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HomeMy WebLinkAbout1997 $3,490,141.65 Unlimited Tax & Revenue Refunding Bonds Series 1997 MEMORANDUM TO: Individuals Listed Below FROM: Dan A. Almon DATE: August 18, 1997 RE: $3,490,141.65 Trophy Club Municipal Utility District No. 1 Waterworks and Sewer System Unlimited Tax and Revenue Refunding Bonds, Series 1997 Please find enclosed the closing memorandum for the captioned Bonds. Should you have any questions, please call me at (214) 658-9452. Distribution to: Mr. Roger Unger, District Manager; phone (817) 430-1911; fax (817) 491-9312 Ms. Cathy Morgas, Assistant District Manager, phone (817) 430-1911; fax (817) 491-9312 Ms. Julie Villarreal, Southwest Securities, phone (214) 658-9464; fax (214) 658-6059 Mr. Pete Tart, McCall Parkhurst & Horton L.L.P.; phone (214) 220-2800; fax (214) 953-0736 Mr. Ed Esquivel, Fulbright & Jaworski L.L.P.; phone (214) 855-8013; fax (214) 855-8200 Mr. Andy Blair, Texas Commerce Bank National Association; phone (214) 965-2933; fax (214) 965-3577 TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 OF DENTON COUNTY, TEXAS $3,490,141.65 Unlimited Tax Refunding Bonds, Series 1997 CLOSING MEMORANDUM CLOSING Payment for and delivery of the captioned Bonds is scheduled to occur on Tuesday, August 19, 1997 (the “Closing Date”) at 10:00 A.M. at the offices of Texas Commerce Bank, National Association, Dallas, Texas (“TCB”). RECEIPT AND DISBURSEMENT OF FUNDS On the Closing Date, Southwest Securities, Inc. will wire transfer to TCB, ABA number 113000609, BNF: Trust Services Clearing/AC - 00101793561, OBI: Trophy Club Municipal Utility District No. 1 of Denton County, Texas, account number 3435200, attention: Andy Blair, the following amount representing the purchase price of the Bonds plus accrued interest: Par Amount of the Bonds $3,490,141.65 Premium on Capital Appreciation Bonds -0- Plus Accrued Interest 7,117.75 Subtotal $3,497,259.40 Less: Underwriter’s Discount $ 61,077.48 Original Issue Discount 25,630.85 Total $3,410,551.07 On August 18, 1997, the day before the closing date, TCB will receive $549,320.00 from the District by wire transfer from TexPool for credit to Trophy Club Municipal Utility District No.1 of Denton County, Texas account number 3435200. Upon receipt of such funds, the following deposits and disbursements are to be made by TCB: 1. Pay the Bureau of Public Debt the amount of $3,764,000.00 which represents payment for the U. S. Government Securities held in the Trophy Club Municipal Utility District No. 1 of Denton County, Texas Unlimited Tax Refunding Bonds, Series 1997 Escrow Fund (the “Escrow Fund”). 2. Credit the Escrow Fund $118,536.92, which represents the beginning cash balance; 3. Retain the amount of $4,550.00 for Escrow Agent services, $2,000.00 for paying agency services on the refunded bonds and $922.00 for the acceptance fee and first annual paying agency services fee on the refunding obligations; 4. By wire transfer, transmit the accrued interest in the amount of $7,117.75 to Texas Independent Bank, Dallas, Texas, ABA number 111010170 for credit to Northwest Bank, number 1006337, for further credit to Trophy Club Municipal Utility District No. 1 of Denton County, Texas Tax Account 6000145; 5. By wire transfer, transmit the amount of $33,661.46 to Citibank N. A., ABA number 021000089, for the account of AMBAC Indemnity Corp., Trophy Club Municipal Utility District No. 1 of Denton County, Texas, account number 40609486, for payment of the Trophy Club Municipal Utility District No. 1 insurance policy number 14133 BE; 6. The remaining portion of the Bond proceeds, in the amount of $29,082.94 is to be disbursed, in the form of a check, to the parties and in the amounts as indicated on Exhibit A hereto for payment for all other costs of issuance; On the Closing Date, Trophy Club Municipal Utility District No. 1, of Denton County, Texas is to return, uncashed, the good faith check to Southwest Securities, Inc., 1201 Elm Street, Suite 4300, Dallas, Texas 75270, attention Dan A. Almon. EXHIBIT A McCall, Parkhurst & Horton L.L.P. (including $750.00 for A.G.) $ 13,250.00 McGladrey & Pullen (Verification Report) 2,500.00 Moody’s Investors Service 6,500.00 Southwest Securities, Inc. (Calculation Fee) 2,500.00 Island Printing (final Official Statement) 1,104.55 Trophy Club Municipal Utility District No. 1, of Denton County, Texas (return balance to District) 3,228.39 TOTAL $29,082.94