plus 708 of net water bill.
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