RIO GRANDE CITY CISD ANNUAL FINANCIAL REPORT ... - rgccisd

2006 CABsPer $5K MaturityTotal CABAccretedValues:Maturity Payment Number of Accreted Value Accreted Value Accreted Value Accreted ValueDate at Maturity CABS at 8/31/11 at 8/31/12 8/31/2011 8/31/20122/15/2018 $ 260,000 52 $ 3,794.43 $ 3,958.96 $ 197,310.36 $ 205,865.922/15/2019 $ 260,000 52 $ 3,626.08 $ 3,784.79 $ 188,556.16 $ 196,809.082/15/2020 $ 260,000 52 $ 3,468.25 $ 3,620.76 $ 180,349.00 $ 188,279.52.2/15/2021 $ 260,000 51 $ 3,377.87 $ 3,459.61 $ 172,271.32 $ 176,440.11$ 1,040,000 Subtotal $ 738,486.84 $ 767,394.63Grand Totals $ 1,040,000 $ 738,486.84 $ 767,394.63The Total Accreted Value for the Series 2006 Capital Appreciation Bonds (CABs) at August 31, 2012, is$767,394.63.Bond Refunding-Series 2005The $20,399,986 Unlimited Tax Refunding Bonds, Series 2005 were issued and sold on April 2005 to partiallydefease the following bond issue:Unlimited Tax School Building Bonds Issue 2000 20,400,000Total Bonds Refunded $20,400,000Bond proceeds were placed in an irrevocable trust to provide for all future debt payments on the old bonds.Accordingly, the trust account asset and the defeased bonds are not included in the District’s government-widestatement of net assets. On August 31, 2012, $ 20,270,000 of bonds outstanding are considered defeased. Thedifference in cash flows associated with the refunding amounted to a decrease of $1,077,485 in debt service, or$705,918 in economic gain.There are a number of limitations and restrictions contained in the general obligation bond indenture. Rio GrandeCity CISD is in compliance with all significant limitations and restrictions at August 31, 2010.Bond Refunding-Series 2011The $8,920,000 Unlimited Tax Refunding Bonds, Series 2011 were issued and sold on April 2011 to partiallydefease the following bond issue:Unlimited Tax School Building Bonds Issue 2002 8,925,000Total Bonds Refunded $8,925,000Bond proceeds were placed in an irrevocable trust to provide for all future debt payments on the old bonds.Accordingly, the trust account asset and the defeased bonds are not included in the District’s government-widestatement of net assets. On August 31, 2012, $ 8,925,000 of bonds outstanding are considered defeased. Thedifference in cash flows associated with the refunding amounted to a decrease of $584,221 in debt service, or$466,472 in economic gain.There are a number of limitations and restrictions contained in the general obligation bond indenture. Rio GrandeCity CISD is in compliance with all significant limitations and restrictions at August 31, 2012.Bond Refunding-Series 2012The $8,925,000 Unlimited Tax Refunding Bonds, Series 2012 were issued and sold on June 2012 to partiallydefease the following bond issue:Unlimited Tax School Building Bonds Issue 2002 9,180,000Total Bonds Refunded $9,180,00035