Economic Development Debt Service Fund

The Economic Development Debt Service Fund is used for the accumulation of resources to provide for the payment of principal, interest, and agent fees on debt authorized by the Lake Jackson Economic Development Corporation.

The Economic Development Fund will make a transfer to this fund equal to the required debt service payments.

Current debt includes $5 million in Certificates of Obligation sold to provide funding for Phase 2 of the Downtown Revitalization Program, $2.0 million for the construction of South Parking Place (Phase 3 of the Downtown Revitalization Project), $1.5 million to fund the extension of water lines to the airport, $2.3 million in refunding bonds, and $3.9 million to fund the extension of sewer lines to the airport and improvements to the main from lift station 25 (near Brazos Mall) to the wastewater treatment plant. A planned $3.5 Million debt issuance in 2022 will be for Recreation and Park improvements.

RESOURCES

ACTUAL BUDGET ESTIMATE ADOPTED 2019-20 2020-21 2020-21 2021-22

Fund Balance

Revenues

Transfer from Econ. Devl.

Total Resources $ 0 $ (0) $ (0) $ (0)

1,349,140 1,326,074 1,326,074 1,341,239 1,349,140 1,326,074 1,326,074 1,341,239

$ 1,349,140 $ 1,326,074 $ 1,326,074 $ 1,341,239

EXPENDITURES

ACTUAL BUDGET ESTIMATE ADOPTED 2019-20 2020-21 2020-21 2021-22

Principal Interest Bond Issue Cost Transfr to North Sewer Construction

Total Expenditures

$ 1,045,000 $ 1,048,067 $ 1,048,067 $ 1,046,534 304,140 278,007 278,007 294,705 0 0

$ 1,349,140 $ 1,326,074 $ 1,326,074 $ 1,341,239