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Debt Model Report Sept 30, 2014 Updated June 4, 2014
CitfShtTCity of Schertz, Texas Debt Model ForFiscalYearEndingFor Fiscal Year Ending September 30, 2014 Updated: June 2, 2014 Presented by: Southwest Securities, Inc. MarkMcLineyMark McLiney Andrew Friedman (210) 226-8677 Debt Model Fi s c a l Y e a r G O ' s C O ' s , S - 2 0 0 7 C O ' s , S - 2 0 0 7 G O ' s G O ' s G O ' s a n d R e f . N o t e s , S - 2 0 1 0 G O R e f . G O ' s G O R e f . G O B o n d s T a x N o t e T a x N o t e G O R e f T o t a l En d i n g 9 / 3 0 S- 2 0 0 6 Pu b . W o r k s Co m m . E q u i p . S- 2 0 0 7 S- 2 0 0 8 S- 2 0 0 9 EM S S- 2 0 1 0 S- 2 0 1 1 S- 2 0 1 1 - A S- 2 0 1 2 S- 2 0 1 3 S-2013AS-2014Debt Service 20 1 4 1 0 5 , 7 0 9 $ 8 4 , 4 2 4 $ 1 0 6 , 8 3 0 $ 4 2 4 , 7 9 2 $ 7 6 2 , 2 5 9 $ 5 3 8 , 0 6 3 $ 6 7 , 3 8 9 $ 3 3 0 , 7 5 0 $ 5 6 8 , 0 3 8 $ 7 6 0 , 1 0 1 $ 5 0 4 , 2 8 4 $ 1 7 1 , 2 2 2 $ 1 6 6 , 0 3 9 $ 4,589,898$ 20 1 5 5 5 4 , 4 1 9 8 6 , 4 1 6 1 0 3 , 0 2 0 4 2 4 , 6 1 7 7 3 4 , 7 0 6 4 6 6 , 6 1 3 6 5 , 8 2 9 3 2 8 , 5 2 5 5 6 9 , 4 3 8 7 4 0 , 8 3 0 5 0 1 , 4 4 3 1 7 2 , 5 4 3 1 6 7 , 3 4 5 408,322$ 5,324,064 20 1 6 5 8 9 , 4 1 9 8 3 , 2 0 8 1 0 9 , 2 1 1 4 2 4 , 0 3 5 7 3 6 , 9 4 7 4 5 5 , 5 3 8 - 3 3 0 , 4 2 5 5 6 6 , 6 6 3 7 2 1 , 6 7 5 5 0 4 , 7 2 1 1 7 5 , 9 5 0 1 6 5 , 2 6 5 394,275 5,257,331 20 1 7 5 9 7 , 6 5 3 - - 4 2 7 , 9 4 5 7 3 8 , 3 6 2 4 4 9 , 5 3 8 - 3 3 2 , 0 2 5 5 6 9 , 7 6 3 7 2 2 , 4 0 4 5 0 1 , 7 5 5 1 7 3 , 9 9 5 1 6 3 , 1 8 5 392,275 5,068,898 20 1 8 6 2 8 , 9 1 3 - - 4 2 6 , 3 4 5 7 3 4 , 0 5 4 4 3 8 , 3 6 9 - 3 2 3 , 4 7 5 5 6 7 , 0 3 8 7 2 2 , 7 8 3 5 0 3 , 0 9 5 1 7 1 , 4 4 5 1 6 6 , 0 7 3 389,775 5,071,363 20 1 9 7 8 4 , 8 5 5 - - 4 2 4 , 3 3 9 7 3 8 , 9 2 1 4 4 6 , 5 2 5 - 3 2 9 , 7 0 0 5 6 8 , 4 6 3 5 5 9 , 7 3 5 5 0 2 , 9 4 5 - - 386,775 4,742,256 20 2 0 7 8 5 , 7 8 8 - - 4 2 6 , 8 2 3 7 3 7 , 8 5 8 4 7 8 , 1 6 3 - 3 2 9 , 0 0 0 56 8 , 8 8 8 53 8 , 5 5 1 50 4 , 1 7 0 - - 383,775 4,753,015 20 2 1 7 8 5 , 0 7 4 - - 4 2 3 , 7 9 9 73 5 , 9 6 9 40 9 , 6 2 8 - 3 2 6 , 4 0 0 56 6 , 9 3 8 53 7 , 3 6 7 50 3 , 3 7 0 - - 380,775 4,669,318 20 2 2 54 , 3 4 4 - - 4 2 5 , 2 6 7 73 8 , 1 5 0 37 2 , 5 4 0 - - 5 6 7 , 3 5 0 70 8 , 9 1 1 50 3 , 6 7 6 - - 1,018,025 4,388,263 20 2 3 54 , 3 4 4 - - 4 2 6 , 1 2 3 73 4 , 4 0 3 38 0 , 5 8 1 - - 5 6 6 , 2 6 3 69 8 , 2 4 2 50 5 , 1 2 6 - - 1,020,150 4,385,232 20 2 4 54 , 3 4 4 - - 4 2 6 , 3 7 0 73 4 , 7 2 6 41 2 , 2 9 4 - - 5 6 6 , 7 1 3 66 7 , 6 8 9 50 0 , 9 2 0 - - 1,019,525 4,382,580 20 2 5 54 , 3 4 4 - - 4 2 6 , 0 0 5 73 8 , 9 1 4 38 8 , 2 2 5 - - 5 6 8 , 6 0 6 - 5 0 0 , 6 4 5 - - 1,021,000 3,697,739 20 2 6 54 , 3 4 4 - - 4 2 5 , 0 3 1 73 6 , 9 6 5 38 9 , 0 0 0 - - 5 6 9 , 4 6 9 - 5 0 4 , 4 3 5 - - 1,021,425 3,700,668 20 2 7 54 , 3 4 4 - - 4 2 3 , 4 4 5 73 3 , 9 8 5 38 9 , 3 2 5 - - 5 6 9 , 2 6 3 - 5 0 2 , 2 5 0 - - 1,018,575 3,691,186 20 2 8 54 , 3 4 4 - - - 7 3 4 , 8 6 8 68 2 , 4 5 0 - - 5 6 7 , 9 5 0 - 5 0 4 , 2 7 5 - - 1,022,175 3,566,062 20 2 9 54 , 3 4 4 - - - - 5 8 3 , 0 1 3 - - 5 6 5 , 4 9 4 - 5 0 0 , 9 2 5 - - 1,014,375 2,718,150 20 3 0 54 , 3 4 4 - - - - 5 8 2 , 3 0 0 - - 5 6 6 , 7 3 8 - 5 0 2 , 2 0 0 - - 1,022,588 2,728,169 20 3 1 1 , 2 0 2 , 1 7 2 - - - - 5 8 5 , 0 7 5 - - 5 6 6 , 2 5 0 - 5 0 2 , 7 8 5 - - - 2,856,282 20 3 2 - - - - - 5 8 6 , 2 0 0 - - 5 6 9 , 1 2 5 - 5 0 2 , 6 7 3 - - - 1,657,998 20 3 3 - - - - - 5 8 5 , 6 7 5 - - 5 6 5 , 8 7 5 - - - - - 1,151,550 20 3 4 - - - - - - - - 5 6 6 , 5 0 0 - - - - - 566,500 20 3 5 - - - - - - - - 5 6 5 , 8 7 5 - - - - - 565,875 20 3 6 - - - - - - - - 5 6 8 , 8 7 5 - - - - - 568,875 To t a l 6 , 5 2 3 , 0 9 5 $ 2 5 4 , 0 4 8 $ 3 1 9 , 0 6 0 $ 5 , 9 5 4 , 9 3 6 $ 1 1 , 0 7 1 , 0 8 5 $ 9 , 6 1 9 , 1 1 1 $ 1 3 3 , 2 1 8 $ 2 , 6 3 0 , 3 0 0 $ 1 3 , 0 5 5 , 5 6 9 $ 7 , 3 7 8 , 2 8 5 $ 9 , 5 5 5 , 6 9 3 $ 8 6 5 , 1 5 5 $ 827,907$ 11,913,809$ 80,101,270$ Fi s c a l Y e a r 2 0 1 4 p a y m e n t , s h o w n a b o v e o n t h e G O B o n d s , S e r i e s 2 0 0 6 e x c l u e d s t h e $ 5 1 9 , , 4 9 0 . 6 3 p a y m e n t m a d e o n F e b r u a r y 1 , 2 0 1 4 . T h e t o t a l a l s o e x c l u d e s t h e $ 2 0 9 , 8 7 1 . 2 5 t r a n s f e r f r o m t h e I & S f u n d t h a t w a s m a d e a t c l o s i n g . Fi s c a l Y e a r C O ' s C O ' s , S - 2 0 0 7 G O R e f . C O ' s G O R e f . T o t a l F i s c a l Y e a r C O ' s , S - 2 0 0 7 G O ' s a n d R e f . N o t e s , S - 2 0 1 0 T o t a l En d i n g 9 / 3 0 S- 2 0 0 5 To w n C r e e k S- 2 0 1 1 S- 2 0 1 3 S- 2 0 1 3 De b t S e r v i c e En d i n g 9 / 3 0 ED C P r o j e c t s S- 2 0 0 9 ED C P r o j e c t s Debt Service 20 1 4 1 4 7 , 9 0 0 $ 4 8 5 , 2 8 7 $ 3 3 8 , 2 7 5 $ 3 6 1 , 7 7 4 $ 7 4 , 6 6 0 $ 1 , 4 0 7 , 8 9 6 $ 2 0 1 4 1 6 3 , 0 4 5 $ 3 6 6 , 1 3 8 $ 2 6 4 , 6 2 6 $ 7 9 3 , 8 0 9 $ 20 1 5 - 4 8 8 , 6 5 8 34 2 , 4 7 5 37 4 , 3 1 3 22 7 , 6 9 7 1, 4 3 3 , 1 4 2 20 1 5 16 2 , 2 3 1 36 7 , 1 8 8 26 8 , 3 7 9 797,797 20 1 6 - 4 8 6 , 4 2 8 33 6 , 4 7 5 37 4 , 5 6 3 22 3 , 1 8 2 1, 4 2 0 , 6 4 7 20 1 6 16 1 , 2 1 6 36 7 , 1 3 8 - 5 2 8 , 3 5 3 20 1 7 - 4 8 8 , 7 9 6 33 0 , 4 7 5 50 8 , 3 6 3 22 3 , 6 0 2 1, 5 5 1 , 2 3 6 20 1 7 - 3 6 6 , 7 8 8 - 3 6 6 , 7 8 8 20 1 8 - 4 8 5 , 5 6 3 24 9 , 4 7 5 51 0 , 6 6 3 21 8 , 9 5 8 1, 4 6 4 , 6 5 9 20 1 8 - 3 6 0 , 7 6 9 - 3 6 0 , 7 6 9 20 1 9 - 4 8 6 , 9 2 9 24 9 , 4 1 3 50 7 , 3 1 9 22 4 , 1 8 5 1, 4 6 7 , 8 4 5 20 1 9 - - - - 20 2 0 - 4 8 7 , 6 9 4 24 8 , 6 6 3 50 7 , 8 1 3 21 9 , 2 8 3 1, 4 6 3 , 4 5 2 20 2 0 - - - - 20 2 1 - 4 8 7 , 8 5 7 24 7 , 2 0 0 50 6 , 5 2 5 22 4 , 2 5 2 1, 4 6 5 , 8 3 4 20 2 1 - - - - 20 2 2 - 4 8 7 , 4 1 8 - 2 3 7 , 9 7 5 22 4 , 0 2 8 94 9 , 4 2 1 20 2 2 - - - - 20 2 3 - 4 9 1 , 3 7 8 - 2 3 8 , 2 5 0 21 8 , 7 3 9 94 8 , 3 6 7 20 2 3 - - - - 20 2 4 - 4 8 9 , 5 3 6 - 2 3 7 , 9 6 3 22 3 , 3 2 1 95 0 , 8 1 9 20 2 4 - - - - 20 2 5 - 4 9 2 , 0 9 3 - 2 3 7 , 1 0 0 21 7 , 7 7 4 94 6 , 9 6 6 20 2 5 - - - - 20 2 6 - 4 8 8 , 8 4 7 - 2 3 6 , 0 6 3 72 4 , 9 1 0 20 2 6 - - - - 20 2 7 - - - 2 3 9 , 3 0 0 - 2 3 9 , 3 0 0 20 2 7 - - - - 20 2 8 - - - 2 3 6 , 8 0 0 - 2 3 6 , 8 0 0 20 2 8 - - - - 20 2 9 - - - 2 3 9 , 0 0 0 - 2 3 9 , 0 0 0 20 2 9 - - - - 20 3 0 - - - 2 3 5 , 9 0 0 - 2 3 5 , 9 0 0 20 3 0 - - - - 20 3 1 - - - 2 3 7 , 5 0 0 - 2 3 7 , 5 0 0 20 3 1 - - - - 20 3 2 - - - 2 3 8 , 7 0 0 - 2 3 8 , 7 0 0 20 3 2 - - - - 20 3 3 - - - 2 3 4 , 6 0 0 - 2 3 4 , 6 0 0 2 0 3 3 - - - - To t a l 1 4 7 , 9 0 0 $ 6 , 3 4 6 , 4 8 2 $ 2 , 3 4 2 , 4 5 0 $ 6 , 5 0 0 , 4 8 0 $ 2 , 5 1 9 , 6 7 8 $ 1 7 , 8 5 6 , 9 9 0 $ T o t a l 48 6 , 4 9 1 $ 1 , 8 2 8 , 0 1 9 $ 5 3 3 , 0 0 5 $ 2,847,515$ Sa l e s T a x S u p p o r t e d D e b t O b l i g a t i o n s Ci t y o f S c h e r t z , T e x a s De b t M o d e l Fo r F i s c a l Y e a r E n d i n g S e p t e m b e r 3 0 , 2 0 1 4 Ge n e r a l F u n d D e b t O b l i g a t i o n s Ut i l i t y S y s t e m S u p p o r t e d D e b t O b l i g a t i o n s Fi s c a l Y e a r To t a l S c h e r t z D e b t F i s c a l Y e a r R e v e n u e B o n d s En d i n g 9 / 3 0 Se r i e s 2 0 0 1 Re f u n d i n g 2 0 0 5 Re v . a n d R e f . 2 0 0 7 Se r i e s 2 0 1 0 De b t S e r v i c e Pa y m e n t Ending 9/30Series 2012 20 1 4 52 0 , 0 0 0 $ 72 8 , 4 3 6 $ 2, 1 4 0 , 1 3 8 $ 1, 3 8 9 , 4 1 3 $ 4, 7 7 7 , 9 8 6 $ 2, 3 8 8 , 9 9 3 $ 2014939,488$ 20 1 5 52 0 , 0 0 0 73 4 , 9 3 6 2, 1 3 8 , 3 3 8 1, 3 9 0 , 8 3 8 4, 7 8 4 , 1 1 1 2, 3 9 2 , 0 5 6 20151,508,738 20 1 6 52 0 , 0 0 0 73 5 , 5 3 6 2, 1 3 5 , 7 3 8 1, 3 9 1 , 8 1 3 4, 7 8 3 , 0 8 6 2, 3 9 1 , 5 4 3 20161,512,088 20 1 7 52 0 , 0 0 0 74 0 , 2 3 6 2, 1 2 7 , 4 3 8 1, 3 8 7 , 4 1 3 4, 7 7 5 , 0 8 6 2, 3 8 7 , 5 4 3 20171,510,188 20 1 8 52 0 , 0 0 0 73 9 , 0 3 6 2, 1 3 3 , 2 3 8 1, 3 9 1 , 3 0 0 4, 7 8 3 , 5 7 4 2, 3 9 1 , 7 8 7 20181,511,788 20 1 9 52 0 , 0 0 0 73 7 , 0 3 6 2, 1 2 8 , 0 3 8 1, 3 8 8 , 3 6 3 4, 7 7 3 , 4 3 6 2, 3 8 6 , 7 1 8 20191,511,488 20 2 0 52 0 , 0 0 0 73 8 , 8 4 4 2, 1 3 1 , 4 1 9 1, 3 8 9 , 8 1 3 4, 7 8 0 , 0 7 5 2, 3 9 0 , 0 3 8 20201,510,188 20 2 1 52 0 , 0 0 0 73 9 , 1 9 4 2, 1 1 8 , 0 4 4 1, 3 8 9 , 1 6 3 4, 7 6 6 , 4 0 0 2, 3 8 3 , 2 0 0 20211,512,788 20 2 2 52 0 , 0 0 0 73 8 , 2 0 1 2, 1 2 3 , 1 8 8 1, 3 9 1 , 2 6 3 4, 7 7 2 , 6 5 1 2, 3 8 6 , 3 2 6 20221,509,288 20 2 3 52 0 , 0 0 0 74 0 , 7 3 5 2, 1 2 1 , 9 5 0 1, 3 9 2 , 3 6 3 4, 7 7 5 , 0 4 8 2, 3 8 7 , 5 2 4 20231,509,688 20 2 4 52 0 , 0 0 0 74 1 , 6 6 1 2, 1 2 4 , 3 3 1 1, 3 8 7 , 5 6 3 4, 7 7 3 , 5 5 5 2, 3 8 6 , 7 7 8 20241,508,888 20 2 5 52 0 , 0 0 0 74 0 , 8 5 9 2, 1 2 5 , 2 2 5 1, 3 9 1 , 7 6 3 4, 7 7 7 , 8 4 7 2, 3 8 8 , 9 2 3 20251,510,963 20 2 6 52 0 , 0 0 0 - 2, 9 1 2 , 5 2 5 1, 3 8 9 , 4 3 4 4, 8 2 1 , 9 5 9 2, 4 1 0 , 9 8 0 20261,511,138 20 2 7 52 0 , 0 0 0 - 2, 9 0 3 , 4 3 8 1, 3 9 0 , 1 1 3 4, 8 1 3 , 5 5 0 2, 4 0 6 , 7 7 5 20271,510,022 20 2 8 52 0 , 0 0 0 - 2, 9 0 8 , 9 0 0 1, 3 8 9 , 0 8 8 4, 8 1 7 , 9 8 8 2, 4 0 8 , 9 9 4 20281,510,284 20 2 9 52 0 , 0 0 0 - 2, 9 1 0 , 5 3 8 1, 3 9 1 , 6 8 1 4, 8 2 2 , 2 1 9 2, 4 1 1 , 1 0 9 20291,512,206 20 3 0 52 0 , 0 0 0 - 2, 9 0 3 , 4 6 3 1, 3 9 1 , 7 6 9 4, 8 1 5 , 2 3 1 2, 4 0 7 , 6 1 6 20301,512,859 20 3 1 2, 2 6 8 , 3 3 0 - 1, 1 6 7 , 5 0 0 1, 3 8 9 , 3 0 6 4, 8 2 5 , 1 3 6 2, 4 1 2 , 5 6 8 20311,512,244 20 3 2 2, 2 7 2 , 3 9 0 - 1, 1 6 9 , 1 1 3 1, 3 9 0 , 1 5 6 4, 8 3 1 , 6 5 9 2, 4 1 5 , 8 2 9 20321,510,359 20 3 3 2, 2 7 1 , 2 5 0 - 1, 1 7 0 , 0 5 0 1, 3 8 8 , 6 2 5 4, 8 2 9 , 9 2 5 2, 4 1 4 , 9 6 3 20331,510,100 20 3 4 2, 2 6 9 , 7 8 0 - 1, 1 7 0 , 3 1 3 1, 3 8 9 , 5 7 2 4, 8 2 9 , 6 6 4 2, 4 1 4 , 8 3 2 20341,511,200 20 3 5 2, 2 7 2 , 5 9 0 - 1, 1 6 9 , 9 0 0 1, 3 8 8 , 4 3 8 4, 8 3 0 , 9 2 8 2, 4 1 5 , 4 6 4 20351,510,500 20 3 6 - - 3, 4 2 6 , 8 3 8 1, 3 8 9 , 4 3 8 4, 8 1 6 , 2 7 5 2, 4 0 8 , 1 3 8 20361,508,000 20 3 7 - - 3, 4 2 8 , 6 5 0 1, 3 9 2 , 3 0 6 4, 8 2 0 , 9 5 6 2, 4 1 0 , 4 7 8 20371,508,600 20 3 8 - - 3, 4 3 4 , 6 1 3 1, 3 8 7 , 6 8 1 4, 8 2 2 , 2 9 4 2, 4 1 1 , 1 4 7 20381,512,100 20 3 9 - - 3, 4 3 4 , 5 0 0 1, 3 9 0 , 4 4 4 4, 8 2 4 , 9 4 4 2, 4 1 2 , 4 7 2 20391,508,500 20 4 0 - - 3, 4 3 3 , 2 0 0 1, 3 9 0 , 3 5 6 4, 8 2 3 , 5 5 6 2, 4 1 1 , 7 7 8 20401,512,700 20 4 1 - - 3 , 4 3 0 , 4 8 8 1, 3 9 2 , 3 0 0 4, 8 2 2 , 7 8 8 2, 4 1 1 , 3 9 4 20411,509,600 To t a l 2 0 , 1 9 4 , 3 4 0 $ 8 , 8 5 4 , 7 1 2 $ 6 6 , 5 2 1 , 1 0 6 $ 38 , 9 2 1 , 7 6 9 $ 13 4 , 4 9 1 , 9 2 7 $ 67 , 2 4 5 , 9 6 4 $ Total41,725,988$ Th e S c h e r t z / S e g u i n L o c a l G o v e r n m e n t C o r p o r a t i o n SSLGC-SAWS PROJECT Debt Service Schedules Jun 4, 2014 11:10 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1 UNREFUNDED BOND DEBT SERVICE City of Schertz, Texas General Obligation Bonds, Series 2006 Period Annual Ending PrincipalCouponInterestDebt ServiceDebt Service 08/01/2014 105,709.38105,709.38 09/30/2014 105,709.38 02/01/2015350,0004.000%105,709.38455,709.38 08/01/2015 98,709.3898,709.38 09/30/2015 554,418.76 02/01/2016400,0004.000%98,709.38498,709.38 08/01/2016 90,709.3890,709.38 09/30/2016 589,418.76 02/01/2017425,0004.125%90,709.38515,709.38 08/01/2017 81,943.7581,943.75 09/30/2017 597,653.13 02/01/2018475,0004.200%81,943.75556,943.75 08/01/2018 71,968.7571,968.75 09/30/2018 628,912.50 02/01/2019655,0004.300%71,968.75726,968.75 08/01/2019 57,886.2557,886.25 09/30/2019 784,855.00 02/01/2020685,0004.375%57,886.25742,886.25 08/01/2020 42,901.8842,901.88 09/30/2020 785,788.13 02/01/2021715,0004.400%42,901.88757,901.88 08/01/2021 27,171.8827,171.88 09/30/2021 785,073.76 02/01/2022 27,171.8827,171.88 08/01/2022 27,171.8827,171.88 09/30/2022 54,343.76 02/01/2023 27,171.8827,171.88 08/01/2023 27,171.8827,171.88 09/30/2023 54,343.76 02/01/2024 27,171.8827,171.88 08/01/2024 27,171.8827,171.88 09/30/2024 54,343.76 02/01/2025 27,171.8827,171.88 08/01/2025 27,171.8827,171.88 09/30/2025 54,343.76 02/01/2026 27,171.8827,171.88 08/01/2026 27,171.8827,171.88 09/30/2026 54,343.76 02/01/2027 27,171.8827,171.88 08/01/2027 27,171.8827,171.88 09/30/2027 54,343.76 02/01/2028 27,171.8827,171.88 08/01/2028 27,171.8827,171.88 09/30/2028 54,343.76 02/01/2029 27,171.8827,171.88 08/01/2029 27,171.8827,171.88 09/30/2029 54,343.76 02/01/2030 27,171.8827,171.88 08/01/2030 27,171.8827,171.88 09/30/2030 54,343.76 02/01/20311,175,0004.625%27,171.881,202,171.88 09/30/2031 1,202,171.88 4,880,000 1,643,095.146,523,095.146,523,095.14 Sep 10, 2013 11:12 am Prepared by Southwest Securities, Inc. ‐ ATF Page Ϯ BOND DEBT SERVICE City of Schertz, Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2007 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014 117,292.50117,292.50 08/01/2014605,0004.010%117,292.50722,292.50 09/30/2014 839,585.00 02/01/2015 105,162.25105,162.25 08/01/2015630,0004.010%105,162.25735,162.25 09/30/2015 840,324.50 02/01/2016 92,530.7592,530.75 08/01/2016655,0004.010%92,530.75747,530.75 09/30/2016 840,061.50 02/01/2017 79,398.0079,398.00 08/01/2017330,0004.010%79,398.00409,398.00 09/30/2017 488,796.00 02/01/2018 72,781.5072,781.50 08/01/2018340,0004.010%72,781.50412,781.50 09/30/2018 485,563.00 02/01/2019 65,964.5065,964.50 08/01/2019355,0004.010%65,964.50420,964.50 09/30/2019 486,929.00 02/01/2020 58,846.7558,846.75 08/01/2020370,0004.010%58,846.75428,846.75 09/30/2020 487,693.50 02/01/2021 51,428.2551,428.25 08/01/2021385,0004.010%51,428.25436,428.25 09/30/2021 487,856.50 02/01/2022 43,709.0043,709.00 08/01/2022400,0004.010%43,709.00443,709.00 09/30/2022 487,418.00 02/01/2023 35,689.0035,689.00 08/01/2023420,0004.010%35,689.00455,689.00 09/30/2023 491,378.00 02/01/2024 27,268.0027,268.00 08/01/2024435,0004.010%27,268.00462,268.00 09/30/2024 489,536.00 02/01/2025 18,546.2518,546.25 08/01/2025455,0004.010%18,546.25473,546.25 09/30/2025 492,092.50 02/01/2026 9,423.509,423.50 08/01/2026470,0004.010%9,423.50479,423.50 09/30/2026 488,847.00 5,850,000 1,556,080.507,406,080.507,406,080.50 Sep 10, 2013 11:12 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϯ DETAILED BOND DEBT SERVICE City of Schertz, Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2007 Town Creek Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014 97,643.5097,643.50 08/01/2014290,0004.010%97,643.50387,643.50 09/30/2014 485,287.00 02/01/2015 91,829.0091,829.00 08/01/2015305,0004.010%91,829.00396,829.00 09/30/2015 488,658.00 02/01/2016 85,713.7585,713.75 08/01/2016315,0004.010%85,713.75400,713.75 09/30/2016 486,427.50 02/01/2017 79,398.0079,398.00 08/01/2017330,0004.010%79,398.00409,398.00 09/30/2017 488,796.00 02/01/2018 72,781.5072,781.50 08/01/2018340,0004.010%72,781.50412,781.50 09/30/2018 485,563.00 02/01/2019 65,964.5065,964.50 08/01/2019355,0004.010%65,964.50420,964.50 09/30/2019 486,929.00 02/01/2020 58,846.7558,846.75 08/01/2020370,0004.010%58,846.75428,846.75 09/30/2020 487,693.50 02/01/2021 51,428.2551,428.25 08/01/2021385,0004.010%51,428.25436,428.25 09/30/2021 487,856.50 02/01/2022 43,709.0043,709.00 08/01/2022400,0004.010%43,709.00443,709.00 09/30/2022 487,418.00 02/01/2023 35,689.0035,689.00 08/01/2023420,0004.010%35,689.00455,689.00 09/30/2023 491,378.00 02/01/2024 27,268.0027,268.00 08/01/2024435,0004.010%27,268.00462,268.00 09/30/2024 489,536.00 02/01/2025 18,546.2518,546.25 08/01/2025455,0004.010%18,546.25473,546.25 09/30/2025 492,092.50 02/01/2026 9,423.509,423.50 08/01/2026470,0004.010%9,423.50479,423.50 09/30/2026 488,847.00 4,870,000 1,476,482.006,346,482.006,346,482.00 Sep 10, 2013 11:12 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϰ DETAILED BOND DEBT SERVICE City of Schertz, Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2007 Public Works Equipment Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014 4,711.754,711.75 08/01/201475,0004.010%4,711.7579,711.75 09/30/2014 84,423.50 02/01/2015 3,208.003,208.00 08/01/201580,0004.010%3,208.0083,208.00 09/30/2015 86,416.00 02/01/2016 1,604.001,604.00 08/01/201680,0004.010%1,604.0081,604.00 09/30/2016 83,208.00 235,000 19,047.50254,047.50254,047.50 Sep 10, 2013 11:12 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϱ DETAILED BOND DEBT SERVICE City of Schertz, Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2007 Communication Equipment Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014 5,914.755,914.75 08/01/201495,0004.010%5,914.75100,914.75 09/30/2014 106,829.50 02/01/2015 4,010.004,010.00 08/01/201595,0004.010%4,010.0099,010.00 09/30/2015 103,020.00 02/01/2016 2,105.252,105.25 08/01/2016105,0004.010%2,105.25107,105.25 09/30/2016 109,210.50 295,000 24,060.00319,060.00319,060.00 Sep 10, 2013 11:12 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϲ DETAILED BOND DEBT SERVICE City of Schertz, Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2007 EDC Projects Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014 9,022.509,022.50 08/01/2014145,0004.010%9,022.50154,022.50 09/30/2014 163,045.00 02/01/2015 6,115.256,115.25 08/01/2015150,0004.010%6,115.25156,115.25 09/30/2015 162,230.50 02/01/2016 3,107.753,107.75 08/01/2016155,0004.010%3,107.75158,107.75 09/30/2016 161,215.50 450,000 36,491.00486,491.00486,491.00 Sep 10, 2013 11:13 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϳ BOND DEBT SERVICE City of Schertz, Texas General Obligation Bonds, Series 2007 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014245,0004.070%92,389.00337,389.00 08/01/201487,403.2587,403.25 09/30/2014 424,792.25 02/01/2015255,0004.070%87,403.25342,403.25 08/01/201582,214.0082,214.00 09/30/2015 424,617.25 02/01/2016265,0004.070%82,214.00347,214.00 08/01/201676,821.2576,821.25 09/30/2016 424,035.25 02/01/2017280,0004.070%76,821.25356,821.25 08/01/201771,123.2571,123.25 09/30/2017 427,944.50 02/01/2018290,0004.070%71,123.25361,123.25 08/01/201865,221.7565,221.75 09/30/2018 426,345.00 02/01/2019300,0004.070%65,221.75365,221.75 08/01/201959,116.7559,116.75 09/30/2019 424,338.50 02/01/2020315,0004.070%59,116.75374,116.75 08/01/202052,706.5052,706.50 09/30/2020 426,823.25 02/01/2021325,0004.070%52,706.50377,706.50 08/01/202146,092.7546,092.75 09/30/2021 423,799.25 02/01/2022340,0004.070%46,092.75386,092.75 08/01/202239,173.7539,173.75 09/30/2022 425,266.50 02/01/2023355,0004.070%39,173.75394,173.75 08/01/202331,949.5031,949.50 09/30/2023 426,123.25 02/01/2024370,0004.070%31,949.50401,949.50 08/01/202424,420.0024,420.00 09/30/2024 426,369.50 02/01/2025385,0004.070%24,420.00409,420.00 08/01/202516,585.2516,585.25 09/30/2025 426,005.25 02/01/2026400,0004.070%16,585.25416,585.25 08/01/20268,445.258,445.25 09/30/2026 425,030.50 02/01/2027415,0004.070%8,445.25423,445.25 09/30/2027 423,445.25 4,540,000 1,414,935.505,954,935.505,954,935.50 Sep 10, 2013 11:13 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϴ BOND DEBT SERVICE City of Schertz, Texas General Obligation Bonds, Series 2008 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014430,0004.130%170,569.00600,569.00 08/01/2014161,689.50161,689.50 09/30/2014 762,258.50 02/01/2015420,0004.130%161,689.50581,689.50 08/01/2015153,016.50153,016.50 09/30/2015 734,706.00 02/01/2016440,0004.130%153,016.50593,016.50 08/01/2016143,930.50143,930.50 09/30/2016 736,947.00 02/01/2017460,0004.130%143,930.50603,930.50 08/01/2017134,431.50134,431.50 09/30/2017 738,362.00 02/01/2018475,0004.130%134,431.50609,431.50 08/01/2018124,622.75124,622.75 09/30/2018 734,054.25 02/01/2019500,0004.130%124,622.75624,622.75 08/01/2019114,297.75114,297.75 09/30/2019 738,920.50 02/01/2020520,0004.130%114,297.75634,297.75 08/01/2020103,559.75103,559.75 09/30/2020 737,857.50 02/01/2021540,0004.130%103,559.75643,559.75 08/01/202192,408.7592,408.75 09/30/2021 735,968.50 02/01/2022565,0004.130%92,408.75657,408.75 08/01/202280,741.5080,741.50 09/30/2022 738,150.25 02/01/2023585,0004.130%80,741.50665,741.50 08/01/202368,661.2568,661.25 09/30/2023 734,402.75 02/01/2024610,0004.130%68,661.25678,661.25 08/01/202456,064.7556,064.75 09/30/2024 734,726.00 02/01/2025640,0004.130%56,064.75696,064.75 08/01/202542,848.7542,848.75 09/30/2025 738,913.50 02/01/2026665,0004.130%42,848.75707,848.75 08/01/202629,116.5029,116.50 09/30/2026 736,965.25 02/01/2027690,0004.130%29,116.50719,116.50 08/01/202714,868.0014,868.00 09/30/2027 733,984.50 02/01/2028720,0004.130%14,868.00734,868.00 09/30/2028 734,868.00 8,260,000 2,811,084.5011,071,084.5011,071,084.50 Sep 10, 2013 11:14 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϵ BOND DEBT SERVICE City of Schertz, Texas General Obligation and Refunding Bonds, Series 2009 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014590,0002.500%160,787.50750,787.50 08/01/2014153,412.50153,412.50 09/30/2014 904,200.00 02/01/2015535,0003.000%153,412.50688,412.50 08/01/2015145,387.50145,387.50 09/30/2015 833,800.00 02/01/2016540,0003.000%145,387.50685,387.50 08/01/2016137,287.50137,287.50 09/30/2016 822,675.00 02/01/2017550,0003.000%137,287.50687,287.50 08/01/2017129,037.50129,037.50 09/30/2017 816,325.00 02/01/2018550,0003.250%129,037.50679,037.50 08/01/2018120,100.00120,100.00 09/30/2018 799,137.50 02/01/2019210,0003.500%120,100.00330,100.00 08/01/2019116,425.00116,425.00 09/30/2019 446,525.00 02/01/2020250,0003.750%116,425.00366,425.00 08/01/2020111,737.50111,737.50 09/30/2020 478,162.50 02/01/2021190,0004.050%111,737.50301,737.50 08/01/2021107,890.00107,890.00 09/30/2021 409,627.50 02/01/2022160,0004.050%107,890.00267,890.00 08/01/2022104,650.00104,650.00 09/30/2022 372,540.00 02/01/2023175,0004.250%104,650.00279,650.00 08/01/2023100,931.25100,931.25 09/30/2023 380,581.25 02/01/2024215,0004.250%100,931.25315,931.25 08/01/202496,362.5096,362.50 09/30/2024 412,293.75 02/01/2025200,0004.500%96,362.50296,362.50 08/01/202591,862.5091,862.50 09/30/2025 388,225.00 02/01/2026210,0004.500%91,862.50301,862.50 08/01/202687,137.5087,137.50 09/30/2026 389,000.00 02/01/2027220,0004.500%87,137.50307,137.50 08/01/202782,187.5082,187.50 09/30/2027 389,325.00 02/01/2028530,0004.500%82,187.50612,187.50 08/01/202870,262.5070,262.50 09/30/2028 682,450.00 02/01/2029455,0005.500%70,262.50525,262.50 08/01/202957,750.0057,750.00 09/30/2029 583,012.50 02/01/2030480,0005.500%57,750.00537,750.00 08/01/203044,550.0044,550.00 09/30/2030 582,300.00 02/01/2031510,0005.500%44,550.00554,550.00 08/01/203130,525.0030,525.00 09/30/2031 585,075.00 02/01/2032540,0005.500%30,525.00570,525.00 08/01/203215,675.0015,675.00 09/30/2032 586,200.00 02/01/2033570,0005.500%15,675.00585,675.00 09/30/2033 585,675.00 7,680,000 3,767,130.0011,447,130.0011,447,130.00 Sep 10, 2013 11:14 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1Ϭ DETAILED BOND DEBT SERVICE City of Schertz, Texas General Obligation and Refunding Bonds, Series 2009 General Fund Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014270,0002.500%135,718.75405,718.75 08/01/2014132,343.75132,343.75 09/30/2014 538,062.50 02/01/2015205,0003.000%132,343.75337,343.75 08/01/2015129,268.75129,268.75 09/30/2015 466,612.50 02/01/2016200,0003.000%129,268.75329,268.75 08/01/2016126,268.75126,268.75 09/30/2016 455,537.50 02/01/2017200,0003.000%126,268.75326,268.75 08/01/2017123,268.75123,268.75 09/30/2017 449,537.50 02/01/2018195,0003.250%123,268.75318,268.75 08/01/2018120,100.00120,100.00 09/30/2018 438,368.75 02/01/2019210,0003.500%120,100.00330,100.00 08/01/2019116,425.00116,425.00 09/30/2019 446,525.00 02/01/2020250,0003.750%116,425.00366,425.00 08/01/2020111,737.50111,737.50 09/30/2020 478,162.50 02/01/2021190,0004.050%111,737.50301,737.50 08/01/2021107,890.00107,890.00 09/30/2021 409,627.50 02/01/2022160,0004.050%107,890.00267,890.00 08/01/2022104,650.00104,650.00 09/30/2022 372,540.00 02/01/2023175,0004.250%104,650.00279,650.00 08/01/2023100,931.25100,931.25 09/30/2023 380,581.25 02/01/2024215,0004.250%100,931.25315,931.25 08/01/202496,362.5096,362.50 09/30/2024 412,293.75 02/01/2025200,0004.500%96,362.50296,362.50 08/01/202591,862.5091,862.50 09/30/2025 388,225.00 02/01/2026210,0004.500%91,862.50301,862.50 08/01/202687,137.5087,137.50 09/30/2026 389,000.00 02/01/2027220,0004.500%87,137.50307,137.50 08/01/202782,187.5082,187.50 09/30/2027 389,325.00 02/01/2028530,0004.500%82,187.50612,187.50 08/01/202870,262.5070,262.50 09/30/2028 682,450.00 02/01/2029455,0005.500%70,262.50525,262.50 08/01/202957,750.0057,750.00 09/30/2029 583,012.50 02/01/2030480,0005.500%57,750.00537,750.00 08/01/203044,550.0044,550.00 09/30/2030 582,300.00 02/01/2031510,0005.500%44,550.00554,550.00 08/01/203130,525.0030,525.00 09/30/2031 585,075.00 02/01/2032540,0005.500%30,525.00570,525.00 08/01/203215,675.0015,675.00 09/30/2032 586,200.00 02/01/2033570,0005.500%15,675.00585,675.00 09/30/2033 585,675.00 5,985,000 3,634,111.259,619,111.259,619,111.25 Sep 10, 2013 11:14 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϭ DETAILED BOND DEBT SERVICE City of Schertz, Texas General Obligation and Refunding Bonds, Series 2009 Sales Tax Supported Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014320,0002.500%25,068.75345,068.75 08/01/201421,068.7521,068.75 09/30/2014 366,137.50 02/01/2015330,0003.000%21,068.75351,068.75 08/01/201516,118.7516,118.75 09/30/2015 367,187.50 02/01/2016340,0003.000%16,118.75356,118.75 08/01/201611,018.7511,018.75 09/30/2016 367,137.50 02/01/2017350,0003.000%11,018.75361,018.75 08/01/20175,768.755,768.75 09/30/2017 366,787.50 02/01/2018355,0003.250%5,768.75360,768.75 09/30/2018 360,768.75 1,695,000 133,018.751,828,018.751,828,018.75 Sep 10, 2013 11:15 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1Ϯ BOND DEBT SERVICE City of Schertz, Texas Tax Notes, Series 2010 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014320,0002.250%7,807.50327,807.50 08/01/20144,207.504,207.50 09/30/2014 332,015.00 02/01/2015330,0002.550%4,207.50334,207.50 09/30/2015 334,207.50 650,000 16,222.50666,222.50666,222.50 Sep 10, 2013 11:15 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϯ DETAILED BOND DEBT SERVICE City of Schertz, Texas Tax Notes, Series 2010 EMS Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/201465,0002.250%1,560.0066,560.00 08/01/2014828.75828.75 09/30/2014 67,388.75 02/01/201565,0002.550%828.7565,828.75 09/30/2015 65,828.75 130,000 3,217.50133,217.50133,217.50 Sep 10, 2013 11:15 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϰ DETAILED BOND DEBT SERVICE City of Schertz, Texas Tax Notes, Series 2010 Economic Development Corporation Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014255,0002.250%6,247.50261,247.50 08/01/20143,378.753,378.75 09/30/2014 264,626.25 02/01/2015265,0002.550%3,378.75268,378.75 09/30/2015 268,378.75 520,000 13,005.00533,005.00533,005.00 Sep 10, 2013 11:16 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϱ BOND DEBT SERVICE City of Schertz, Texas General Obligation Refunding Bonds, Series 2010 Annual PeriodDebtDebt EndingPrincipalCouponInterestServiceService 02/01/2014260,0002.500%37,000297,000 08/01/201433,75033,750 09/30/2014330,750 02/01/2015265,0003.000%33,750298,750 08/01/201529,77529,775 09/30/2015328,525 02/01/2016275,0003.000%29,775304,775 08/01/201625,65025,650 09/30/2016330,425 02/01/2017285,0003.000%25,650310,650 08/01/201721,37521,375 09/30/2017332,025 02/01/2018285,0003.000%21,375306,375 08/01/201817,10017,100 09/30/2018323,475 02/01/2019300,0003.000%17,100317,100 08/01/201912,60012,600 09/30/2019329,700 02/01/2020310,0004.000%12,600322,600 08/01/20206,4006,400 09/30/2020329,000 02/01/2021320,0004.000%6,400326,400 09/30/2021326,400 2,300,000 330,3002,630,3002,630,300 Sep 10, 2013 11:17 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϲ BOND DEBT SERVICE City of Schertz, Texas General Obligation Bonds, Series 2011 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014210,0004.000%181,118.75391,118.75 08/01/2014176,918.75176,918.75 09/30/2014 568,037.50 02/01/2015220,0004.000%176,918.75396,918.75 08/01/2015172,518.75172,518.75 09/30/2015 569,437.50 02/01/2016225,0003.000%172,518.75397,518.75 08/01/2016169,143.75169,143.75 09/30/2016 566,662.50 02/01/2017235,0003.000%169,143.75404,143.75 08/01/2017165,618.75165,618.75 09/30/2017 569,762.50 02/01/2018240,0003.500%165,618.75405,618.75 08/01/2018161,418.75161,418.75 09/30/2018 567,037.50 02/01/2019250,0003.500%161,418.75411,418.75 08/01/2019157,043.75157,043.75 09/30/2019 568,462.50 02/01/2020260,0004.000%157,043.75417,043.75 08/01/2020151,843.75151,843.75 09/30/2020 568,887.50 02/01/2021270,0005.000%151,843.75421,843.75 08/01/2021145,093.75145,093.75 09/30/2021 566,937.50 02/01/2022285,0005.500%145,093.75430,093.75 08/01/2022137,256.25137,256.25 09/30/2022 567,350.00 02/01/2023300,0005.500%137,256.25437,256.25 08/01/2023129,006.25129,006.25 09/30/2023 566,262.50 02/01/2024315,0004.000%129,006.25444,006.25 08/01/2024122,706.25122,706.25 09/30/2024 566,712.50 02/01/2025330,0004.125%122,706.25452,706.25 08/01/2025115,900.00115,900.00 09/30/2025 568,606.25 02/01/2026345,0004.250%115,900.00460,900.00 08/01/2026108,568.75108,568.75 09/30/2026 569,468.75 02/01/2027360,0004.375%108,568.75468,568.75 08/01/2027100,693.75100,693.75 09/30/2027 569,262.50 02/01/2028375,0004.500%100,693.75475,693.75 08/01/202892,256.2592,256.25 09/30/2028 567,950.00 02/01/2029390,0004.625%92,256.25482,256.25 08/01/202983,237.5083,237.50 09/30/2029 565,493.75 02/01/2030410,0004.750%83,237.50493,237.50 08/01/203073,500.0073,500.00 09/30/2030 566,737.50 02/01/2031430,0005.000%73,500.00503,500.00 08/01/203162,750.0062,750.00 09/30/2031 566,250.00 02/01/2032455,0005.000%62,750.00517,750.00 08/01/203251,375.0051,375.00 09/30/2032 569,125.00 02/01/2033475,0005.000%51,375.00526,375.00 08/01/203339,500.0039,500.00 09/30/2033 565,875.00 02/01/2034500,0005.000%39,500.00539,500.00 08/01/203427,000.0027,000.00 09/30/2034 566,500.00 02/01/2035525,0005.000%27,000.00552,000.00 Sep 10, 2013 11:17 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϳ BOND DEBT SERVICE City of Schertz, Texas General Obligation Bonds, Series 2011 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 08/01/2035 13,875.0013,875.00 09/30/2035 565,875.00 02/01/2036555,0005.000%13,875.00568,875.00 09/30/2036 568,875.00 7,960,000 5,095,568.7513,055,568.7513,055,568.75 Sep 10, 2013 11:17 am Prepared by Southwest Securities, Inc. ‐ ATF Page 1ϴ BOND DEBT SERVICE City of Schertz, Texas General Obligation Refunding Bonds, Series 2011 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 03/01/2014 24,137.5024,137.50 09/01/2014290,0002.000%24,137.50314,137.50 09/30/2014 338,275.00 03/01/2015 21,237.5021,237.50 09/01/2015300,0002.000%21,237.50321,237.50 09/30/2015 342,475.00 03/01/2016 18,237.5018,237.50 09/01/2016300,0002.000%18,237.50318,237.50 09/30/2016 336,475.00 03/01/2017 15,237.5015,237.50 09/01/2017300,0002.000%15,237.50315,237.50 09/30/2017 330,475.00 03/01/2018 12,237.5012,237.50 09/01/2018225,0002.250%12,237.50237,237.50 09/30/2018 249,475.00 03/01/2019 9,706.259,706.25 09/01/2019230,0002.500%9,706.25239,706.25 09/30/2019 249,412.50 03/01/2020 6,831.256,831.25 09/01/2020235,0002.750%6,831.25241,831.25 09/30/2020 248,662.50 03/01/2021 3,600.003,600.00 09/01/2021240,0003.000%3,600.00243,600.00 09/30/2021 247,200.00 2,120,000 222,450.002,342,450.002,342,450.00 Sep 10, 2013 11:18 am Prepared by Southwest Securities, Inc. ‐ ATF Page ϭϵ BOND DEBT SERVICE City of Schertz, Texas General Obligation Refunding Bonds, Series 2011‐A Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014615,0002.330%76,132.75691,132.75 08/01/201468,968.0068,968.00 09/30/2014 760,100.75 02/01/2015610,0002.330%68,968.00678,968.00 08/01/201561,861.5061,861.50 09/30/2015 740,829.50 02/01/2016605,0002.330%61,861.50666,861.50 08/01/201654,813.2554,813.25 09/30/2016 721,674.75 02/01/2017620,0002.330%54,813.25674,813.25 08/01/201747,590.2547,590.25 09/30/2017 722,403.50 02/01/2018635,0002.330%47,590.25682,590.25 08/01/201840,192.5040,192.50 09/30/2018 722,782.75 02/01/2019485,0002.330%40,192.50525,192.50 08/01/201934,542.2534,542.25 09/30/2019 559,734.75 02/01/2020475,0002.330%34,542.25509,542.25 08/01/202029,008.5029,008.50 09/30/2020 538,550.75 02/01/2021485,0002.330%29,008.50514,008.50 08/01/202123,358.2523,358.25 09/30/2021 537,366.75 02/01/2022670,0002.330%23,358.25693,358.25 08/01/202215,552.7515,552.75 09/30/2022 708,911.00 02/01/2023675,0002.330%15,552.75690,552.75 08/01/20237,689.007,689.00 09/30/2023 698,241.75 02/01/2024660,0002.330%7,689.00667,689.00 09/30/2024 667,689.00 6,535,000 843,285.257,378,285.257,378,285.25 Sep 10, 2013 11:19 am Prepared by Southwest Securities, Inc. ‐ ATF Page 2Ϭ BOND DEBT SERVICE City of Schertz, Texas General Obligation Bonds, Series 2012 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014285,0005.000%113,204.38398,204.38 08/01/2014106,079.38106,079.38 09/30/2014 504,283.76 02/01/2015295,0003.875%106,079.38401,079.38 08/01/2015100,363.75100,363.75 09/30/2015 501,443.13 02/01/2016310,0003.875%100,363.75410,363.75 08/01/201694,357.5094,357.50 09/30/2016 504,721.25 02/01/2017320,0004.350%94,357.50414,357.50 08/01/201787,397.5087,397.50 09/30/2017 501,755.00 02/01/2018335,0004.000%87,397.50422,397.50 08/01/201880,697.5080,697.50 09/30/2018 503,095.00 02/01/2019345,0002.000%80,697.50425,697.50 08/01/201977,247.5077,247.50 09/30/2019 502,945.00 02/01/2020355,0003.000%77,247.50432,247.50 08/01/202071,922.5071,922.50 09/30/2020 504,170.00 02/01/2021365,0003.000%71,922.50436,922.50 08/01/202166,447.5066,447.50 09/30/2021 503,370.00 02/01/2022375,0002.250%66,447.50441,447.50 08/01/202262,228.7562,228.75 09/30/2022 503,676.25 02/01/2023385,0002.250%62,228.75447,228.75 08/01/202357,897.5057,897.50 09/30/2023 505,126.25 02/01/2024390,0002.500%57,897.50447,897.50 08/01/202453,022.5053,022.50 09/30/2024 500,920.00 02/01/2025400,0002.700%53,022.50453,022.50 08/01/202547,622.5047,622.50 09/30/2025 500,645.00 02/01/2026415,0002.800%47,622.50462,622.50 08/01/202641,812.5041,812.50 09/30/2026 504,435.00 02/01/2027425,0003.000%41,812.50466,812.50 08/01/202735,437.5035,437.50 09/30/2027 502,250.00 02/01/2028440,0003.000%35,437.50475,437.50 08/01/202828,837.5028,837.50 09/30/2028 504,275.00 02/01/2029450,0003.000%28,837.50478,837.50 08/01/202922,087.5022,087.50 09/30/2029 500,925.00 02/01/2030465,0003.000%22,087.50487,087.50 08/01/203015,112.5015,112.50 09/30/2030 502,200.00 02/01/2031480,0003.100%15,112.50495,112.50 08/01/20317,672.507,672.50 09/30/2031 502,785.00 02/01/2032495,0003.100%7,672.50502,672.50 09/30/2032 502,672.50 7,330,000 2,225,693.149,555,693.149,555,693.14 Sep 10, 2013 11:22 am Prepared by Southwest Securities, Inc. ‐ ATF Page 2ϭ BOND DEBT SERVICE City of Schertz, Texas Tax Notes, Series 2013 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014160,0000.700%7,079.88167,079.88 08/01/20144,142.504,142.50 09/30/2014 171,222.38 02/01/2015165,0000.900%4,142.50169,142.50 08/01/20153,400.003,400.00 09/30/2015 172,542.50 02/01/2016170,0001.000%3,400.00173,400.00 08/01/20162,550.002,550.00 09/30/2016 175,950.00 02/01/2017170,0001.300%2,550.00172,550.00 08/01/20171,445.001,445.00 09/30/2017 173,995.00 02/01/2018170,0001.700%1,445.00171,445.00 09/30/2018 171,445.00 835,000 30,154.88865,154.88865,154.88 Sep 10, 2013 11:21 am Prepared by Southwest Securities, Inc. ‐ ATF Page 2Ϯ BOND DEBT SERVICE City of Schertz, Texas Tax Notes, Series 2013A Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014155,0001.300%6,846.67161,846.67 08/01/20144,192.504,192.50 09/30/2014 166,039.17 02/01/2015160,0001.300%4,192.50164,192.50 08/01/20153,152.503,152.50 09/30/2015 167,345.00 02/01/2016160,0001.300%3,152.50163,152.50 08/01/20162,112.502,112.50 09/30/2016 165,265.00 02/01/2017160,0001.300%2,112.50162,112.50 08/01/20171,072.501,072.50 09/30/2017 163,185.00 02/01/2018165,0001.300%1,072.50166,072.50 09/30/2018 166,072.50 800,000 27,906.67827,906.67827,906.67 Sep 10, 2013 1:02 pm Prepared by Southwest Securities, Inc. ‐ ATF Page 2ϯ BOND DEBT SERVICE City of Schertz, Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2013 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014230,0002.000%60,942.71290,942.71 08/01/201470,831.2570,831.25 09/30/2014 361,773.96 02/01/2015235,0002.000%70,831.25305,831.25 08/01/201568,481.2568,481.25 09/30/2015 374,312.50 02/01/2016240,0002.000%68,481.25308,481.25 08/01/201666,081.2566,081.25 09/30/2016 374,562.50 02/01/2017380,0002.000%66,081.25446,081.25 08/01/201762,281.2562,281.25 09/30/2017 508,362.50 02/01/2018390,0002.000%62,281.25452,281.25 08/01/201858,381.2558,381.25 09/30/2018 510,662.50 02/01/2019395,0002.250%58,381.25453,381.25 08/01/201953,937.5053,937.50 09/30/2019 507,318.75 02/01/2020405,0002.500%53,937.50458,937.50 08/01/202048,875.0048,875.00 09/30/2020 507,812.50 02/01/2021415,0003.000%48,875.00463,875.00 08/01/202142,650.0042,650.00 09/30/2021 506,525.00 02/01/2022155,0003.000%42,650.00197,650.00 08/01/202240,325.0040,325.00 09/30/2022 237,975.00 02/01/2023160,0003.000%40,325.00200,325.00 08/01/202337,925.0037,925.00 09/30/2023 238,250.00 02/01/2024165,0003.500%37,925.00202,925.00 08/01/202435,037.5035,037.50 09/30/2024 237,962.50 02/01/2025170,0003.500%35,037.50205,037.50 08/01/202532,062.5032,062.50 09/30/2025 237,100.00 02/01/2026175,0003.500%32,062.50207,062.50 08/01/202629,000.0029,000.00 09/30/2026 236,062.50 02/01/2027185,0004.000%29,000.00214,000.00 08/01/202725,300.0025,300.00 09/30/2027 239,300.00 02/01/2028190,0004.000%25,300.00215,300.00 08/01/202821,500.0021,500.00 09/30/2028 236,800.00 02/01/2029200,0004.000%21,500.00221,500.00 08/01/202917,500.0017,500.00 09/30/2029 239,000.00 02/01/2030205,0004.000%17,500.00222,500.00 08/01/203013,400.0013,400.00 09/30/2030 235,900.00 02/01/2031215,0004.000%13,400.00228,400.00 08/01/20319,100.009,100.00 09/30/2031 237,500.00 02/01/2032225,0004.000%9,100.00234,100.00 08/01/20324,600.004,600.00 09/30/2032 238,700.00 02/01/2033230,0004.000%4,600.00234,600.00 09/30/2033 234,600.00 4,965,000 1,535,480.216,500,480.216,500,480.21 Sep 10, 2013 11:25 am Prepared by Southwest Securities, Inc. ‐ ATF Page 2ϰ BOND DEBT SERVICE City of Schertz, Texas General Obligation Refunding Bonds, Series 2013 Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/201430,0002.580%17,182.8047,182.80 08/01/201427,477.0027,477.00 09/30/2014 74,659.80 02/01/2015175,0002.580%27,477.00202,477.00 08/01/201525,219.5025,219.50 09/30/2015 227,696.50 02/01/2016175,0002.580%25,219.50200,219.50 08/01/201622,962.0022,962.00 09/30/2016 223,181.50 02/01/2017180,0002.580%22,962.00202,962.00 08/01/201720,640.0020,640.00 09/30/2017 223,602.00 02/01/2018180,0002.580%20,640.00200,640.00 08/01/201818,318.0018,318.00 09/30/2018 218,958.00 02/01/2019190,0002.580%18,318.00208,318.00 08/01/201915,867.0015,867.00 09/30/2019 224,185.00 02/01/2020190,0002.580%15,867.00205,867.00 08/01/202013,416.0013,416.00 09/30/2020 219,283.00 02/01/2021200,0002.580%13,416.00213,416.00 08/01/202110,836.0010,836.00 09/30/2021 224,252.00 02/01/2022205,0002.580%10,836.00215,836.00 08/01/20228,191.508,191.50 09/30/2022 224,027.50 02/01/2023205,0002.580%8,191.50213,191.50 08/01/20235,547.005,547.00 09/30/2023 218,738.50 02/01/2024215,0002.580%5,547.00220,547.00 08/01/20242,773.502,773.50 09/30/2024 223,320.50 02/01/2025215,0002.580%2,773.50217,773.50 09/30/2025 217,773.50 2,160,000 359,677.802,519,677.802,519,677.80 Jun 4, 2014 11:13 am Prepared by Southwest Securities, Inc. ‐ ATF Page Ϯϱ BOND DEBT SERVICE City of Schertz, Texas GO Refunding Bonds, Series 2014 Dated Date 05/15/2014 Delivery Date06/26/2014 Period Annual Ending PrincipalCouponInterestDebt ServiceDebt Service 02/01/201550,0002.000%210,684.44260,684.44 08/01/2015147,637.50147,637.50 09/30/2015 408,321.94 02/01/2016100,0002.000%147,637.50247,637.50 08/01/2016146,637.50146,637.50 09/30/2016 394,275.00 02/01/2017100,0002.000%146,637.50246,637.50 08/01/2017145,637.50145,637.50 09/30/2017 392,275.00 02/01/2018100,0003.000%145,637.50245,637.50 08/01/2018144,137.50144,137.50 09/30/2018 389,775.00 02/01/2019100,0003.000%144,137.50244,137.50 08/01/2019142,637.50142,637.50 09/30/2019 386,775.00 02/01/2020100,0003.000%142,637.50242,637.50 08/01/2020141,137.50141,137.50 09/30/2020 383,775.00 02/01/2021100,0003.000%141,137.50241,137.50 08/01/2021139,637.50139,637.50 09/30/2021 380,775.00 02/01/2022750,0003.000%139,637.50889,637.50 08/01/2022128,387.50128,387.50 09/30/20221,018,025.00 02/01/2023775,0003.000%128,387.50903,387.50 08/01/2023116,762.50116,762.50 09/30/20231,020,150.00 02/01/2024800,0003.500%116,762.50916,762.50 08/01/2024102,762.50102,762.50 09/30/20241,019,525.00 02/01/2025830,0003.500%102,762.50932,762.50 08/01/202588,237.5088,237.50 09/30/20251,021,000.00 02/01/2026860,0003.500%88,237.50948,237.50 08/01/202673,187.5073,187.50 09/30/20261,021,425.00 02/01/2027890,0004.000%73,187.50963,187.50 08/01/202755,387.5055,387.50 09/30/20271,018,575.00 02/01/2028930,0004.000%55,387.50985,387.50 08/01/202836,787.5036,787.50 09/30/20281,022,175.00 02/01/2029960,0004.000%36,787.50996,787.50 08/01/202917,587.5017,587.50 09/30/20291,014,375.00 02/01/20301,005,0003.500%17,587.501,022,587.50 09/30/20301,022,587.50 8,450,000 3,463,809.4411,913,809.4411,913,809.44 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page 2ϲ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue Bonds, Series 2001 Schertz/Seguin Local Government Corp. Annual PeriodDebtDebt EndingPrincipalCouponInterestServiceService 02/01/2014 260,000260,000 08/01/2014 260,000260,000 09/30/2014 520,000 02/01/2015 260,000260,000 08/01/2015 260,000260,000 09/30/2015 520,000 02/01/2016 260,000260,000 08/01/2016 260,000260,000 09/30/2016 520,000 02/01/2017 260,000260,000 08/01/2017 260,000260,000 09/30/2017 520,000 02/01/2018 260,000260,000 08/01/2018 260,000260,000 09/30/2018 520,000 02/01/2019 260,000260,000 08/01/2019 260,000260,000 09/30/2019 520,000 02/01/2020 260,000260,000 08/01/2020 260,000260,000 09/30/2020 520,000 02/01/2021 260,000260,000 08/01/2021 260,000260,000 09/30/2021 520,000 02/01/2022 260,000260,000 08/01/2022 260,000260,000 09/30/2022 520,000 02/01/2023 260,000260,000 08/01/2023 260,000260,000 09/30/2023 520,000 02/01/2024 260,000260,000 08/01/2024 260,000260,000 09/30/2024 520,000 02/01/2025 260,000260,000 08/01/2025 260,000260,000 09/30/2025 520,000 02/01/2026 260,000260,000 08/01/2026 260,000260,000 09/30/2026 520,000 02/01/2027 260,000260,000 08/01/2027 260,000260,000 09/30/2027 520,000 02/01/2028 260,000260,000 08/01/2028 260,000260,000 09/30/2028 520,000 02/01/2029 260,000260,000 08/01/2029 260,000260,000 09/30/2029 520,000 02/01/2030 260,000260,000 08/01/2030 260,000260,000 09/30/2030 520,000 02/01/20311,795,0005.200%260,0002,055,000 08/01/2031 213,330213,330 09/30/2031 2,268,330 02/01/20321,895,0005.200%213,3302,108,330 08/01/2032 164,060164,060 09/30/2032 2,272,390 02/01/20331,995,0005.200%164,0602,159,060 08/01/2033 112,190112,190 09/30/2033 2,271,250 02/01/20342,100,0005.200%112,1902,212,190 08/01/2034 57,59057,590 09/30/2034 2,269,780 02/01/20352,215,0005.200%57,5902,272,590 09/30/2035 2,272,590 10,000,000 10,194,34020,194,34020,194,340 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page 2ϳ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue Bonds, Series 2005 Schertz/Seguin Local Government Corp. Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014450,0004.000%143,718.13593,718.13 08/01/2014134,718.13134,718.13 09/30/2014 728,436.26 02/01/2015475,0004.000%134,718.13609,718.13 08/01/2015125,218.13125,218.13 09/30/2015 734,936.26 02/01/2016495,0004.000%125,218.13620,218.13 08/01/2016115,318.13115,318.13 09/30/2016 735,536.26 02/01/2017520,0004.000%115,318.13635,318.13 08/01/2017104,918.13104,918.13 09/30/2017 740,236.26 02/01/2018540,0004.000%104,918.13644,918.13 08/01/201894,118.1394,118.13 09/30/2018 739,036.26 02/01/2019560,0004.000%94,118.13654,118.13 08/01/201982,918.1382,918.13 09/30/2019 737,036.26 02/01/2020585,0004.100%82,918.13667,918.13 08/01/202070,925.6370,925.63 09/30/2020 738,843.76 02/01/2021610,0004.150%70,925.63680,925.63 08/01/202158,268.1358,268.13 09/30/2021 739,193.76 02/01/2022635,0004.200%58,268.13693,268.13 08/01/202244,933.1344,933.13 09/30/2022 738,201.26 02/01/2023665,0004.250%44,933.13709,933.13 08/01/202330,801.8830,801.88 09/30/2023 740,735.01 02/01/2024695,0004.300%30,801.88725,801.88 08/01/202415,859.3815,859.38 09/30/2024 741,661.26 02/01/2025725,0004.375%15,859.38740,859.38 09/30/2025 740,859.38 6,955,000 1,899,711.998,854,711.998,854,711.99 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page Ϯϴ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue and Refunding Bonds, Series 2007 Schertz/Seguin Local Government Corp. Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014535,0004.000%807,918.751,342,918.75 08/01/2014797,218.75797,218.75 09/30/20142,140,137.50 02/01/2015555,0004.000%797,218.751,352,218.75 08/01/2015786,118.75786,118.75 09/30/20152,138,337.50 02/01/2016575,0004.000%786,118.751,361,118.75 08/01/2016774,618.75774,618.75 09/30/20162,135,737.50 02/01/2017590,0004.000%774,618.751,364,618.75 08/01/2017762,818.75762,818.75 09/30/20172,127,437.50 02/01/2018620,0004.000%762,818.751,382,818.75 08/01/2018750,418.75750,418.75 09/30/20182,133,237.50 02/01/2019640,0004.000%750,418.751,390,418.75 08/01/2019737,618.75737,618.75 09/30/20192,128,037.50 02/01/2020670,0004.125%737,618.751,407,618.75 08/01/2020723,800.00723,800.00 09/30/20202,131,418.75 02/01/2021685,0004.250%723,800.001,408,800.00 08/01/2021709,243.75709,243.75 09/30/20212,118,043.75 02/01/2022720,0004.250%709,243.751,429,243.75 08/01/2022693,943.75693,943.75 09/30/20222,123,187.50 02/01/2023750,0004.250%693,943.751,443,943.75 08/01/2023678,006.25678,006.25 09/30/20232,121,950.00 02/01/2024785,0004.250%678,006.251,463,006.25 08/01/2024661,325.00661,325.00 09/30/20242,124,331.25 02/01/2025820,0004.250%661,325.001,481,325.00 08/01/2025643,900.00643,900.00 09/30/20252,125,225.00 02/01/20261,660,0004.250%643,900.002,303,900.00 08/01/2026608,625.00608,625.00 09/30/20262,912,525.00 02/01/20271,725,0004.500%608,625.002,333,625.00 08/01/2027569,812.50569,812.50 09/30/20272,903,437.50 02/01/20281,810,0004.500%569,812.502,379,812.50 08/01/2028529,087.50529,087.50 09/30/20282,908,900.00 02/01/20291,895,0004.500%529,087.502,424,087.50 08/01/2029486,450.00486,450.00 09/30/20292,910,537.50 02/01/20301,975,0004.500%486,450.002,461,450.00 08/01/2030442,012.50442,012.50 09/30/20302,903,462.50 02/01/2031290,0004.500%442,012.50732,012.50 08/01/2031435,487.50435,487.50 09/30/20311,167,500.00 02/01/2032305,0004.500%435,487.50740,487.50 08/01/2032428,625.00428,625.00 09/30/20321,169,112.50 02/01/2033320,0004.500%428,625.00748,625.00 08/01/2033421,425.00421,425.00 09/30/20331,170,050.00 02/01/2034335,0004.500%421,425.00756,425.00 08/01/2034413,887.50413,887.50 09/30/20341,170,312.50 02/01/2035350,0004.500%413,887.50763,887.50 08/01/2035406,012.50406,012.50 09/30/20351,169,900.00 02/01/20362,675,0004.500%406,012.503,081,012.50 08/01/2036345,825.00345,825.00 09/30/20363,426,837.50 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page Ϯϵ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue and Refunding Bonds, Series 2007 Schertz/Seguin Local Government Corp. Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/20372,800,0004.500%345,825.003,145,825.00 08/01/2037282,825.00282,825.00 09/30/20373,428,650.00 02/01/20382,935,0004.500%282,825.003,217,825.00 08/01/2038216,787.50216,787.50 09/30/20383,434,612.50 02/01/20393,070,0004.500%216,787.503,286,787.50 08/01/2039147,712.50147,712.50 09/30/20393,434,500.00 02/01/20403,210,0004.500%147,712.503,357,712.50 08/01/204075,487.5075,487.50 09/30/20403,433,200.00 02/01/20413,355,0004.500%75,487.503,430,487.50 09/30/20413,430,487.50 36,655,000 29,866,106.2566,521,106.2566,521,106.25 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page 3Ϭ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue Bonds, Series 2010 Schertz/Seguin Local Government Corp. Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014445,0003.000%475,543.75920,543.75 08/01/2014468,868.75468,868.75 09/30/20141,389,412.50 02/01/2015460,0003.000%468,868.75928,868.75 08/01/2015461,968.75461,968.75 09/30/20151,390,837.50 02/01/2016475,0003.000%461,968.75936,968.75 08/01/2016454,843.75454,843.75 09/30/20161,391,812.50 02/01/2017485,0003.000%454,843.75939,843.75 08/01/2017447,568.75447,568.75 09/30/20171,387,412.50 02/01/2018505,0003.500%447,568.75952,568.75 08/01/2018438,731.25438,731.25 09/30/20181,391,300.00 02/01/2019520,0003.500%438,731.25958,731.25 08/01/2019429,631.25429,631.25 09/30/20191,388,362.50 02/01/2020540,0003.500%429,631.25969,631.25 08/01/2020420,181.25420,181.25 09/30/20201,389,812.50 02/01/2021560,0004.000%420,181.25980,181.25 08/01/2021408,981.25408,981.25 09/30/20211,389,162.50 02/01/2022585,0004.000%408,981.25993,981.25 08/01/2022397,281.25397,281.25 09/30/20221,391,262.50 02/01/2023610,0004.000%397,281.251,007,281.25 08/01/2023385,081.25385,081.25 09/30/20231,392,362.50 02/01/2024630,0004.000%385,081.251,015,081.25 08/01/2024372,481.25372,481.25 09/30/20241,387,562.50 02/01/2025660,0004.000%372,481.251,032,481.25 08/01/2025359,281.25359,281.25 09/30/20251,391,762.50 02/01/2026685,0004.125%359,281.251,044,281.25 08/01/2026345,153.13345,153.13 09/30/20261,389,434.38 02/01/2027715,0004.250%345,153.131,060,153.13 08/01/2027329,959.38329,959.38 09/30/20271,390,112.51 02/01/2028745,0004.250%329,959.381,074,959.38 08/01/2028314,128.13314,128.13 09/30/20281,389,087.51 02/01/2029780,0004.250%314,128.131,094,128.13 08/01/2029297,553.13297,553.13 09/30/20291,391,681.26 02/01/2030815,0004.500%297,553.131,112,553.13 08/01/2030279,215.63279,215.63 09/30/20301,391,768.76 02/01/2031850,0004.500%279,215.631,129,215.63 08/01/2031260,090.63260,090.63 09/30/20311,389,306.26 02/01/2032890,0004.500%260,090.631,150,090.63 08/01/2032240,065.63240,065.63 09/30/20321,390,156.26 02/01/2033930,0004.625%240,065.631,170,065.63 08/01/2033218,559.38218,559.38 09/30/20331,388,625.01 02/01/2034975,0004.625%218,559.381,193,559.38 08/01/2034196,012.50196,012.50 09/30/20341,389,571.88 02/01/20351,020,0004.625%196,012.501,216,012.50 08/01/2035172,425.00172,425.00 09/30/20351,388,437.50 02/01/20361,070,0004.750%172,425.001,242,425.00 08/01/2036147,012.50147,012.50 09/30/20361,389,437.50 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page 3ϭ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue Bonds, Series 2010 Schertz/Seguin Local Government Corp. Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/20371,125,0004.750%147,012.501,272,012.50 08/01/2037120,293.75120,293.75 09/30/20371,392,306.25 02/01/20381,175,0004.750%120,293.751,295,293.75 08/01/203892,387.5092,387.50 09/30/20381,387,681.25 02/01/20391,235,0004.750%92,387.501,327,387.50 08/01/203963,056.2563,056.25 09/30/20391,390,443.75 02/01/20401,295,0004.750%63,056.251,358,056.25 08/01/204032,300.0032,300.00 09/30/20401,390,356.25 02/01/20411,360,0004.750%32,300.001,392,300.00 09/30/20411,392,300.00 22,140,000 16,781,768.8338,921,768.8338,921,768.83 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page 3Ϯ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue Bonds, Series 2012 Schertz/Seguin Local Government Corp. (San Antonio Water System Expansion Water Treatment Project 2) Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 02/01/2014 469,743.75469,743.75 08/01/2014 469,743.75469,743.75 09/30/2014 939,487.50 02/01/2015575,0002.000%469,743.751,044,743.75 08/01/2015 463,993.75463,993.75 09/30/2015 1,508,737.50 02/01/2016590,0002.000%463,993.751,053,993.75 08/01/2016 458,093.75458,093.75 09/30/2016 1,512,087.50 02/01/2017600,0002.000%458,093.751,058,093.75 08/01/2017 452,093.75452,093.75 09/30/2017 1,510,187.50 02/01/2018620,0004.000%452,093.751,072,093.75 08/01/2018 439,693.75439,693.75 09/30/2018 1,511,787.50 02/01/2019645,0004.000%439,693.751,084,693.75 08/01/2019 426,793.75426,793.75 09/30/2019 1,511,487.50 02/01/2020670,0004.000%426,793.751,096,793.75 08/01/2020 413,393.75413,393.75 09/30/2020 1,510,187.50 02/01/2021700,0004.000%413,393.751,113,393.75 08/01/2021 399,393.75399,393.75 09/30/2021 1,512,787.50 02/01/2022725,0004.000%399,393.751,124,393.75 08/01/2022 384,893.75384,893.75 09/30/2022 1,509,287.50 02/01/2023755,0004.000%384,893.751,139,893.75 08/01/2023 369,793.75369,793.75 09/30/2023 1,509,687.50 02/01/2024785,0004.000%369,793.751,154,793.75 08/01/2024 354,093.75354,093.75 09/30/2024 1,508,887.50 02/01/2025815,0003.000%354,093.751,169,093.75 08/01/2025 341,868.75341,868.75 09/30/2025 1,510,962.50 02/01/2026840,0003.000%341,868.751,181,868.75 08/01/2026 329,268.75329,268.75 09/30/2026 1,511,137.50 02/01/2027865,0003.125%329,268.751,194,268.75 08/01/2027 315,753.13315,753.13 09/30/2027 1,510,021.88 02/01/2028895,0003.625%315,753.131,210,753.13 08/01/2028 299,531.25299,531.25 09/30/2028 1,510,284.38 02/01/2029930,0003.625%299,531.251,229,531.25 08/01/2029 282,675.00282,675.00 09/30/2029 1,512,206.25 02/01/2030965,0003.625%282,675.001,247,675.00 08/01/2030 265,184.38265,184.38 09/30/2030 1,512,859.38 02/01/20311,000,0003.625%265,184.381,265,184.38 08/01/2031 247,059.38247,059.38 09/30/2031 1,512,243.76 02/01/20321,035,0003.625%247,059.381,282,059.38 08/01/2032 228,300.00228,300.00 09/30/2032 1,510,359.38 02/01/20331,075,0004.000%228,300.001,303,300.00 08/01/2033 206,800.00206,800.00 09/30/2033 1,510,100.00 02/01/20341,120,0004.000%206,800.001,326,800.00 08/01/2034 184,400.00184,400.00 09/30/2034 1,511,200.00 02/01/20351,165,0004.000%184,400.001,349,400.00 08/01/2035 161,100.00161,100.00 09/30/2035 1,510,500.00 02/01/20361,210,0004.000%161,100.001,371,100.00 08/01/2036 136,900.00136,900.00 Sep 10, 2013 11:39 am Prepared by Southwest Securities, Inc. ‐ ATF Page 3ϯ BOND DEBT SERVICE City of Schertz, Texas Contract Revenue Bonds, Series 2012 Schertz/Seguin Local Government Corp. (San Antonio Water System Expansion Water Treatment Project 2) Period Annual EndingPrincipalCouponInterestDebt ServiceDebt Service 09/30/2036 1,508,000.00 02/01/20371,260,0004.000%136,900.001,396,900.00 08/01/2037 111,700.00111,700.00 09/30/2037 1,508,600.00 02/01/20381,315,0004.000%111,700.001,426,700.00 08/01/2038 85,400.0085,400.00 09/30/2038 1,512,100.00 02/01/20391,365,0004.000%85,400.001,450,400.00 08/01/2039 58,100.0058,100.00 09/30/2039 1,508,500.00 02/01/20401,425,0004.000%58,100.001,483,100.00 08/01/2040 29,600.0029,600.00 09/30/2040 1,512,700.00 02/01/20411,480,0004.000%29,600.001,509,600.00 09/30/2041 1,509,600.00 25,425,000 16,300,987.5341,725,987.5341,725,987.53 Texas Municipal Reports FINANCIAL STATEMENT (As of September 30, 2012) Taxable Assessed Valuation, 2013 (100% of Market) $2,779,991,506 New Debt $8,760,000 Outstanding Debt 70,825,000 ------------------ Total General Obligation Debt $79,585,000 Less: Self-Supporting (i) Water & Sewer 13,181,975 Economic Development Corporation (Type B) 3,074,000 ------------------ GO Debt payable from Ad Valorem Taxes $63,329,025 Less: I&S Fund 227,674(ii) ------------------ Net Debt $63,101,351 ================== (i) The September 10, 2013 Official Statement reports the following General Obligation Debt being paid from revenues other than ad valorem taxes; thus considered self-supporting. (ii) Excludes portion in the Water & Sewer Fund for System GO debt. Net Debt Per Net Assessed Valuation - 2.27% Net Debt Per Sq mile - $2,554,710.57 Net Debt Per Capita - $1,890.28 Net Assessed Valuation Per Capita - $83,278.16 Bureau of Census Pop: 2000 - 18,694; 2010 - 31,465 2012 Estimated Population - 33,382 Area: 24.70 Sq miles PAYMENT RECORD: Never defaulted. MATERIAL EVENT NOTICE (As of May 28, 2014) Standard & Poor's Ratings Services (S&P) raised its rating on the City's general obligation debt one notch to AA+ from AA based on S&P's local GO criteria published September 12, 2013. The outlook is stable. The rating reflects S&P's opinion of the following factors for the City: (i) strong economy; (ii) very strong budgetary flexibility; (iii) strong budgetary performance (iv) very strong liquidity with strong access to external liquidity; (v) strong management; and (vi) very weak debt and contingent liabilities due mostly to high carrying charges and net direct debt. The stable outlook reflects S&P's opinion of the City's very strong budgetary flexibility and liquidity, supported by a strong management team and economy. TAX DATA Tax Assessed Tax Adjusted % Collected Total % Collected Year Valuation Rate Levy within FY as of 09/30/2012* 2007 $1,939,016,982 $0.4090 $7,793,405 98.95 99.89 2008 1,891,409,716 0.4090 8,800,927 98.90 99.83 2009 1,933,159,122 0.4342 9,639,945 99.17 99.75 2010 1,968,808,829 0.4493 9,978,430 99.17 99.17 2011 2,151,848,489 0.4843 11,239,572 99.29 99.29 2012 2,588,605,537 0.4999 12,940,439 96.51** 2013 2,779,991,506 0.4974 13,827,678 * Delinquent tax collections are allocated to the respective years in which the taxes are levied. ** Unaudited. Tax Rate Distribution 2013 2012 2011 2010 Operations $0.3010 $0.2993 $0.2993 $0.2993 I&S 0.1964 0.2006 0.1850 0.1500 ------ ------ ------ ------ Totals $0.4974 $0.4999 $0.4843 $0.4493 Tax Rate Limitation: Article XI, Section 5 of Texas Constitution, applicable to cities of more than 5,000 population; $2.50 per $100 assessed valuation. City operates under a Home Rule Charter which adopts constitutional provisions. TAX ABATEMENTS The City has entered into 9 abatement agreements. Tax abatement losses totaled $18,688,952 for the 2013 tax year. TAX INCREMENT REINVESTMENT ZONE #2 The City is participating in Tax Increment Financing (TIF). Under the terms of the Zone agreement, the City of Schertz, Bexar County, and San Antonio River Authority are funding infrastructure improvements through tax increment financing to the Sedona Development Project. The Zone was created in December 2006 with a base value of $3,127,500. The Zone has a statutory termination date of December 31, 2027. The TIRZ has collected $146,569 as of September 30, 2012, which will be used to reimburse the developer for infrastructure improvements. Municipal Sales Tax: The City has adopted the provisions of Municipal Sales and Use Tax Act V.T.C.A, Tax Code, Chapter 321, which grants the City power to impose and levy a 1% Local Sales and Use Tax within the City; the proceeds are credited to the General Fund and are not pledged to the payment of the bonds in this report. Voters approved an additional sales and use tax of 1/2 of 1% for Schertz Economic Development Corporation (Type B) effective January 1, 1998. Net allocations on calendar year basis are as follows: Calendar Total % of Ad Val Equiv of Ad Year Rate Collected Tax Levy Val Tax Rate 2009 1.500% $5,884,043 61.03% $0.27 2010 1.500 6,297,599 63.11 0.28 2011 1.500 7,002,409 62.30 0.30 2012 1.500 8,130,275 62.82 0.31 DETAILS OF GENERAL OBLIGATION DEBT Details of Limited Tax Debt (Outstanding 9/30/2012) Comb Tax & Ltd Pledge Rev C/O Ser 2003 Tax Treatment: Bank Qualified Original Issue Amount $3,360,000.00 Dated Date: 03/01/2003 Sale Date: 03/04/2003 Delivery Date: 03/27/2003 Sale Type: Competitive TIC: 3.4679% Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2004 Paying Agent: Wells Fargo Bank, N.A., Minneapolis, MN Bond Counsel: Fulbright & Jaworski Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: Harris Trust and Savings Bank Co-Manager: Isaak Bond Insurance: FGIC Security : Limited Tax and a subordinate lien on the net revenues of the utility system not to exceed $1,000. Use of Proceeds: Streets & Sidewalks, Drainage, Fire Station, Swimming Pool, Library, Public Safety Imps. DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 1 of 12 All Rights Reserved Texas Municipal Reports Refunding Notes: Mty(s) 2/1/2014-2/1/2018 defeased by GO Ref Bds Ser 2011A @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 210,000.00 3.6500% 3.450% ---------------------------------------------------$210,000.00 Call Option: Non Callable Refunded Notes: Mty(s) 02/01/2014-02/01/2018 scheduled to be called 2/1/2013 @ par. ______________________________________________________________ Comb Tax & Ltd Pledge Rev C/O Ser 2004 Tax Treatment: Bank Qualified Original Issue Amount $7,750,000.00 Dated Date: 05/15/2004 Sale Date: 06/01/2004 Delivery Date: 06/29/2004 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2005 Paying Agent: Wells Fargo Bank, N.A., Minneapolis, MN Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: First Southwest Company Co-Manager: Coastal Securities Co-Manager: SAMCO Capital Markets Insurance: AMBAC Security : Limited Tax and a Subordinate lien on the Net revenues of the Utility system not to exceed $1,000 Use of Proceeds: Streets & Sidewalks, Drainage, Municipal Bldg, Athletic Fac. Refunding Notes: Mty(s) 02/01/2014-02/01/2022, 02/01/2024 defeased by GO Ref Bds Ser 2011A @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 325,000.00 4.2500% 3.900% ---------------------------------------------------$325,000.00 Call Option: Non Callable Refunded Notes: Mty(s) 02/01/2014-02/01/2022, 02/01/2024 scheduled to be called 2/1/2013 @ par. ______________________________________________________________ Comb Tax & Subord Lien Rev C/O Ser 2005 Tax Treatment: Bank Qualified Original Issue Amount $3,200,000.00 Dated Date: 05/01/2005 Sale Date: 05/03/2005 Delivery Date: 06/07/2005 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2006 Paying Agent: Wells Fargo Bank, N.A., Minneapolis, MN Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: SAMCO Capital Markets Co-Manager: First Southwest Company Insurance: Assured Guaranty Municipal Corp. (FSA) Security : Limited Tax and a Subordinate lien on the Net revenues of the Utility system Water & Sewer 100.00% Use of Proceeds: Utility, Drainage. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 140,000.00 4.0000% 3.600% 02/01/2014 145,000.00 4.0000% 3.730% ---------------------------------------------------$285,000.00 Call Option: Non Callable Refunded Notes: Maturities refunded by GO Ref Bds Ser 2013 Refunded Amount Mat Date Sched Call Price 155,000 02/01/2015 02/01/2014 Par 325,000 02/01/2017 02/01/2014 Par 170,000 02/01/2018 02/01/2014 Par 180,000 02/01/2019 02/01/2014 Par 185,000 02/01/2020 02/01/2014 Par 195,000 02/01/2021 02/01/2014 Par 860,000 02/01/2025 02/01/2014 Par ______________________________________________________________ GO Bds Ser 2006 Tax Treatment: Tax Exempt Original Issue Amount $15,000,000.00 Dated Date: 08/01/2006 Sale Date: 08/15/2006 Delivery Date: 09/20/2006 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2007 Paying Agent: Wells Fargo Bank, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: SAMCO Capital Markets Co-Manager: RBC Capital Markets Insurance: National Public Finance Guarantee Corporation Use of Proceeds: Library, Streets & Sidewalks, Drainage. Orig Reoffering Maturity Amount Coupon Price/Yield DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 2 of 12 All Rights Reserved Texas Municipal Reports 02/01/2013 200,000.00 4.0000% 3.920% 02/01/2014 200,000.00 4.0000% 100.00% 02/01/2015 350,000.00 4.0000% 4.060% 02/01/2016 400,000.00 4.0000% 4.110% 02/01/2017 425,000.00 4.1250% 4.240% 02/01/2018 475,000.00 4.2000% 4.320% 02/01/2019 655,000.00 4.3000% 4.410% 02/01/2020 685,000.00 4.3750% 4.470% 02/01/2021 715,000.00 4.4000% 4.530% 02/01/2023T 1,540,000.00 5.2500% 4.320% 02/01/2025T 1,715,000.00 5.2500% 4.360% 02/01/2027T 1,900,000.00 5.2500% 4.400% 02/01/2031T 4,395,000.00 4.6250% 4.770% ------------------------------------------------$13,655,000.00 Call Option: Bonds maturing on 02/01/2017 to 02/01/2021 and 02/01/2023 and 02/01/2025 and 02/01/2027 and 02/01/2031 callable in whole or in part on any date beginning 02/01/2016 @ par. The following term bonds are subject to mandatory sinking fund redemption each 2/1 @ par as follows: Mty 02/01/2023: 750M-02/01/2022; 790M matures 02/01/2023. Mty 02/01/2025: 835M-02/01/2024; 880M matures 02/01/2025. Mty 02/01/2027: 925M-02/01/2026; 975M matures 02/01/2027. Mty 02/01/2031: 1,025M-02/01/2028; 1,070M-02/01/2029; 1,125M-02/01/2030; 1,175M matures 02/01/2031. Term bonds maturing on 02/01/2023: Mandatory Redemption Date Principal Amount 02/01/2022 $750,000 02/01/2023 $790,000 Term bonds maturing on 02/01/2025: Mandatory Redemption Date Principal Amount 02/01/2024 $835,000 02/01/2025 $880,000 Term bonds maturing on 02/01/2027: Mandatory Redemption Date Principal Amount 02/01/2026 $925,000 02/01/2027 $975,000 Term bonds maturing on 02/01/2031: Mandatory Redemption Date Principal Amount 02/01/2028 $1,025,000 02/01/2029 $1,070,000 02/01/2030 $1,125,000 02/01/2031 $1,175,000 ______________________________________________________________ Comb Tax & Ltd Pledge Rev C/O Ser 2007 Tax Treatment: Tax Exempt Original Issue Amount $9,915,000.00 Dated Date: 01/01/2007 Sale Date: 12/19/2006 Delivery Date: 01/17/2007 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 02/01, 08/01 1st Coupon Date: 08/01/2007 Paying Agent: The Bank of New York Mellon Trust Company, N.A., Houston, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: JPMorgan Chase Bank, N.A. Security : Limited Tax and a subordinate lien on the net revenues of the Waterworks & Sewer system not to exceed $1,000. Economic Development Corporation (Type B) 7.69% Water & Sewer 83.25% Use of Proceeds: Utility, Streets & Drainage, Public Works, Energy Management Sys, Communication Equipment. Orig Reoffering Maturity Amount Coupon Price/Yield 08/01/2013 580,000.00 4.0100% N/A 08/01/2014 605,000.00 4.0100% N/A 08/01/2015 630,000.00 4.0100% N/A 08/01/2016 655,000.00 4.0100% N/A 08/01/2017 330,000.00 4.0100% N/A 08/01/2018 340,000.00 4.0100% N/A 08/01/2019 355,000.00 4.0100% N/A 08/01/2020 370,000.00 4.0100% N/A 08/01/2021 385,000.00 4.0100% N/A 08/01/2022 400,000.00 4.0100% N/A 08/01/2023 420,000.00 4.0100% N/A 08/01/2024 435,000.00 4.0100% N/A 08/01/2025 455,000.00 4.0100% N/A 08/01/2026 470,000.00 4.0100% N/A -------------------------------------------------$6,430,000.00 Call Option: Bonds maturing on 08/01/2018 to 08/01/2026 callable in whole or in part on any date beginning 08/01/2017 @ par. ______________________________________________________________ GO Bds Ser 2007 Tax Treatment: Tax Exempt Original Issue Amount $6,000,000.00 Dated Date: 09/01/2007 Sale Date: 09/04/2007 Delivery Date: 09/24/2007 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2008 Paying Agent: The Bank of New York Mellon Trust Company, N.A., Houston, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: JPMorgan Chase Bank, N.A. Use of Proceeds: Recreational Facilities, Streets & Sidewalks, Drainage. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2027T 4,775,000.00 4.0700% N/A -------------------------------------------------$4,775,000.00 Call Option: Term bonds maturing on 02/01/2027 callable in whole or in part on any date @ par plus a Prepayment Fee as specified in the Indenture. Term Call: Term bonds maturing on 02/01/2027: Mandatory Redemption Date Principal Amount 02/01/2008 $190,000 02/01/2009 $285,000 DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 3 of 12 All Rights Reserved Texas Municipal Reports 02/01/2010 $250,000 02/01/2011 $275,000 02/01/2012 $225,000 02/01/2013 $235,000 02/01/2014 $245,000 02/01/2015 $255,000 02/01/2016 $265,000 02/01/2017 $280,000 02/01/2018 $290,000 02/01/2019 $300,000 02/01/2020 $315,000 02/01/2021 $325,000 02/01/2022 $340,000 02/01/2023 $355,000 02/01/2024 $370,000 02/01/2025 $385,000 02/01/2026 $400,000 02/01/2027 $415,000 ______________________________________________________________ GO Bds Ser 2008 Tax Treatment: Bank Qualified Original Issue Amount $9,900,000.00 Dated Date: 08/01/2008 Sale Date: 08/12/2008 Delivery Date: 09/10/2008 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2009 Paying Agent: Bank of America, N.A., Dallas, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: Bank of America, N.A., Dallas, TX Use of Proceeds: Recreational Facilities, Streets & Sidewalks. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 385,000.00 4.1300% N/A 02/01/2014 430,000.00 4.1300% N/A 02/01/2015 420,000.00 4.1300% N/A 02/01/2016 440,000.00 4.1300% N/A 02/01/2017 460,000.00 4.1300% N/A 02/01/2018 475,000.00 4.1300% N/A 02/01/2019 500,000.00 4.1300% N/A 02/01/2020 520,000.00 4.1300% N/A 02/01/2021 540,000.00 4.1300% N/A 02/01/2022 565,000.00 4.1300% N/A 02/01/2023 585,000.00 4.1300% N/A 02/01/2024 610,000.00 4.1300% N/A 02/01/2025 640,000.00 4.1300% N/A 02/01/2026 665,000.00 4.1300% N/A 02/01/2027 690,000.00 4.1300% N/A 02/01/2028 720,000.00 4.1300% N/A -------------------------------------------------$8,645,000.00 Call Option: Bonds maturing on 02/01/2019 to 02/01/2028 callable in whole or in part on any date beginning 02/01/2018 @ par. ______________________________________________________________ GO & Ref Bds Ser 2009 Tax Treatment: Bank Qualified Original Issue Amount $9,500,000.00 Dated Date: 07/01/2009 Sale Date: 07/14/2009 Delivery Date: 08/13/2009 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2010 Paying Agent: Wells Fargo Bank, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: SAMCO Capital Markets, Inc. Co-Manager: First Southwest Company Economic Development Corporation (Type B) 22.07% Use of Proceeds: Streets, Refunding, Recreational Facilities. Refunding Notes: This issue defeased mty(s) 2/1/2010-2/1/2018 of GO Bds Ser 98 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 510,000.00 2.5000% 1.920% 02/01/2014 590,000.00 2.5000% 2.330% 02/01/2015 535,000.00 3.0000% 2.620% 02/01/2016 540,000.00 3.0000% 2.880% 02/01/2017 550,000.00 3.0000% 3.160% 02/01/2018 550,000.00 3.2500% 3.340% 02/01/2019 210,000.00 3.5000% 3.510% 02/01/2020 250,000.00 3.7500% 3.760% 02/01/2022T 350,000.00 4.0500% 4.060% 02/01/2024T 390,000.00 4.2500% 100.00% 02/01/2028T 1,160,000.00 4.5000% 4.600% 02/01/2033T 2,555,000.00 5.5000% 4.700% -------------------------------------------------$8,190,000.00 Call Option: Bonds maturing on 02/01/2020 and term bonds maturing on 02/01/2022 and 02/01/2024 and 02/01/2028 and 02/01/2033 callable in whole or in part on any date beginning 02/01/2019 @ par. Term Call: Term bonds maturing on 02/01/2022: Mandatory Redemption Date Principal Amount 02/01/2021 $190,000 02/01/2022 $160,000 Term bonds maturing on 02/01/2024: Mandatory Redemption Date Principal Amount 02/01/2023 $175,000 02/01/2024 $215,000 Term bonds maturing on 02/01/2028: Mandatory Redemption Date Principal Amount 02/01/2025 $200,000 02/01/2026 $210,000 02/01/2027 $220,000 02/01/2028 $530,000 Term bonds maturing on 02/01/2033: Mandatory Redemption Date Principal Amount DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 4 of 12 All Rights Reserved Texas Municipal Reports 02/01/2029 $455,000 02/01/2030 $480,000 02/01/2031 $510,000 02/01/2032 $540,000 02/01/2033 $570,000 ______________________________________________________________ Tax Notes Ser 2010 Tax Treatment: Bank Qualified Original Issue Amount $1,580,000.00 Dated Date: 06/15/2010 Sale Date: 06/15/2010 Delivery Date: 07/13/2010 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2011 Paying Agent: Schertz Bank & Trust, Schertz, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: Schertz Bank & Trust, Schertz, TX Economic Development Corporation (Type B) 80.00% Use of Proceeds: Public Improvements. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 315,000.00 2.0000% N/A 02/01/2014 320,000.00 2.2500% N/A 02/01/2015 330,000.00 2.5500% N/A ---------------------------------------------------$965,000.00 Call Option: Non Callable ______________________________________________________________ GO Ref Bds Ser 2010 Tax Treatment: Bank Qualified Original Issue Amount $2,865,000.00 Dated Date: 10/01/2010 Sale Date: 11/02/2010 Delivery Date: 11/30/2010 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2011 Paying Agent: Wells Fargo Bank, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: SAMCO Capital Markets, Inc. Use of Proceeds: Refunding. Refunding Notes: This issue defeased mty(s) 2/1/2012-2/1/2021 of Comb Tax & Ltd Pledge Rev C/O Ser 2001 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 250,000.00 2.5000% 1.000% 02/01/2014 260,000.00 2.5000% 1.300% 02/01/2015 265,000.00 3.0000% 1.550% 02/01/2016 275,000.00 3.0000% 1.850% 02/01/2017 285,000.00 3.0000% 2.150% 02/01/2018 285,000.00 3.0000% 2.400% 02/01/2019 300,000.00 3.0000% 2.650% 02/01/2020 310,000.00 4.0000% 2.850% 02/01/2021 320,000.00 4.0000% 3.020% -------------------------------------------------$2,550,000.00 Call Option: Bonds maturing on 02/01/2019 to 02/01/2021 callable in whole or in part on any date beginning 02/01/2018 @ par. ______________________________________________________________ GO Bds Ser 2011 Tax Treatment: Tax Exempt Original Issue Amount $8,250,000.00 Dated Date: 03/01/2011 Sale Date: 03/29/2011 Delivery Date: 04/26/2011 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2012 Paying Agent: Bank of Texas, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: SAMCO Capital Markets, Inc. Co-Manager: Piper Jaffray & Co. Use of Proceeds: Sports Complex, Aquatic Center, Animal Shelter. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 200,000.00 5.0000% 0.930% 02/01/2014 210,000.00 4.0000% 1.250% 02/01/2015 220,000.00 4.0000% 1.750% 02/01/2016 225,000.00 3.0000% 2.070% 02/01/2017 235,000.00 3.0000% 2.410% 02/01/2018 240,000.00 3.5000% 2.730% 02/01/2019 250,000.00 3.5000% 3.010% 02/01/2020 260,000.00 4.0000% 3.300% 02/01/2021 270,000.00 5.0000% 3.500% 02/01/2023T 585,000.00 5.5000% 3.900% 02/01/2024 315,000.00 4.0000% 4.130% 02/01/2025 330,000.00 4.1250% 4.260% 02/01/2026 345,000.00 4.2500% 4.400% 02/01/2027 360,000.00 4.3750% 4.500% 02/01/2028 375,000.00 4.5000% 4.610% 02/01/2029 390,000.00 4.6250% 4.720% 02/01/2030 410,000.00 4.7500% 4.800% 02/01/2032T 885,000.00 5.0000% 100.00% 02/01/2034T 975,000.00 5.0000% 5.050% 02/01/2036T 1,080,000.00 5.0000% 5.110% -------------------------------------------------$8,160,000.00 Call Option: Bonds maturing on 02/01/2024 to 02/01/2030 and term bonds maturing on 02/01/2023 and 02/01/2032 and 02/01/2034 and 02/01/2036 callable in whole or DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 5 of 12 All Rights Reserved Texas Municipal Reports in part on any date beginning 02/01/2021 @ par. Term Call: Term bonds maturing on 02/01/2023: Mandatory Redemption Date Principal Amount 02/01/2022 $285,000 02/01/2023 $300,000 Term bonds maturing on 02/01/2032: Mandatory Redemption Date Principal Amount 02/01/2031 $430,000 02/01/2032 $455,000 Term bonds maturing on 02/01/2034: Mandatory Redemption Date Principal Amount 02/01/2033 $475,000 02/01/2034 $500,000 Term bonds maturing on 02/01/2036: Mandatory Redemption Date Principal Amount 02/01/2035 $525,000 02/01/2036 $555,000 ______________________________________________________________ GO Ref Bds Ser 2011 Tax Treatment: Tax Exempt Original Issue Amount $2,675,000.00 Dated Date: 06/01/2011 Sale Date: 06/07/2011 Delivery Date: 06/30/2011 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 09/01, 03/01 1st Coupon Date: 03/01/2012 Paying Agent: Bank of Texas, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: SAMCO Capital Markets, Inc. Water & Sewer 100.00% Use of Proceeds: Refunding. Refunding Notes: This issue defeased mty(s) 9/1/2012-9/1/2021 of Util Sys Rev & Ref Bds Ser 2001 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 09/01/2013 285,000.00 2.0000% 1.000% 09/01/2014 290,000.00 2.0000% 1.250% 09/01/2015 300,000.00 2.0000% 1.500% 09/01/2016 300,000.00 2.0000% 1.700% 09/01/2017 300,000.00 2.0000% 2.100% 09/01/2018 225,000.00 2.2500% 2.450% 09/01/2019 230,000.00 2.5000% 2.750% 09/01/2020 235,000.00 2.7500% 3.000% 09/01/2021 240,000.00 3.0000% 3.200% -------------------------------------------------$2,405,000.00 Call Option: Bonds maturing on 09/01/2020 to 09/01/2021 callable in whole or in part on any date beginning 09/01/2019 @ par. ______________________________________________________________ GO Ref Bds Ser 2011A Tax Treatment: Tax Exempt Original Issue Amount $6,745,000.00 Dated Date: 12/01/2011 Sale Date: 11/15/2011 Delivery Date: 12/15/2011 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2012 Paying Agent: Compass Bank, Houston, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: Compass Mortgage Corporation, Houston, TX Use of Proceeds: Refunding. Refunding Notes: This issue defeased mty(s) 2/1/2014-2/1/2018 of Comb Tax & Ltd Pledge Rev C/O Ser 2003 @ par. This issue defeased mty(s) 02/01/2014-02/01/2022, 02/01/2024 of Comb Tax & Ltd Pledge Rev C/O Ser 2004 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 70,000.00 2.3300% N/A 02/01/2014 615,000.00 2.3300% N/A 02/01/2015 610,000.00 2.3300% N/A 02/01/2016 605,000.00 2.3300% N/A 02/01/2017 620,000.00 2.3300% N/A 02/01/2018 635,000.00 2.3300% N/A 02/01/2019 485,000.00 2.3300% N/A 02/01/2020 475,000.00 2.3300% N/A 02/01/2021 485,000.00 2.3300% N/A 02/01/2022 670,000.00 2.3300% N/A 02/01/2023 675,000.00 2.3300% N/A 02/01/2024 660,000.00 2.3300% N/A -------------------------------------------------$6,605,000.00 Call Option: Bonds maturing on 02/01/2022 to 02/01/2024 callable in whole or in part on any date beginning 02/01/2021 @ par. ______________________________________________________________ GO Bds Ser 2012 Tax Treatment: Tax Exempt Original Issue Amount $7,625,000.00 Dated Date: 08/01/2012 Sale Date: 08/28/2012 Delivery Date: 09/13/2012 Sale Type: Competitive TIC: 2.8627% Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2013 Paying Agent: Bank of Texas, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 6 of 12 All Rights Reserved Texas Municipal Reports Lead Manager: Hutchinson Shockey Erley & Co. Use of Proceeds: Aquatic Center, Sports Complex, Downtown Area. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2013 295,000.00 5.0000% 0.250% 02/01/2014 285,000.00 5.0000% 0.350% 02/01/2015 295,000.00 3.8750% 0.600% 02/01/2016 310,000.00 3.8750% 0.800% 02/01/2017 320,000.00 4.3500% 1.000% 02/01/2018 335,000.00 4.0000% 1.300% 02/01/2019 345,000.00 2.0000% 1.550% 02/01/2020 355,000.00 3.0000% 1.800% 02/01/2021 365,000.00 3.0000% 2.000% 02/01/2022 375,000.00 2.2500% 2.150% 02/01/2023 385,000.00 2.2500% 2.400% 02/01/2024 390,000.00 2.5000% 2.600% 02/01/2025 400,000.00 2.7000% 2.750% 02/01/2026 415,000.00 2.8000% 2.900% 02/01/2028T 865,000.00 3.0000% 3.100% 02/01/2030T 915,000.00 3.0000% 3.160% 02/01/2032T 975,000.00 3.1000% 3.240% -------------------------------------------------$7,625,000.00 Call Option: Bonds maturing on 02/01/2023 to 02/01/2026 and term bonds maturing on 02/01/2028 and 02/01/2030 and 02/01/2032 callable in whole or in part on any date beginning 02/01/2022 @ par. Term Call: Term bonds maturing on 02/01/2028: Mandatory Redemption Date Principal Amount 02/01/2027 $425,000 02/01/2028 $440,000 Term bonds maturing on 02/01/2030: Mandatory Redemption Date Principal Amount 02/01/2029 $450,000 02/01/2030 $465,000 Term bonds maturing on 02/01/2032: Mandatory Redemption Date Principal Amount 02/01/2031 $480,000 02/01/2032 $495,000 ______________________________________________________________ Tax Notes Ser 2013 Tax Treatment: Tax Exempt Original Issue Amount $835,000.00 Dated Date: 04/01/2013 Sale Date: 04/09/2013 Delivery Date: 04/30/2013 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2014 Paying Agent: Bank of Texas, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: Presidio Short Term Tax Exempt Fund, LP Use of Proceeds: Public Safety. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2014 160,000.00 0.7000% 100.00% 02/01/2015 165,000.00 0.9000% 100.00% 02/01/2016 170,000.00 1.0000% 100.00% 02/01/2017 170,000.00 1.3000% 100.00% 02/01/2018 170,000.00 1.7000% 100.00% ---------------------------------------------------$835,000.00 Call Option: Non Callable ______________________________________________________________ Tax Notes Ser 2013A Tax Treatment: Bank Qualified Original Issue Amount $800,000.00 Dated Date: 05/15/2013 Sale Date: 05/14/2013 Delivery Date: 06/04/2013 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2014 Paying Agent: Branch Banking & Trust Company, Charlotte, NC Bond Counsel: Fulbright & Jaworski LLP Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: Branch Banking & Trust Company, Charlotte, NC Use of Proceeds: Public Safety. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2014 155,000.00 1.3000% N/A 02/01/2015 160,000.00 1.3000% N/A 02/01/2016 160,000.00 1.3000% N/A 02/01/2017 160,000.00 1.3000% N/A 02/01/2018 165,000.00 1.3000% N/A ---------------------------------------------------$800,000.00 Call Option: Bonds maturing on 02/01/2016 to 02/01/2018 callable in whole on any date beginning 02/01/2015 @ par. ______________________________________________________________ Comb Tax & Ltd Pledge Rev C/O Ser 2013 Tax Treatment: Bank Qualified Original Issue Amount $4,965,000.00 Dated Date: 09/01/2013 Sale Date: 09/10/2013 Delivery Date: 10/10/2013 Sale Type: Competitive TIC: 3.1347% Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2014 Paying Agent: Bank of Texas, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski LLP DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 7 of 12 All Rights Reserved Texas Municipal Reports Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: First Southwest Company Security : Limited Tax and a Subordinate lien on the Net revenues of the Utility system anticipated to be $1,000. Water & Sewer 60.00% Use of Proceeds: Public Improvements. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2014 230,000.00 2.0000% 0.250% 02/01/2015 235,000.00 2.0000% 0.450% 02/01/2016 240,000.00 2.0000% 0.750% 02/01/2017 380,000.00 2.0000% 1.000% 02/01/2018 390,000.00 2.0000% 1.350% 02/01/2019 395,000.00 2.2500% 1.600% 02/01/2020 405,000.00 2.5000% 1.900% 02/01/2021 415,000.00 3.0000% 2.180% 02/01/2022 155,000.00 3.0000% 2.350% 02/01/2023 160,000.00 3.0000% 2.550% 02/01/2024 165,000.00 3.5000% 2.700% 02/01/2025 170,000.00 3.5000% 2.850% 02/01/2026 175,000.00 3.5000% 3.000% 02/01/2028T 375,000.00 4.0000% 3.400% 02/01/2030T 405,000.00 4.0000% 3.800% 02/01/2033T 670,000.00 4.0000% 4.150% -------------------------------------------------$4,965,000.00 Call Option: Bonds maturing on 02/01/2023 to 02/01/2026 and term bonds maturing on 02/01/2028 and 02/01/2030 and 02/01/2033 callable in whole or in part on any date beginning 02/01/2022 @ par. Term Call: Term bonds maturing on 02/01/2028: Mandatory Redemption Date Principal Amount 02/01/2027 $185,000 02/01/2028 $190,000 Term bonds maturing on 02/01/2030: Mandatory Redemption Date Principal Amount 02/01/2029 $200,000 02/01/2030 $205,000 Term bonds maturing on 02/01/2033: Mandatory Redemption Date Principal Amount 02/01/2031 $215,000 02/01/2032 $225,000 02/01/2033 $230,000 ______________________________________________________________ GO Ref Bds Ser 2013 Tax Treatment: Bank Qualified Original Issue Amount $2,160,000.00 Dated Date: 09/01/2013 Sale Date: 09/10/2013 Delivery Date: 10/10/2013 Sale Type: Private Placement Record Date: MSRB Bond Form: BE Denomination $100,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2014 Paying Agent: Compass Bank, Houston, TX Bond Counsel: Fulbright & Jaworski LLP Financial Advisor: Southwest Securities, San Antonio, TX Purchaser: Compass Bank Water & Sewer 100.00% Use of Proceeds: Refunding. Refunding Notes: This bond refunded maturities from the following issues: Comb Tax & Subord Lien Rev C/O Ser 2005 Refunded Amount Mat Date Sched Call Price 155,000 02/01/2015 02/01/2014 Par 325,000 02/01/2017 02/01/2014 Par 170,000 02/01/2018 02/01/2014 Par 180,000 02/01/2019 02/01/2014 Par 185,000 02/01/2020 02/01/2014 Par 195,000 02/01/2021 02/01/2014 Par 860,000 02/01/2025 02/01/2014 Par Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2014 30,000.00 2.5800% N/A 02/01/2015 175,000.00 2.5800% N/A 02/01/2016 175,000.00 2.5800% N/A 02/01/2017 180,000.00 2.5800% N/A 02/01/2018 180,000.00 2.5800% N/A 02/01/2019 190,000.00 2.5800% N/A 02/01/2020 190,000.00 2.5800% N/A 02/01/2021 200,000.00 2.5800% N/A 02/01/2022 205,000.00 2.5800% N/A 02/01/2023 205,000.00 2.5800% N/A 02/01/2024 215,000.00 2.5800% N/A 02/01/2025 215,000.00 2.5800% N/A -------------------------------------------------$2,160,000.00 Call Option: Bonds maturing on 02/01/2024 to 02/01/2025 callable in whole or in part on any date beginning 02/01/2023 @ par. ______________________________________________________________ GRAND TOTAL================================> $79,585,000.00 BOND DEBT SERVICE Period Ending Principal Interest Debt Service --------------------------------------------------------- 09/30/13 4,000,000.00 2,777,160.00 6,777,160.00 09/30/14 4,770,000.00 2,837,305.55 7,607,305.55 09/30/15 4,945,000.00 2,621,243.13 7,566,243.13 09/30/16 4,760,000.00 2,471,617.50 7,231,617.50 09/30/17 4,695,000.00 2,319,208.63 7,014,208.63 09/30/18 4,755,000.00 2,171,578.00 6,926,578.00 09/30/19 4,215,000.00 2,027,889.00 6,242,889.00 09/30/20 4,370,000.00 1,882,253.63 6,252,253.63 09/30/21 4,450,000.00 1,723,939.25 6,173,939.25 09/30/22 3,905,000.00 1,564,533.25 5,469,533.25 09/30/23 4,050,000.00 1,412,898.00 5,462,898.00 09/30/24 4,210,000.00 1,255,667.25 5,465,667.25 09/30/25 3,675,000.00 1,100,479.75 4,775,479.75 09/30/26 3,605,000.00 948,546.50 4,553,546.50 09/30/27 3,270,000.00 791,429.75 4,061,429.75 09/30/28 3,280,000.00 650,908.63 3,930,908.63 09/30/29 2,565,000.00 524,550.00 3,089,550.00 09/30/30 2,685,000.00 407,496.88 3,092,496.88 09/30/31 2,810,000.00 283,781.88 3,093,781.88 DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 8 of 12 All Rights Reserved Texas Municipal Reports 09/30/32 1,715,000.00 181,697.50 1,896,697.50 09/30/33 1,275,000.00 111,150.00 1,386,150.00 09/30/34 500,000.00 66,500.00 566,500.00 09/30/35 525,000.00 40,875.00 565,875.00 09/30/36 555,000.00 13,875.00 568,875.00 --------------------------------------------------------- 79,585,000.00 30,186,584.05 109,771,584.05 ========================================================= COMPUTED ON BASIS OF MANDATORY REDEMPTION DEBT AMORTIZATION RATES % of Principal Period Ending Principal Retired 09/30/2013 4,000,000.00 05.03% 09/30/2014 4,770,000.00 11.02% 09/30/2015 4,945,000.00 17.23% 09/30/2016 4,760,000.00 23.21% 09/30/2017 4,695,000.00 29.11% 09/30/2018 4,755,000.00 35.09% 09/30/2019 4,215,000.00 40.38% 09/30/2020 4,370,000.00 45.88% 09/30/2021 4,450,000.00 51.47% 09/30/2022 3,905,000.00 56.37% 09/30/2023 4,050,000.00 61.46% 09/30/2024 4,210,000.00 66.75% 09/30/2025 3,675,000.00 71.37% 09/30/2026 3,605,000.00 75.90% 09/30/2027 3,270,000.00 80.01% 09/30/2028 3,280,000.00 84.13% 09/30/2029 2,565,000.00 87.35% 09/30/2030 2,685,000.00 90.73% 09/30/2031 2,810,000.00 94.26% 09/30/2032 1,715,000.00 96.41% 09/30/2033 1,275,000.00 98.01% 09/30/2034 500,000.00 98.64% 09/30/2035 525,000.00 99.30% 09/30/2036 555,000.00 100.00% DEBT SERVICE FUND MANAGEMENT INDEX G.O. Debt Service Requirements for fiscal year-ending 09/30/2013 $6,777,160 I&S Fds all G.O. issues 09/30/2012 $227,674* 2012 I&S Fund Tax Levy @ 90%) 4,673,468 Water & Sewer 1,271,511 Sales Tax 516,378 * Excludes portion in the Water & Sewer Fund for System GO debt. ECONOMIC DEVELOPMENT CORPORATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCES Fiscal Year Ended 09-30-2012 09-30-2011 09-30-2010 09-30-2009 Revenues: Taxes $2,659,194 $2,352,177 $2,080,254 $2,005,927 Operating Grants /Contributions -0- 100,000 -0- -0- Interest 9,195 13,078 25,381 24,754 Other 16,848 12,537 158,317 617,248 --------- --------- --------- --------- Total $2,685,237 $2,477,792 $2,263,952 $2,647,929 Expenses: Economic Development $ 802,235 $1,836,643 $1,718,993 $1,842,290 Debt Service 428,329 428,107 163,697 157,026 Other 366,035 396,179 496,205 424,554 --------- --------- --------- --------- Total $1,714,082 $2,660,929 $2,378,895 $2,423,870 Other Financing Sources(Uses) Contributions to Primary Government) $ -0- $ -0- $ -0- $ (13,000 Proceed from issuance of Debt $ -0- $ -0- $1,270,000 $ -0- Beginning Balance $3,514,930 $3,698,067 $2,543,010 $2,331,951 Ending Balance $4,486,085 $3,514,930 $3,698,067 $2,543,010 GENERAL OBLIGATION BONDS AUTHORIZED BUT UNISSUED Election Amount Issued Date Purpose Authorized To Date Unissued 12/16/61 Sewer Imprs $315,000 $301,000 $14,000* 07/18/70 Sewer Imprs 250,000 0 250,000* 08/09/97 Fire Station 1,969,840 1,969,245 595* 08/09/97 EMS Building 1,012,330 1,012,000 330* ___________ ___________ ___________ Total: $3,547,170 $3,282,245 $264,925 * The City does not anticipate issuing these bonds. PENSION FUND LIABILITY All qualified employees of the City are members of the Texas Municipal Retirement System. The City employees also participate in the U.S. Social Security program. Changes in Texas Municipal Retirement System (TMRS) Actuarial Method and Plan Assumptions In early 2007, TMRS informed each of the member cities that the current actuarial assumptions did not take into account updated service credits or cost of living increases which are granted to retirees. These benefits, which some cities adopted, have been historically funded on a pay-as-you-go basis. This has led to regular increases in member cities' rates and a decrease in the overall funding of the retirement system. TMRS announced that it intended to study the impact of these benefit components and make potential changes in the way benefits are being funded. After careful deliberation, the TMRS board approved several changes at its November and December meetings to the actuarial methods and plan assumptions. The board changed the actuarial method from unit credit to projected unit credit. Projected unit credit will allow the actuaries to consider the future financial impact of updated service credits and cost of living increases, and these benefits will begin to be pre-funded instead of funded on a pay-as-you-go basis. To mitigate the impact of this change, the board approved an eight year transition period. During this time, cities will be able to phase in the higher contribution rates instead of being required to fund these new rates immediately. Also, the board changed the amortization period from a 25-year open period to a 30-year closed period. Under a closed amortization period, contribution rates are higher, but a greater percentage of the unfunded balance is paid off each year. Finally, the board approved changes to the investment policy. TMRS has historically invested solely in fixed income investments. The board authorized the selection of an investment advisor to begin shifting a portion of investments into equity securities as a way to diversify the portfolio's holdings and earn higher returns than could be obtained with fixed income investments. Required Contribution Rates (Percentage of gross covered salary) DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 9 of 12 All Rights Reserved Texas Municipal Reports 2014 2013 Employee: 7.00% 7.00% City: 15.29%* 14.93%* * The City has elected a phase-in rate. See Explanation in paragraphs above. The City's Grand Total Rate without Maximum or Phase-in for 2014 was 15.76%, and 2013 was 15.64%. Actuarial Valuation as of 12/31/2012 12/31/2011 Assets $26,273,784 $22,377,323 Accrued Liabilities $38,771,665 $35,296,880 -------------- -------------- (Unfunded)/Overfunded Liab. ($12,497,881) ($12,919,557) Funded Ratio 67.77% 63.40% Annual Covered Payroll $14,287,970 $13,125,349 (Unfunded)/Overfunded Liability as a % of Covered Payroll (87.47)% (98.43)% 2012 Source: Texas Municipal Retirement System 12/31/2012 CAFR 2011 Source: City of Schertz 09/30/2012 CAFR SUPPLEMENTAL DEATH BENEFIT PLAN The City also participates in the cost sharing multi-employer defined benefit group-term life insurance plan operated by TMRS known as Supplemental Death Benefits Fund (SDBF). The City elected, by ordinance, to provide group-term life insurance coverage to both current and retired employees. The death benefit for active employees provides a lump-sum payment approximately equal to the employee's annual salary (calculated based on the employee's actual earnings, for the 12-month period preceding the month of death); retired employees are insured for $7,500. CONTRIBUTION The City contributes to the SDBF at a contractually required rate as determined by an annual actuarial valuation. The rate is equal to the cost of providing one-year term life insurance. The funding policy for the SDBF program is to assure that adequate resources are available to meet all death benefit payments for the upcoming year; the intent is not to pre-fund retiree life insurance during the employees' entire careers. The City's contributions to the TMRS SDBF for the years ended 2012, 2011, and 2010 were $22,274, $25,723 and $21,794, respectively, which equaled the required contributions each year. Source: City of Schertz Comprehensive Annual Financial Report dated September 30, 2012. NON-FUNDED DEBT PAYABLE (As of September 30, 2012) The City reports additional debt in the principal amount of $6,811 under Eco Dev Corp, $134,987 under Emergency Srvc Fund and $829,654 under Govt Activities as follows: Amount Next Year's Reported Outstanding Requirements Under ______________________________________________________________ Compensated Absences $6,811 N/A Eco Dev Corp Compensated Absences $134,987 N/A Emergency Srvc Fund Compensated Absences $769,465 N/A Govt Activities Capital Lease $60,189 $38,705 Govt Activities ESTIMATED OVERLAPPING DEBT STATEMENT Taxing Body Debt Amount As Of %Ovlpg Ovlpg Amt Alamo CCD $506,301,257 12/31/12 0.15 $759,452 Bexar Co 1,023,238,620 09/30/12 0.15 1,534,858 Bexar Co Hosp Dist 721,615,000 * 10/31/13 0.15 1,082,423 Comal Co 59,095,100 10/01/12 3.23 1,908,772 Comal ISD 492,921,213 * 10/31/13 2.84 13,998,962 Guadalupe Co 19,181,414 03/01/13 18.63 3,573,497 San Antonio RA 27,630,000 * 10/31/13 0.14 38,682 Schertz-Cibolo-Universal City ISD 287,979,356 02/01/13 52.85 152,197,090 ----------- Total Overlapping Debt: $175,093,736 Schertz, City of 09/30/12 $63,101,351 ----------- Total Direct and Overlapping Debt: $238,195,087 Total Direct and Overlapping Debt % of A.V.: 8.57% Total Direct and Overlapping Debt per Capita: $7,135 * Gross Debt ECONOMIC BACKGROUND The City of Schertz is a retail center and fast-growing suburb located approximately 20 miles northeast of San Antonio and is between the Cities of San Antonio and New Braunfels, on Interstate 35 and FM 78 and on Interstate 10, between San Antonio and Seguin. The City serves an agricultural area in the process of transforming into an urban setting with rapid growth. The City is located in Guadalupe County with a portion extending into Bexar and Comal Counties. The City's 2010 census was 31,465, increasing 68.32% since 2000. COUNTY CHARACTERISTICS: Guadalupe County was created and organized in 1846 from Bexar and Gonzales Counties and named after the Guadalupe River. The County is located in south central Texas. COUNTY SEAT: Seguin 2010 census: 131,533 increasing 47.8 % since 2000 2000 census: 89,023 increasing 37.2 % since 1990 1990 census: 64,873 ECONOMIC BASE Mineral: oil, gravel, gas and clay. Industry: varied manufacturing, tourism and agribusiness. Agricultural: row crops, nursery crops, hay and cattle. PARKS Year Description Volume 2008 Sebastopol 2,839 Visitors 2009 Sebastopol 2,608 Visitors 2010 Sebastopol 2,351 Visitors RETAIL SALES & EFFECTIVE BUYING INCOME* Year 2012 2011 2010 Retail Sales $1.4B $1.4B $1.2B Effective Buying Income (EBI) $2.7B $2.4B $2.5B County Median Household Income $46,505 $46,351 $48,528 State Median Household Income $47,613 $47,705 $49,723 % of Households with EBI below $25K 11.3 % 11.4 % 11.2 % % of Households with EBI above $25K 70.6 % 71.7 % 71.0 % EMPLOYMENT DATA 2012 2011 2010 Employed Earnings Employed Earnings Employed Earnings 1st Q: 30,466 $285.2M 29,994 $261.1M 28,562 $235.9M 2nd Q: 31,029 $283.1M 30,346 $270.4M 29,242 $247.5M 3rd Q: 30,018 $280.9M 29,412 $276.2M 28,513 $252.4M 4th Q: N/A N/A 30,178 $287.8M 29,422 $279.2M MAJOR COLLEGES AND UNIVERSITIES: Texas Lutheran University DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 10 of 12 All Rights Reserved Texas Municipal Reports COLLEGES AND UNIVERSITIES Year Total Fall Enrollment 2012 1 1,317 2011 1 1,415 2010 1 1,340 2009 1 1,387 2008 1 1,432 * DemographicsUSA County Edition Any data on population, value added by manufacturing or production of minerals or agricultural products are from US Census or other official sources. Major Employers* # Employees Schertz-Cibolo-Universal City 944 School Sysco Central Texas 582 Food Distributer Vision Works 542 Medical Wal-Mart Stores 385 Retail HEB Grocery Co. 346 Grocery Store City of Schertz 344 Government Brandt Engineering 300 Engineering Republic Beverage Company 250 Beverage Services Valero Energy 170 Oil & Gas Federal Express Freight 141 Freight * Source: City of Schertz Comprehensive Annual Financial Report dated September 30, 2012. Principal Taxpayers 2013 AV % of AV 1. Caterpillar $105,162,397 3.78% Heavy Machinery 2. Sysco San Antonio 95,931,063 3.45% Food Delivery 3. Republic Beverage Co. 46,370,700 1.67% Distribution 4. Capital Group Companies Inc. 38,104,575 1.37% Land/Improvements 5. San Antonio MTA LP 22,907,035 0.82% Telephone Utility 6. SC Schertz LLC 16,240,300 0.58% Land/Improvements 7. GE Oil & Gas Inc 16,011,420 0.58% Oil & Gas 8. Wal-Mart Real Estate Business Trust 13,239,871 0.48% Retail 9. HEB Grocery Co. 11,650,124 0.42% Grocery 10. EM Limited Partnership 10,612,408 0.38% Land/Improvements -------------- ------ Total: $376,229,893 13.53% FINANCE CONNECTED OFFICIALS Mayor Michael Carpenter 1400 Schertz Parkway Schertz, TX 78154 Phone: 210-619-1040 Ext: 1132 Fax: 210-619-1139 mcarpenter@schertz.com City Manager John C. Kessel 1400 Schertz Parkway Schertz, TX 78154 Phone: 210-619-1020 Ext: 1112 Fax: 210-619-1139 jkessel@schertz.com City Secretary Brenda Dennis 1400 Schertz Parkway Schertz, TX 78154 Phone: 210-619-1030 Ext: 1131 Fax: 210-619-1139 bdennis@schertz.com Director of Finance Juan Santoya Jr. 1400 Schertz Parkway Schertz, TX 78154 Phone: 210-619-1141 Fax: 210-619-1149 jsantoya@schertz.com Tax Assessor/Collector Tavie Murphy RTA Guadalupe County Tax Office 307 W. Court Suite 205 Seguin, TX 78155 Phone: 830-303-3421 Ext: 354 Fax: 830-372-9940 tavie@co.guadalupe.tx.us Chief Appraiser Jamie Osborne Guadalupe Appraisal District 3000 North Austin Street Seguin, TX 78155-7397 Phone: 830-303-3313 Fax: 830-372-2874 josborne@guadalupead.org Chief Appraiser Curtis Koehler Comal County Appraisal District P. O. Box 311222 New Braunfels, TX 78131-1222 Phone: 830-625-8597 Fax: 830-625-8598 comalad@co.comal.tx.us Chief Appraiser Michael Amezquita Bexar County Appraisal District 411 N. Frio San Antonio, Tx 78207 Phone: 210-224-8511 Fax: 210-242-2451 esca@bcad.org DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 11 of 12 All Rights Reserved Texas Municipal Reports JEB DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz, City of (General Obligation Debt) Guadalupe, Comal, Bexar Counties 11/08/2013 2302 Last Revised TMR # Page 12 of 12 All Rights Reserved Texas Municipal Reports FINANCIAL STATEMENT (As of September 30, 2011) Special Obligation Debt Contract Revenue Bonds $77,605,000 Special Fund Balances Debt Service $2,115,340 Reserve Fund 1,277,920* Renewal & Replacement 1,924,988 * Cash balance. Excludes surety bonds for Series 2001, 2005, and 2007. DETAILS OF REVENUE DEBT Outstanding 9/30/2011 Contract Rev Bds Ser 2001 Tax Treatment: Tax Exempt Original Issue Amount $41,040,000.00 Dated Date: 02/01/2001 Sale Date: 02/22/2001 Delivery Date: 03/15/2001 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 02/01, 08/01 1st Coupon Date: 08/01/2001 Paying Agent: The Bank of New York Mellon Trust Company, N.A., New York, NY Bond Counsel: Fulbright & Jaworski Financial Advisor: Southwest Securities, San Antonio, TX Co-Financial Advisor: SAMCO Capital Markets Lead Manager: First Southwest Company Co-manager: Coastal Securities Co-manager: Dain Rauscher Incorporated Co-manager: PaineWebber Incorporated Insurance: Assured Guaranty Municipal Corp. (FSA) Use of Proceeds: Utility. Call Option: Non Callable Term Call: Term bonds maturing on 02/01/2035: Mandatory Redemption Date Principal Amount 02/01/2031 $1,795,000 02/01/2032 $1,895,000 02/01/2033 $1,995,000 02/01/2034 $2,100,000 02/01/2035 $2,215,000 Additional information: Mty(s) 02/01/2012-02/01/2020, 02/01/2030, 02/01/2037, & 02/01/2041 defeased by Contract Revenue & Ref Bds Ser 2007 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2035T 10,000,000.00 5.2000% 100.00% ------------------------------------------------$10,000,000.00 Contract Rev Ref Bds Ser 2005 Tax Treatment: Bank Qualified Original Issue Amount $8,500,000.00 Dated Date: 05/01/2005 Sale Date: 05/03/2005 Delivery Date: 05/26/2005 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 02/01, 08/01 1st Coupon Date: 08/01/2005 Paying Agent: Wells Fargo Bank, N.A., Minneapolis, MN Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Co-Financial Advisor: SAMCO Capital Markets, San Antonio, TX Lead Manager: First Southwest Company Co-manager: Coastal Securities Insurance: Assured Guaranty Municipal Corp. (FSA) Use of Proceeds: Refunding. Call Option: Bonds maturing on 02/01/2015 to 02/01/2025 callable in whole or in part on any date beginning 02/01/2014 @ par. Additional information: This issue defeased mty(s) 02/01/2011-02/01/2025 of Contract Rev Bds Ser 99 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2012 415,000.00 3.7500% 3.550% 02/01/2013 430,000.00 4.0000% 3.650% 02/01/2014 450,000.00 4.0000% 3.750% 02/01/2015 475,000.00 4.0000% 3.850% 02/01/2016 495,000.00 4.0000% 3.950% 02/01/2017 520,000.00 4.0000% 4.050% 02/01/2018 540,000.00 4.0000% 4.100% 02/01/2019 560,000.00 4.0000% 4.150% 02/01/2020 585,000.00 4.1000% 4.200% 02/01/2021 610,000.00 4.1500% 4.250% 02/01/2022 635,000.00 4.2000% 4.300% 02/01/2023 665,000.00 4.2500% 4.350% 02/01/2024 695,000.00 4.3000% 4.400% 02/01/2025 725,000.00 4.3750% 4.450% -------------------------------------------------$7,800,000.00 Contract Revenue & Ref Bds Ser 2007 Tax Treatment: Tax Exempt Original Issue Amount $38,425,000.00 Dated Date: 11/15/2006 Sale Date: 11/21/2006 Delivery Date: 01/03/2007 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 02/01, 08/01 1st Coupon Date: 08/01/2007 Paying Agent: Wells Fargo Bank, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: SAMCO Capital Markets, Inc., San Antonio, TX Co-Financial Advisor: Southwest Securities, San Antonio, TX Lead Manager: First Southwest Company Co-manager: Coastal Securities Co-manager: RBC Capital Markets Co-manager: M.E. Allison & Co. Inc. Insurance: AMBAC Use of Proceeds: Utility, Refunding. Call Option: Bonds maturing on 02/01/2016 to 02/01/2026 and 02/01/2030 and 02/01/2036 and 02/01/2041 callable in whole or in part on any date beginning DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (Schertz & Seguin, Cities of, Project) Guadalupe County 10/03/2012 1764 Last Revised TMR # Page 1 of 4 All Rights Reserved Texas Municipal Reports 02/01/2015 @ par. The following term bonds are subject to mandatory sinking fund redemption each 2/1 @ par as follows: Mty 02/01/2030: 1,725M-02/01/2027; 1,810M-02/01/2028; 1,895M-02/01/2029; 1,975M matures 02/01/2030. Mty 02/01/2036: 290M-02/01/2031; 305M-02/01/2032; 320M-02/01/2033; 335M-02/01/2034; 350M-02/01/2035; 2,675M matures 02/01/2036. Mty 02/01/2041: 2,800M-02/01/2037; 2,935M-02/01/2038; 3,070M-02/01/2039; 3,210M-02/01/2040; 3,355M matures 02/01/2041. Additional information: This issue defeased mty(s) 02/01/2012-02/01/2020, 02/01/2030, 02/01/2037, & 02/01/2041 of Contract Rev Bds Ser 2001 @ par. Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2012 495,000.00 4.0000% 3.670% 02/01/2013 515,000.00 4.0000% 3.690% 02/01/2014 535,000.00 4.0000% 3.740% 02/01/2015 555,000.00 4.0000% 3.800% 02/01/2016 575,000.00 4.0000% 3.840% 02/01/2017 590,000.00 4.0000% 3.960% 02/01/2018 620,000.00 4.0000% 4.040% 02/01/2019 640,000.00 4.0000% 4.150% 02/01/2020 670,000.00 4.1250% 4.230% 02/01/2021 685,000.00 4.2500% 4.320% 02/01/2022 720,000.00 4.2500% 4.350% 02/01/2023 750,000.00 4.2500% 4.380% 02/01/2024 785,000.00 4.2500% 4.400% 02/01/2025 820,000.00 4.2500% 4.420% 02/01/2026 1,660,000.00 4.2500% 4.440% 02/01/2030T 7,405,000.00 4.5000% 4.480% 02/01/2036T 4,275,000.00 4.5000% 4.520% 02/01/2041T 15,370,000.00 4.5000% 4.550% ------------------------------------------------$37,665,000.00 Term bonds maturing on 02/01/2030: Mandatory Redemption Date Principal Amount 02/01/2027 $1,725,000 02/01/2028 $1,810,000 02/01/2029 $1,895,000 02/01/2030 $1,975,000 Term bonds maturing on 02/01/2036: Mandatory Redemption Date Principal Amount 02/01/2031 $290,000 02/01/2032 $305,000 02/01/2033 $320,000 02/01/2034 $335,000 02/01/2035 $350,000 02/01/2036 $2,675,000 Term bonds maturing on 02/01/2041: Mandatory Redemption Date Principal Amount 02/01/2037 $2,800,000 02/01/2038 $2,935,000 02/01/2039 $3,070,000 02/01/2040 $3,210,000 02/01/2041 $3,355,000 Contract Rev Bds Ser 2010 Tax Treatment: Bank Qualified Original Issue Amount $22,140,000.00 Dated Date: 06/01/2010 Sale Date: 06/15/2010 Delivery Date: 07/14/2010 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2011 Paying Agent: Wells Fargo Bank, N.A., Austin, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Co-Financial Advisor: SAMCO Capital Markets, Inc., San Antonio, TX Lead Manager: Coastal Securities, Inc. Co-manager: Allison, M.E. & Co., Inc. Co-manager: RBC Capital Markets Insurance: Assured Guaranty Municipal Corp. (FSA) Use of Proceeds: Utility. Call Option: Bonds maturing on 02/01/2020 to 02/01/2032 and term bonds maturing on 02/01/2035 and 02/01/2038 and 02/01/2041 callable in whole or in part on any date beginning 02/01/2019 @ par. Term Call: Term bonds maturing on 02/01/2035: Mandatory Redemption Date Principal Amount 02/01/2033 $930,000 02/01/2034 $975,000 02/01/2035 $1,020,000 Term bonds maturing on 02/01/2038: Mandatory Redemption Date Principal Amount 02/01/2036 $1,070,000 02/01/2037 $1,125,000 02/01/2038 $1,175,000 Term bonds maturing on 02/01/2041: Mandatory Redemption Date Principal Amount 02/01/2039 $1,235,000 02/01/2040 $1,295,000 02/01/2041 $1,360,000 Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2014 445,000.00 3.0000% 1.950% 02/01/2015 460,000.00 3.0000% 2.350% 02/01/2016 475,000.00 3.0000% 2.750% 02/01/2017 485,000.00 3.0000% 3.050% 02/01/2018 505,000.00 3.5000% 3.250% 02/01/2019 520,000.00 3.5000% 3.450% 02/01/2020 540,000.00 3.5000% 3.650% 02/01/2021 560,000.00 4.0000% 3.850% 02/01/2022 585,000.00 4.0000% 3.950% 02/01/2023 610,000.00 4.0000% 100.00% 02/01/2024 630,000.00 4.0000% 4.100% 02/01/2025 660,000.00 4.0000% 4.180% 02/01/2026 685,000.00 4.1250% 4.250% 02/01/2027 715,000.00 4.2500% 4.320% 02/01/2028 745,000.00 4.2500% 4.390% 02/01/2029 780,000.00 4.2500% 4.480% 02/01/2030 815,000.00 4.5000% 4.570% 02/01/2031 850,000.00 4.5000% 4.650% 02/01/2032 890,000.00 4.5000% 4.710% 02/01/2035T 2,925,000.00 4.6250% 4.810% 02/01/2038T 3,370,000.00 4.7500% 4.860% 02/01/2041T 3,890,000.00 4.7500% 4.890% ------------------------------------------------$22,140,000.00 GRAND TOTAL================================> $77,605,000.00 BOND DEBT SERVICE DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (Schertz & Seguin, Cities of, Project) Guadalupe County 10/03/2012 1764 Last Revised TMR # Page 2 of 4 All Rights Reserved Texas Municipal Reports Period Ending Principal Interest Debt Service ------------------------------------------------------------- 09/30/2012 910,000.00 3,429,842.50 4,339,842.50 09/30/2013 945,000.00 3,393,261.25 4,338,261.25 09/30/2014 1,430,000.00 3,347,986.25 4,777,986.25 09/30/2015 1,490,000.00 3,294,111.25 4,784,111.25 09/30/2016 1,545,000.00 3,238,086.25 4,783,086.25 09/30/2017 1,595,000.00 3,180,086.25 4,775,086.25 09/30/2018 1,665,000.00 3,118,573.75 4,783,573.75 09/30/2019 1,720,000.00 3,053,436.25 4,773,436.25 09/30/2020 1,795,000.00 2,985,075.00 4,780,075.00 09/30/2021 1,855,000.00 2,911,400.00 4,766,400.00 09/30/2022 1,940,000.00 2,832,651.25 4,772,651.25 09/30/2023 2,025,000.00 2,750,047.50 4,775,047.50 09/30/2024 2,110,000.00 2,663,555.00 4,773,555.00 09/30/2025 2,205,000.00 2,572,846.88 4,777,846.88 09/30/2026 2,345,000.00 2,476,959.38 4,821,959.38 09/30/2027 2,440,000.00 2,373,550.00 4,813,550.00 09/30/2028 2,555,000.00 2,262,987.50 4,817,987.50 09/30/2029 2,675,000.00 2,147,218.75 4,822,218.75 09/30/2030 2,790,000.00 2,025,231.25 4,815,231.25 09/30/2031 2,935,000.00 1,890,136.25 4,825,136.25 09/30/2032 3,090,000.00 1,741,658.75 4,831,658.75 09/30/2033 3,245,000.00 1,584,925.00 4,829,925.00 09/30/2034 3,410,000.00 1,419,664.38 4,829,664.38 09/30/2035 3,585,000.00 1,245,927.50 4,830,927.50 09/30/2036 3,745,000.00 1,071,275.00 4,816,275.00 09/30/2037 3,925,000.00 895,956.25 4,820,956.25 09/30/2038 4,110,000.00 712,293.75 4,822,293.75 09/30/2039 4,305,000.00 519,943.75 4,824,943.75 09/30/2040 4,505,000.00 318,556.25 4,823,556.25 09/30/2041 4,715,000.00 107,787.50 4,822,787.50 ------------------------------------------------------------- 77,605,000.00 65,565,030.63 143,170,030.63 ============================================================= COMPUTED ON BASIS OF MANDATORY REDEMPTION DEBT AMORTIZATION RATES % of Principal Period Ending Principal Retired 09/30/2012 910,000.00 01.17% 09/30/2013 945,000.00 02.39% 09/30/2014 1,430,000.00 04.23% 09/30/2015 1,490,000.00 06.15% 09/30/2016 1,545,000.00 08.14% 09/30/2017 1,595,000.00 10.20% 09/30/2018 1,665,000.00 12.34% 09/30/2019 1,720,000.00 14.56% 09/30/2020 1,795,000.00 16.87% 09/30/2021 1,855,000.00 19.26% 09/30/2022 1,940,000.00 21.76% 09/30/2023 2,025,000.00 24.37% 09/30/2024 2,110,000.00 27.09% 09/30/2025 2,205,000.00 29.93% 09/30/2026 2,345,000.00 32.96% 09/30/2027 2,440,000.00 36.10% 09/30/2028 2,555,000.00 39.39% 09/30/2029 2,675,000.00 42.84% 09/30/2030 2,790,000.00 46.43% 09/30/2031 2,935,000.00 50.22% 09/30/2032 3,090,000.00 54.20% 09/30/2033 3,245,000.00 58.38% 09/30/2034 3,410,000.00 62.77% 09/30/2035 3,585,000.00 67.39% 09/30/2036 3,745,000.00 72.22% 09/30/2037 3,925,000.00 77.28% 09/30/2038 4,110,000.00 82.57% 09/30/2039 4,305,000.00 88.12% 09/30/2040 4,505,000.00 93.92% 09/30/2041 4,715,000.00 100.00% SECURITY The bonds are special limited obligations of the Schertz/Seguin Local Government Corporation payable and secured solely by a lien on and pledge of the bonds payment portion of the annual payments to be paid independently by the City of Schertz, Texas and the City of Seguin, Texas, (a proportionate share of 50% each - as an operations and maintenance expense from the gross revenues of such City's utility system as defined in Chapter 1502, as amended, Texas Government Code) to the Corporation pursuant to the Regional Water Supply Contract, dated as of November 15, 1999, among the Corporation and the Cities. The Bonds are also secured by a lien on and pledge of the money in all funds created, established and maintained by a Resolution. RESERVE FUND The Reserve Fund is to accumulate and maintain a reserve for the payment of the outstanding bonds equal to the average annual debt service requirements. After the issuance of the Series 2010 bonds, Required Reserve Fund balance shall be $4,681,081.82. The Reserve Fund is funded with three separate Credit Facilities from, Assured Guaranty Municipal Corporation (Series 2001 and 2005 Bonds) and Ambac Assurance Corporation (Series 2007). The Series 2010 Reserve Requirement was funded with $1,000,000 cash from available Corporation funds and $275,621 from bond proceeds. RENEWAL AND REPLACEMENT FUND As additional security for the Bonds, there has been established a Renewal and Replacement Fund. The Renewal and Replacement Fund was initially funded from previously issued bonds in the amount of $500,000, the Emergency amount. PROJECT The Bonds were issued to finance the development of a well field and collection system and transmission and treatment facilities, including the acquisition of related water rights and rights-of-way. Construction of the cross-country pipeline, treatment facilities, pumping stations, water storage and gathering lines from the well-field is complete and water is being supplied to the City of Seguin and the City of Schertz (the Cities) according to plan without exceeding the Project budget and without construction delays. The Corporation hold sufficient acreage in Gonzales County to support the existing water production levels. Additional acreage has been acquired since the completion of construction to support expansion in the well-field. Initially, six wells were drilled and completed in Gonzales County to produce the 9,700 acre-feet of water per year at a maximum instantaneous rate of 10.4 million gallons per day. This production capacity was designed for the current needs of the Cities. After completion of the construction and with the written consent of the Cities, the Corporation contracted to sell water to the City of Selma, the City of Universal City, and Spring Hill Water Supply Corporation. The Corporation obtained the necessary permits and drilled two additional wells in Gonzales County to enable the Corporation to supply the new customers and maintain safe operational abilities. With the addition of the two new wells, the Corporation increased the permitted production to 12,910 acre-feet of water per year. The Corporation is currently operating eight wells, a water treatment plant and transmission facilities with operations personnel provided by the City of Seguin and the City of Schertz on a contractual basis. The Corporation is delivering water to the Cities at a rate that is very competitive when compared to other wholesale water rates in the area and increases in production are expected to continue over time as demand warrants. The Corporation has revised its rate structure to authorize impact fees. The purpose of the fee is to obtain customer contributions toward construction of capital projects and to provide additional funds to be used to pay debt service on the bond similarly secured. With a portion of the Series 2010 bond proceeds the Corporation intends to acquire land and groundwater leases, drill and equip wells #9-12 which is expected to increase the total permitted capacity of the Corporation to 19,362 acre-feet per year. In addition, the Corporation intends to use a portion of the proceeds of the Series 2010 to construct new storage DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (Schertz & Seguin, Cities of, Project) Guadalupe County 10/03/2012 1764 Last Revised TMR # Page 3 of 4 All Rights Reserved Texas Municipal Reports tanks and upgrade its system control and data acquisition system. SCHERTZ/SEGUIN LOCAL GOVERNMENT CORPORATION Fiscal Year Ended 09-30-2011 09-30-2010 09-30-2009 09-30-2008 Revenues: Water Revenue $8,072,551 $7,417,267 $7,835,518 $6,624,960 Impact Fees 795,990 684,766 499,737 451,079 Lease Revenue 157,063 103,040 91,314 14,147 Reservation Fee 269,000 -0- -0- -0- Other 11,490 20,824 17,887 17,887 -------- -------- -------- -------- Total Revenues $9,306,094 $8,225,897 $8,444,456 $7,108,073 Expenses: Lease Payments $1,829,417 $1,580,550 $1,237,477 $764,674 Amortization Expense 123,877 214,941 206,546 194,684 Depreciation 1,146,523 1,137,635 1,106,859 1,052,185 Other 2,554,666 2,102,956 2,307,456 1,942,144 -------- -------- -------- -------- Total $5,654,483 $5,036,082 $4,858,338 $3,953,687 Operating Income(Loss) $3,651,611 $3,189,815 $3,586,118 $3,190,884 Nonoperating Income (Expense) Interest Income $ 55,167 $ 42,170 $ 79,523 $292,857 Contribution from Cities of Schertz & Seguin (269,000) -0- -0- -0- Interest Expense (3,770,617) (2,847,515) (2,787,893) (2,814,463) Gain (Loss) on Disposal of Assets -0- (1,323) -0- -0- Amortization of Bond Issuance Costs (103,642) (104,924) (83,579) (81,825) Other Revenue 73,963 -0- -0- -0- ---------- ---------- ---------- ---------- Change in Net Assets $ (362,518) $ 278,223 $ 794,169 $ 587,453 Capital Contributions from SAWS $ 224,700 $ -0- $ -0- $ -0- Beg. Balance 10-1 $4,910,652 $4,632,429 $3,838,260 $3,250,807 End. Balance 9-30 $4,772,834 $4,910,652 $4,632,429 $3,838,260 NON-FUNDED DEBT PAYABLE (As of September 30, 2011) None. SCHERTZ/SEGUIN LOCAL GOVERNMENT CORPORATION Schertz/Seguin Local Government Corporation is a public, non-profit corporation created by the Cities of Schertz and Seguin, Texas, pursuant to Subchapter D of Chapter 431, Texas Transportation Code, as amended. The Corporation was formed on December 23, 1998, among other things, for the purpose to assist, and act on behalf of the cities in acquiring, constructing, leasing, improving, enlarging, extending, repairing, maintaining, developing and operating a wholesale water utility supply system pursuant to the provisions of Texas Local Government Code 402.001. (Chapter 402) and other applicable laws of the State and to assist and act on behalf of the Cities of Schertz and Seguin in accomplishing a governmental purpose in the provision of water for public use. The Corporation is governed by a board of 5 directors appointed by the City Councils of the Cities. The Corporation is not authorized to levy a tax. FINANCE CONNECTED OFFICIALS President, Board of Directors Ken Greenwald Schertz-Seguin Local Government Corporation 109 West Court Seguin, TX 78155 Phone: 830-379-1661 Fax: 830-401-2481 General Manager R. Alan Cockerell Schertz-Seguin Local Government Corporation P. O Box 833 Seguin, TX 78156-0833 Phone: 830-379-1661 Fax: 830-379-1661 sslgc@ci.seguin.tx.us Administrative Assistant Regina Franke Schertz-Seguin Local Government Corporation P. O Box 833 Seguin, TX 78156-0833 Phone: 830-401-2409 Fax: 830-401-2481 sslgc-admin@ci.seguin.tx.us City Manager John C. Kessel 1400 Schertz Parkway Schertz, TX 78154 Phone: 210-619-1020 Fax: 210-619-1139 jkessel@schertz.com City Manager Douglas Faseler P.O. Box 591 Seguin, TX 78155-0591 Phone: 830-401-2302 Fax: 830-401-2499 dfaseler@seguintexas.gov EGB DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (Schertz & Seguin, Cities of, Project) Guadalupe County 10/03/2012 1764 Last Revised TMR # Page 4 of 4 All Rights Reserved Texas Municipal Reports FINANCIAL STATEMENT (As of June 1, 2012) Special Obligation Debt Contract Revenue Bonds $ 25,425,000 Special Fund Balances Capitalized Interest $2,813,096* * Set aside from bond proceeds. PAYMENT RECORD Never defaulted. DETAILS OF REVENUE DEBT Outstanding 6/1/2012 Contract Rev Bds Ser 2012 (San Antonio Water System Expansion Water Treatment Project 2) Tax Treatment: Tax Exempt Original Issue Amount $25,425,000.00 Dated Date: 06/01/2012 Sale Date: 06/19/2012 Delivery Date: 07/19/2012 Sale Type: Negotiated Record Date: MSRB Bond Form: BE Denomination $5,000 Interest pays Semi-Annually: 08/01, 02/01 1st Coupon Date: 02/01/2013 Paying Agent: Regions Bank, Houston, TX Bond Counsel: Fulbright & Jaworski L.L.P. Financial Advisor: Southwest Securities, San Antonio, TX Co-Financial Advisor: SAMCO Capital Markets, Inc., San Antonio, TX Lead Manager: Piper Jaffray & Co. Co-manager: Allison, M.E. & Co., Inc. Co-manager: RBC Capital Markets Underwriter's Counsel: Andrews Kurth L.L.P. Use of Proceeds: Water. Call Option: Bonds maturing on 02/01/2021 to 02/01/2027 and term bonds maturing on 02/01/2032 and 02/01/2041 callable in whole or in part on any date beginning 02/01/2020 @ par. Term Call: Term bonds maturing on 02/01/2032: Mandatory Redemption Date Principal Amount 02/01/2028 $895,000 02/01/2029 $930,000 02/01/2030 $965,000 02/01/2031 $1,000,000 02/01/2032 $1,035,000 Term bonds maturing on 02/01/2041: Mandatory Redemption Date Principal Amount 02/01/2033 $1,075,000 02/01/2034 $1,120,000 02/01/2035 $1,165,000 02/01/2036 $1,210,000 02/01/2037 $1,260,000 02/01/2038 $1,315,000 02/01/2039 $1,365,000 02/01/2040 $1,425,000 02/01/2041 $1,480,000 Orig Reoffering Maturity Amount Coupon Price/Yield 02/01/2015 575,000.00 2.0000% 0.750% 02/01/2016 590,000.00 2.0000% 0.900% 02/01/2017 600,000.00 2.0000% 1.140% 02/01/2018 620,000.00 4.0000% 1.450% 02/01/2019 645,000.00 4.0000% 1.750% 02/01/2020 670,000.00 4.0000% 2.050% 02/01/2021 700,000.00 4.0000% 2.300% 02/01/2022 725,000.00 4.0000% 2.490% 02/01/2023 755,000.00 4.0000% 2.710% 02/01/2024 785,000.00 4.0000% 2.910% 02/01/2025 815,000.00 3.0000% 3.140% 02/01/2026 840,000.00 3.0000% 3.230% 02/01/2027 865,000.00 3.1250% 3.320% 02/01/2032T 4,825,000.00 3.6250% 3.850% 02/01/2041T 11,415,000.00 4.0000% 4.090% ------------------------------------------------$25,425,000.00 GRAND TOTAL================================> $25,425,000.00 BOND DEBT SERVICE Period Ending Principal Interest Debt Service ------------------------------------------------------------- 09/30/2013 0.00 1,096,068.75 1,096,068.75 09/30/2014 0.00 939,487.50 939,487.50 09/30/2015 575,000.00 933,737.50 1,508,737.50 09/30/2016 590,000.00 922,087.50 1,512,087.50 09/30/2017 600,000.00 910,187.50 1,510,187.50 09/30/2018 620,000.00 891,787.50 1,511,787.50 09/30/2019 645,000.00 866,487.50 1,511,487.50 09/30/2020 670,000.00 840,187.50 1,510,187.50 09/30/2021 700,000.00 812,787.50 1,512,787.50 09/30/2022 725,000.00 784,287.50 1,509,287.50 09/30/2023 755,000.00 754,687.50 1,509,687.50 09/30/2024 785,000.00 723,887.50 1,508,887.50 09/30/2025 815,000.00 695,962.50 1,510,962.50 09/30/2026 840,000.00 671,137.50 1,511,137.50 09/30/2027 865,000.00 645,021.88 1,510,021.88 09/30/2028 895,000.00 615,284.38 1,510,284.38 09/30/2029 930,000.00 582,206.25 1,512,206.25 09/30/2030 965,000.00 547,859.38 1,512,859.38 09/30/2031 1,000,000.00 512,243.75 1,512,243.75 09/30/2032 1,035,000.00 475,359.38 1,510,359.38 09/30/2033 1,075,000.00 435,100.00 1,510,100.00 09/30/2034 1,120,000.00 391,200.00 1,511,200.00 09/30/2035 1,165,000.00 345,500.00 1,510,500.00 09/30/2036 1,210,000.00 298,000.00 1,508,000.00 09/30/2037 1,260,000.00 248,600.00 1,508,600.00 09/30/2038 1,315,000.00 197,100.00 1,512,100.00 09/30/2039 1,365,000.00 143,500.00 1,508,500.00 09/30/2040 1,425,000.00 87,700.00 1,512,700.00 09/30/2041 1,480,000.00 29,600.00 1,509,600.00 ------------------------------------------------------------- 25,425,000.00 17,397,056.25 42,822,056.25 ============================================================= COMPUTED ON BASIS OF MANDATORY REDEMPTION DEBT AMORTIZATION RATES % of Principal Period Ending Principal Retired 09/30/2013 0.00 00.00% 09/30/2014 0.00 00.00% 09/30/2015 575,000.00 02.26% 09/30/2016 590,000.00 04.58% 09/30/2017 600,000.00 06.94% 09/30/2018 620,000.00 09.38% 09/30/2019 645,000.00 11.92% DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (San Antonio Water System Expansion) Guadalupe County 10/03/2012 2854 Last Revised TMR # Page 1 of 3 All Rights Reserved Texas Municipal Reports 09/30/2020 670,000.00 14.55% 09/30/2021 700,000.00 17.31% 09/30/2022 725,000.00 20.16% 09/30/2023 755,000.00 23.13% 09/30/2024 785,000.00 26.21% 09/30/2025 815,000.00 29.42% 09/30/2026 840,000.00 32.72% 09/30/2027 865,000.00 36.13% 09/30/2028 895,000.00 39.65% 09/30/2029 930,000.00 43.30% 09/30/2030 965,000.00 47.10% 09/30/2031 1,000,000.00 51.03% 09/30/2032 1,035,000.00 55.10% 09/30/2033 1,075,000.00 59.33% 09/30/2034 1,120,000.00 63.74% 09/30/2035 1,165,000.00 68.32% 09/30/2036 1,210,000.00 73.08% 09/30/2037 1,260,000.00 78.03% 09/30/2038 1,315,000.00 83.21% 09/30/2039 1,365,000.00 88.57% 09/30/2040 1,425,000.00 94.18% 09/30/2041 1,480,000.00 100.00% SECURITY The bonds are special limited obligations of the Schertz/Seguin Local Government Corporation payable and secured solely by a lien on and pledge of the bonds payment portion of the annual payments to be paid independently by the City of San Antonio to the Corporation pursuant to the Mutual Regional Water Supply Contract, dated as of January 1, 2011, among the Corporation, San Antonio Water System (SAWS), City of Schertz and the City of Seguin. The Bonds are also secured by a lien on and pledge of the money in all funds created, established and maintained by a Resolution. RESERVE FUND The Corporation has not created, and there does not exist, a debt service reserve fund relating to or providing additional security for the bonds, though the Corporation has, in the Resolution, reserved the right to create such a debt service reserve fund in conjunction with the future issuance of additional bonds or additional obligations. RATES AND CHARGES The Corporation has covenanted, while any of the bonds are outstanding to establish and maintain rates and charges for facilities and services afforded by the system that are reasonably expected, on the basis of available information and experience and with due allowance for contingencies to produce gross revenues in each year sufficient (i) to pall all maintenance and operating expenses, (ii) to produce net revenues sufficient to pay the debt service on any prior lien obligations issued by the Corporation and any amounts required to be on deposit, (iii) to produce net revenues sufficient to pay the debt service on any junior lien obligations issued by the Corporation and any amounts required to be on deposit, (iv) to produce net revenues sufficient to pay the debt service on and inferior lien obligations issued by the Corporation and any amounts required to be on deposit, and (v) to produce net revenues to pay debt service on the bonds similarly secured as the same become due and payable and to deposit the amounts required to be deposited in any special fund or account. ADDITIONAL BONDS The Corporation reserves the right to issue additional obligations that are payable from a lien on and pledge of the Pledged Revenues on parity with the lien thereon and pledge thereof securing the bonds and additional obligations without limitation as to principal amount but subject to any terms, conditions or restrictions as may be applicable thereto under law or otherwise. PROJECT SAWS desires to obtain additional water supply to supplement its existing sources, and has identified excess water supply of the Corporation, derived from the Corporation's own and existing resources, and the development by SAWS of its own well field in western Gonzales County, which is in the vicinity of the system but farther from the SAWS System, as sources for this excess water supply. SCHERTZ/SEGUIN LOCAL GOVERNMENT CORPORATION Fiscal Year Ended 09-30-2011 09-30-2010 09-30-2009 09-30-2008 Revenues: Water Revenue $8,072,551 $7,417,267 $7,835,518 $6,624,960 Impact Fees 795,990 684,766 499,737 451,079 Lease Revenue 157,063 103,040 91,314 14,147 Reservation Fee 269,000 -0- -0- -0- Other 11,490 20,824 17,887 17,887 -------- -------- -------- -------- Total Revenues $9,306,094 $8,225,897 $8,444,456 $7,108,073 Expenses: Lease Payments $1,829,417 $1,580,550 $1,237,477 $764,674 Amortization Expense 123,877 214,941 206,546 194,684 Depreciation 1,146,523 1,137,635 1,106,859 1,052,185 Other 2,554,666 2,102,956 2,307,456 1,942,144 -------- -------- -------- -------- Total $5,654,483 $5,036,082 $4,858,338 $3,953,687 Operating Income(Loss) $3,651,611 $3,189,815 $3,586,118 $3,190,884 Nonoperating Income (Expense) Interest Income $ 55,167 $ 42,170 $ 79,523 $292,857 Contribution from Cities of Schertz & Seguin (269,000) -0- -0- -0- Interest Expense (3,770,617) (2,847,515) (2,787,893) (2,814,463) Gain (Loss) on Disposal of Assets -0- (1,323) -0- -0- Amortization of Bond Issuance Costs (103,642) (104,924) (83,579) (81,825) Other Revenue 73,963 -0- -0- -0- ---------- ---------- ---------- ---------- Change in Net Assets $ (362,518) $ 278,223 $ 794,169 $ 587,453 Capital Contributions from SAWS $ 224,700 $ -0- $ -0- $ -0- Beg. Balance 10-1 $4,910,652 $4,632,429 $3,838,260 $3,250,807 End. Balance 9-30 $4,772,834 $4,910,652 $4,632,429 $3,838,260 NON-FUNDED DEBT PAYABLE (As of September 30, 2011) None. SCHERTZ/SEGUIN LOCAL GOVERNMENT CORPORATION Schertz/Seguin Local Government Corporation is a public, non-profit corporation created by the Cities of Schertz and Seguin, Texas, pursuant to Subchapter D of Chapter 431, Texas Transportation Code, as amended. The Corporation was formed on December 23, 1998, among other things, for the purpose to assist, and act on behalf of the cities in acquiring, constructing, leasing, improving, enlarging, extending, repairing, maintaining, developing and operating a wholesale water utility supply system pursuant to the provisions of Texas Local Government Code 402.001. (Chapter 402) and other applicable laws of the State and to assist and act on behalf of the Cities of Schertz and Seguin in accomplishing a governmental purpose in the provision of water for public use. The Corporation is governed by a board of 5 directors appointed by the City Councils of the Cities. DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (San Antonio Water System Expansion) Guadalupe County 10/03/2012 2854 Last Revised TMR # Page 2 of 3 All Rights Reserved Texas Municipal Reports The Corporation is not authorized to levy a tax. FINANCE CONNECTED OFFICIALS President, Board of Directors Ken Greenwald Schertz-Seguin Local Government Corporation 109 West Court Seguin, TX 78155 Phone: 830-379-1661 Fax: 830-401-2481 sslgc@ci.seguin.tx.us General Manager R. Alan Cockerell Schertz-Seguin Local Government Corporation P. O Box 833 Seguin, TX 78156-0833 Phone: 830-379-1661 Fax: 830-379-1661 sslgc@ci.sequin.tx.us Administrative Assistant Regina Franke Schertz-Seguin Local Government Corporation P. O Box 833 Seguin, TX 78156-0833 Phone: 830-401-2409 Fax: 830-401-2481 sslgc-admin@ci.seguin.tx.us City Manager City of Schertz John C. Kessel 1400 Schertz Parkway Schertz, TX 78154 Phone: 210-619-1020 Fax: 210-619-1139 jkessel@schertz.com City Manager City of Seguin Douglas Faseler P.O. Box 591 Seguin, TX 78155-0591 Phone: 830-401-2302 Fax: 830-401-2499 dfaseler@seguintexas.gov EGB DISCLAIMER. This Texas Municipal Report ("TMR") was prepared by employees of the Municipal Advisory Council of Texas ("MAC") for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in this TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, this TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. This TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of this TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer. Schertz/Seguin Local Government Corp (San Antonio Water System Expansion) Guadalupe County 10/03/2012 2854 Last Revised TMR # Page 3 of 3 All Rights Reserved Texas Municipal Reports Bond Rating Reports New Issue: Moody's confirms Aa2 on City of Schertz, TX GO bond rating Global Credit Research - 27 May 2014 Concurrently assigns Aa2 to $8.6M General Obligation Refunding Bonds, Series 2014 SCHERTZ (CITY OF) TX Cities (including Towns, Villages and Townships) TX Moody's Rating ISSUE RATING General Obligation Refunding Bonds, Series 2014 Aa2 Sale Amount $8,630,000 Expected Sale Date 06/03/14 Rating Description General Obligation Moody's Outlook NOO Opinion NEW YORK, May 27, 2014 --Moody's Investors Service has confirmed the underlying Aa2 rating on the City of Schertz's, TX general obligation debt. This action concludes a review for possible downgrade that Moody's had initiated on January 15, 2014 in conjunction with our new local government general obligation methodology. At the same time, Moody's assigns a Aa2 to the city's $8.63 million General Obligation Refunding Bonds, Series 2014. The bonds will be used to refund the city's Series 2006 bonds for an estimated net present value savings with no extension of maturity. SUMMARY RATING RATIONALE The bonds are direct obligation payable from an ad valorem tax levied, within the limitations prescribed by law, on all taxable property located within the City. The Aa2 rating reflects the city's modestly sized and expanding tax base that is expected to grow over the long term, a healthy financial reserve position, and moderate debt profile which is partially supported by the water and sewer system. STRENGTHS: -Growing population spurred by favorable proximity to City of San Antonio -Trend of favorable financial performance; healthy financial reserves CHALLENGES: -Moderate debt burdens as a result of population growth DETAILED CREDIT DISCUSSION MODESTLY SIZED TAX BASE IN SOUTH TEXAS; POTENTIAL FOR FUTURE GROWTH The City of Schertz is located in Guadalupe, Comal (Moody's GO rated Aa2/No Outlook), and Bexar (Aaa/Stable Outlook) counties, approximately twenty miles northeast of the City of San Antonio (Aaa/Negative Outlook). The city's proximity to San Antonio and position between Interstates 35 and 10 has resulted in strong population and taxable value growth. The city's population increased by 68.3% since the 2000 U.S. census to 31,465 residents as of the 2010 Census. The city primarily serves as a bedroom community, but also has experienced increasing level of employment opportunities within its own boundaries. Taxable value growth remained positive even through the most recent economic recession. Taxable values averaged a favorable 4.6% annual growth rate over the last five years to reach $2.8 billion in fiscal 2014. Management anticipates that taxable values will continue to experience similar growth rates over the near term. The city is poised for future growth given that officials report approximately two-thirds of the land remains available for development. We believe tax base expansion will continue, given historical trends and ongoing development within the city's boundaries. Resident wealth levels are favorable as measured by per capita income and median family income (2006-2010 American Community Survey, U.S. Census) that represent 107.1% and 127.1% of the nation, respectively. The March 2014 unemployment rate of 4.0% was below the state (5.3%) and nation (6.8%) during the same time period. HEALTHY FINANCIAL RESERVES RESULT OF FAVORABLE OPERATIONS Since using a significant amount of General Fund reserves in fiscal 2008 and 2009 for one-time capital projects, the city has posted four consecutive operating surpluses. The surpluses were generated through conservative budgeting practices, favorable variances in revenues and expenditures, as well as a planned build-up of reserves in order to adhere to policies. The city has an adopted policy to maintain at least 25% of expenditures as unassigned and available reserves. Fiscal 2013 ended with a $2 million surplus, which increased the total General Fund balance to $6 million (healthy 26.2% of revenues). The surplus was supported by favorable sale tax collections, which represent roughly 28% of all revenues. Management anticipates another surplus in fiscal 2014 of approximately $800,000 due to continued increases in sales and ad valorem taxes. A surplus of this size would increase the total General Fund balance to $6.8 million (28.3% of revenues) and increase the unassigned balance to $5.5 million (22.8% of revenues). Management plans to adopt a balanced budget for fiscal 2015, with no planned use of reserves. Despite a growing population and demand for services, the city has maintained relatively stable operations through conservative budgeting and expenditure controls. We expect maintenance of a healthy level of reserves based on the adopted policy and historical operating results that are expected to continue. MODERATE DEBT BURDEN PARTIALLY SUPPORTED BY ENTERPRISE FUNDS Inclusive of the current refunding, the city's gross direct debt burden as a percentage of fiscal 2014 assessed valuation is 2.6%. The net direct debt is moderated to 2.1% when netting out $14.2 million of debt which is supported by the city's water and sewer system and economic development corporation. The city's overall debt burden is also elevated at 7.3% of fiscal 2013 assessed valuation is mainly attributable to Schertz-Cibolo- Universal City Independent School District (Aa2/No Outlook). Management does not plan to go to voters for any General Obligation debt authorization, but plans to issue certificates of obligations to fund capital projects over the near term. Amortization of all outstanding debt is below average with 59.8% of principal retired in ten years. The city has no exposure to variable rate debt or interest rate swaps. We believe the debt burdens will remain moderate but manageable over the medium term given the slightly below average principal amortization and expectation of additional debt to accommodate future population growth. The city has a manageable employee pension burden, based on unfunded liabilities for its share of the Texas Municipal Retirement System (TMRS), a multiple-employer plan administered by the state. Moody's adjusted net pension liability (ANPL) for the city, under our methodology for adjusting reported pension data, is $29.5 million, or a manageable 1.04 times' fiscal 2013 operating revenues, compared to less than 1 times' on average in the sector. Moody's ANPL reflects certain adjustments we make to improve comparability of reported pension liabilities. The adjustments are not intended to replace the city's reported liability information, but to improve comparability with other rated entities. We determined Richardson's share of liability for the state-run TMRS in proportion to its contributions to the plan. What could make the rating go UP: -Significant economic expansion measured by assessed valuation growth -Trend of operating surpluses that significantly increase General Fund reserve levels What could make the rating go DOWN: -Economic contractions measured by declines in taxable values -Significant erosion of General Fund reserve levels -Substantial increases in the city's debt burdens KEY STATISTICS: Assessed Value (Full Value), Fiscal 2014: $2.8 billion Assessed Value (Full Value) Per Capita, Fiscal 2014: $78,668 Median Family Income as % of US Median (2012 American Community Survey): 127.1% Fund Balance as % of Revenues, Fiscal 2013: 23.10% 5-Year Dollar Change in Fund Balance as % of Revenues: 0.07% Cash Balance as % of Revenues, Fiscal 2013: 21.30% 5-Year Dollar Change in Cash Balance as % of Revenues: 1.27% Institutional Framework: "Aa" 5-Year Average Operating Revenues / Operating Expenditures: 0.98x Net Direct Debt as % of Assessed Value: 2.10% Net Direct Debt / Operating Revenues: 2.49x 3-Year Average ANPL as % of Assessed Value: 0.90% 3-Year Average ANPL / Operating Revenues: 0.89x The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. 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