Bond Debt Service Fund

This fund is established to account for the resources necessary to pay the principal and interest on the $6.0M golf course general obligation bonds, issued in June of 2001, the $1.2M Certificates of Obligation, issued in June of 2003; and the $4M Refunding Bonds, issued in October, 2011 -- used to refund the $6M G.O. and $1.2M C.O. bonds.

It is anticipated the operations of the Golf Course will not provide sufficient revenues to provide funds for all the necessary debt service. Therefore, the Lake Jackson Development Corporation has set aside $550,000 in ½ cent sales tax revenues (Economic Development Fund) for the life of the bonds to ensure funds are available for debt service payments. In 2021-2022 it is anticipated that the debt service will be paid by the $428,100 transfer from the Economic Development Fund.

RESOURCES

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

Fund Balance $ 0 $ 0 $ 0 $ 0

Revenues

Transfer from Econ. Devl. 471,300 444,000 444,000 428,100

471,300 444,000 444,000 428,100

Total Resources $ 471,300 $ 444,000 $ 444,000 $ 428,100

EXPENDITURES

Principal Interest Paying Agent Fees

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

$ 415,000 $ 420,000 $ 420,000 $ 405,000 56,300 24,000 24,000 23,100

471,300 444,000 444,000 428,100

Ending Fund Balance $ 0 $ 0 $ 0 $ 0