2020-2021 FY Adopted Budget

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Dayton, City ofTexas Municipal Reports©(General Obligation Debt) Last Revised: 5/11/2020TMR # 1367Liberty County Page 1 of 9FINANCIAL STATEMENTFINANCIAL STATEMENT (As of September 30, 2018)Net Taxable Assessed Valuation ("A.V."), 2019$878,731,164(a)Tax Rate Limitation: Article XI, Section 5 of Texas Constitution, applicable tocities of more than 5,000 population: $2.50 per $100 assessed valuation. Cityoperates under a Home Rule Charter which adopts the constitutional provisions.TAX ABATEMENT The tax abatement for the 2019 assessed valuation was $15,315,080.New Debt $20,820,000Outstanding Debt 29,490,000------------------Total General Obligation Debt $50,310,000Less: Self-Supporting (b)Internet Broadband 13,450,000Water & Sewer 12,654,372------------------GO Debt payable from Ad Valorem Taxes $24,205,628Less: I&S Fund 2,265,712------------------Net Debt $21,939,916==================(a) Includes $2,458,640 under review.(b) The April 20, 2020 Official Statement reports the following GeneralObligation Debt being paid from revenues other than ad valorem taxes; thusconsidered self-supporting.Net Debt Per Net Taxable Assessed Valuation - 2.50%Net Debt Per Sq mile - $1,994,537.82Net Debt Per Capita - $2,675.60Net Taxable Assessed Valuation Per Capita - $107,162.34Bureau of Census Pop: 2000 - 5,709Bureau of Census Pop: 2010 - 7,2422019 Estimated Population - 8,200Area: 11.00 Sq milePAYMENT RECORDNever defaulted.TAX DATATax Tax Adjusted % Collected Total % CollectedYear A.V.(b) Rate Levy within FY as of 09/30/2018(c)2013 $654,746,879 $0.7229 $4,904,072 93.63 98.892014 713,035,457 0.6900 4,899,505 97.55 98.872015 754,019,764 0.6800 5,088,985 97.64 98.802016 658,636,289 0.6800 4,426,082 97.03 98.052017 745,596,599 0.6700 4,778,887 97.02 97.022018 796,480,291 0.6821 5,432,792 99.73(d) 99.73(d)2019 878,731,164(a) 0.6645 5,839,169(a) Includes $2,458,640 for 2019 under review.(b) Fluctuation in taxable assessed value due to decline in oil and gas pricesand City's concentration of oil and gas industry businesses located in therailyard.(c) Delinquent tax collections are allocated to the respective years in whichthe taxes are levied.(d) Collections as of February 29, 2020.Tax Rate Distribution 2019 2018 2017 2016Operations $0.4204 $0.4249 $0.4295 $0.4094I&S 0.2441 0.2572 0.2405 0.2706------ ------ ------ ------Totals $0.6645 $0.6821 $0.6700 $0.6800CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENTS Chapter 380 of the Texas LocalGovernment Code, Miscellaneous Provisions Relating to Municipal Planning andDevelopment, provides the authority to the governing body of a municipality mayestablish and provide for the administration of one or more programs, includingprograms for making loans and grants of public money and providing personnel andservices of the municipality, to promote state or local economic development andto stimulate business and commercial activity in the municipality.In November 2014, the City approved a Chapter 380 Economic Development Agreementwith Jess-John Inc. The developer plans to construct residential housing whichwill require the development of infrastructure for City services for the tractof land within the City. The City has agreed to pay the developer up to one halfof the cost of improvements, not to exceed $674,530. This agreement shall be inforce and effect from the date of execution, November 17, 2014, for a termexpiring the earlier of 15 years thereafter, or on the date that all paymentsrequired have been made.SALES TAXMunicipal Sales Tax: The City has adopted the provisions of Municipal Sales andUse Tax Act V.T.C.A, Tax Code, Chapter 321, which grants the City power toimpose and levy a 1% Local Sales and Use Tax within the City; the proceeds arecredited to the General Fund and are not pledged to the payment of the bonds inthis report. Voters approved an additional sales and use tax of 1/2 of 1%effective October 1, 1996 for Dayton Community Development Corporation (Type B).Net allocations on calendar year basis are as follows:Calendar Total % of Ad Val Equiv of AdYear Rate Collected Tax Levy Val Tax Rate2015 1.500% $2,581,858 50.73% $0.342016 1.500 2,121,259 47.92 0.332017 1.500 2,209,674 43.66 0.292018 1.500 2,518,246 46.35 0.32DETAILS OF OUTSTANDING DEBTDetails of Limited Tax Debt (Outstanding 9/30/2018)GO Bds Ser 2008Tax Treatment: Tax ExemptOriginal Issue Amount $13,255,000.00Dated Date: 06/01/2008Sale Date: 06/16/2008Delivery Date: 07/15/2008Sale Type: NegotiatedRecord Date: MSRBBond Form: BEDenomination $5,000Interest pays Semi-Annually: 08/01, 02/011st Coupon Date: 02/01/2009Paying Agent: Wells Fargo Bank, N.A., Austin, TXBond Counsel: Fulbright & Jaworski L.L.P.Financial Advisor: Southwest Securities, San Antonio, TXLead Manager: Coastal Securities, Inc.Co-Manager: First Southwest CompanyCo-Manager: SAMCO Capital Markets, Inc.Insurance: Assured Guaranty CorpUse of Proceeds: Community Center, Library, Streets & Drainage, Utility.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, andshould 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 beenobtained 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 datereferred 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 theMAC 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 decisionrespecting the securities of this issuer.
Dayton, City ofTexas Municipal Reports©(General Obligation Debt) Last Revised: 5/11/2020TMR # 1367Liberty County Page 2 of 9MaturityOrig ReofferingAmount Coupon Price/YieldMaturityOrig ReofferingAmount Coupon Price/Yield02/01/2019 745,000.00 4.0000% 4.180%02/01/2020 780,000.00 4.2500% 4.330%-------------------------------------------------$1,525,000.00Call Option: Bonds maturing on 02/01/2019 to 02/01/2020 callable in whole or inpart on any date beginning 02/01/2018 @ par.Refunded Notes: Maturities refunded by GO Ref Bds Ser 2017Refunded Amount Mat Date Coupon Price Sched Call810,000.00 02/01/2021 4.250 Par 02/01/2018850,000.00 02/01/2022 4.500 Par 02/01/2018890,000.00 02/01/2023 4.500 Par 02/01/20185,185,000.00 02/01/2028 5.250 Par 02/01/2018Tax Notes Ser 2012Tax Treatment: Bank QualifiedOriginal Issue Amount $700,000.00Dated Date: 04/01/2012Sale Date: 04/02/2012Delivery Date: 05/01/2012Sale Type: Private PlacementRecord Date: MSRBBond Form: FRDenomination $100,000Interest pays Semi-Annually: 08/01, 02/011st Coupon Date: 02/01/2013Paying Agent: First Liberty National Bank, Dayton, TXBond Counsel: Fulbright & Jaworski L.L.P.Financial Advisor: Southwest Securities, San Antonio, TXPurchaser: First Liberty National Bank, Dayton, TXUse of Proceeds: Administration Facility.MaturityOrig ReofferingAmount Coupon Price/Yield02/01/2019 120,000.00 2.0000% N/A---------------------------------------------------$120,000.00Call Option: Non CallableComb Tax & Ltd Pledge Rev C/O Ser 2015Tax Treatment: Bank QualifiedOriginal Issue Amount $6,990,000.00Dated Date: 05/01/2015Sale Date: 05/04/2015Delivery Date: 06/04/2015Sale Type: CompetitiveTIC: 2.9193%Record Date: MSRBBond Form: BEDenomination $5,000Interest pays Semi-Annually: 08/01, 02/011st Coupon Date: 02/01/2016Paying Agent: BOKF, N.A., Austin, TXBond Counsel: Norton Rose Fulbright US LLP, San Antonio, TXFinancial Advisor: SAMCO Capital Markets, Inc., San Antonio, TXLead Manager: William Blair & Company, L.L.C.Security : Limited Tax and a Subordinate lien on the Net revenues of the Utilitysystem not to exceed $1,000.Use of Proceeds: Public Improvements.02/01/2019 190,000.00 2.0000% 1.250%02/01/2020 310,000.00 2.0000% 1.350%02/01/2021 175,000.00 2.0000% 1.450%02/01/2022 175,000.00 2.0000% 1.750%02/01/2023 180,000.00 2.5000% 2.000%02/01/2024 185,000.00 3.0000% 2.100%02/01/2025 190,000.00 3.0000% 2.150%02/01/2026 195,000.00 2.1250% 2.250%02/01/2027 200,000.00 2.2500% 2.500%02/01/2028 205,000.00 2.3750% 2.550%02/01/2029 580,000.00 2.5000% 2.700%02/01/2030 595,000.00 2.6250% 2.800%02/01/2031 615,000.00 4.0000% 2.500%02/01/2032 645,000.00 4.0000% 2.600%02/01/2033 665,000.00 2.7500% 2.950%02/01/2034 685,000.00 3.0000% 3.100%02/01/2035 705,000.00 3.0000% 3.130%-------------------------------------------------$6,495,000.00Call Option: Bonds maturing on 02/01/2026 to 02/01/2035 callable in whole or inpart on any date beginning 02/01/2025 @ par.GO Ref Bds Ser 2016Tax Treatment: Bank QualifiedOriginal Issue Amount $6,880,000.00Dated Date: 05/01/2016Sale Date: 05/16/2016Delivery Date: 06/15/2016Sale Type: NegotiatedNIC: 1.9900%Record Date: MSRBBond Form: BEDenomination $5,000Interest pays Semi-Annually: 08/01, 02/011st Coupon Date: 02/01/2017Paying Agent: BOKF, N.A., Austin, TXBond Counsel: Norton Rose Fulbright US LLP, San Antonio, TXFinancial Advisor: SAMCO Capital Markets, Inc., San Antonio, TXLead Manager: Coastal Securities, Inc.Underwriter's Counsel: Andrews Kurth L.L.P., Houston, TXWater & 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 2006Refunded Amount Mat Date Coupon Price Sched Call555,000.00 02/01/2018 3.450 Par 08/01/2016575,000.00 02/01/2019 3.500 Par 08/01/2016595,000.00 02/01/2020 3.550 Par 08/01/2016620,000.00 02/01/2021 3.550 Par 08/01/2016640,000.00 02/01/2022 3.600 Par 08/01/2016665,000.00 02/01/2023 3.650 Par 08/01/2016690,000.00 02/01/2024 3.700 Par 08/01/2016715,000.00 02/01/2025 3.700 Par 08/01/2016740,000.00 02/01/2026 3.750 Par 08/01/2016770,000.00 02/01/2027 3.800 Par 08/01/2016800,000.00 02/01/2028 3.850 Par 08/01/2016MaturityOrig ReofferingAmount Coupon Price/Yield02/01/2019 565,000.00 2.0000% 1.000%02/01/2020 575,000.00 2.0000% 1.100%02/01/2021 590,000.00 2.0000% 1.200%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, andshould 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 beenobtained 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 datereferred 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 theMAC 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 decisionrespecting the securities of this issuer.
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2020-2021 FY Adopted Budget

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