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Section A: General News


City will refinance rest of 4A debt


City will refinance rest of 4A debt
Victor Quiroga


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August 6, 2014
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14 comments

FLORESVILLE -- As Floresville continues to wade through its insolvency while providing essential day-to-day services to its citizenry, city leaders are looking ahead to 2015 as the time to refinance a bulk of the Floresville 4A Corp.’s debt. Financial advisors Victor Quiroga and Duncan Morrow of Frost Bank led a discussion about the city’s existing debt position during a July 31 budget workshop with the Floresville City Council.

Quiroga, formerly of Southwest Securities, said the 4A corporation still owes $5,547,316 of its Series 2010 general obligation refunding bonds. At that time, the corporation had refinanced its $5 million portion -- used to finance construction of the Lauro G. De Leon III Floresville Event Center -- of $8.5 million in certificates of obligation that were sold in 2008. There also were fees associated with penalties and with terminating the old bonds.

For the first five years of the 20-year note, annual payments were fixed at $100,000 -- payable from the proceeds of the 4A corporation’s quarter-cent sales tax. Unless the debt is refinanced in 2015, Quiroga said the payment is scheduled to skyrocket to more than $1.5 million the next year, and would stay in that range until the funds are completely repaid in 2020.

The Floresville 4A Corp., which voters created in 2004 when they authorized the tax to pay for what later became the event center, is the city’s largest debt holder. In addition to the Series 2010 bonds, the corporation also has $915,000 remaining on its Series 2007 sales-tax revenue bonds used to purchase the center’s site on S.H. 97. The corporation still owes $100,000 of a five-year Bank of America loan taken out in 2010 to furnish and equip the center after funding for the project dried up prior to its opening.

Of the $500,000 that was borrowed in 2010, $420,000 went to the 4A corporation, with the remainder being used by the city for the lease/purchase of three police cars.

“We were not aware that this financing had taken place,” Quiroga said, indicating that the city could have pursued other options that would not have affected its credit rating. “Had you not had that Bank of America loan on the books, it would not have come to this.”

Last year, after news that Floresville had been deemed financially insolvent, Standard & Poor’s Rating Services lowered its underlying rating of the city’s general-obligation debt two notches to “BBB” from “A-”.

“If the turnaround plan were not in place, your rating would have been less than a BBB,” Quiroga said.

For more about Floresville’s insolvency plan and its bearing on the upcoming fiscal year’s budget, see article below.

Floresville 4A Corp. outstanding debt
•$5.55 million -- remaining balance Series 2010 general obligation refunding bonds
•$915,000, Series 2007 sales-tax revenue bonds
•$100,000, Bank of America loan 2010
TOTAL: $6.56 million





 

Your Opinions and Comments

 
Anonymous Resident  
Floresville  
August 7, 2014 4:00pm
 
TMM ..... And the Architect to this debt wants back on the Council....

 
Webmaster  
Floresville  
August 7, 2014 3:57pm
 
Videos posted

 
The Marcelina Muse  
Dry Tank, TX  
August 7, 2014 2:01pm
 
So do I get this straight? In 2010 the debt was refinanced and if I remember correctly over $500,000 in fees was added to the balance. The first 5 years payments, unless the interest on the debt is less than 2% didn't even ... More ›

 
The Marcelina Muse  
Dry Tank, TX  
August 7, 2014 1:07pm
 
If the "group" gets elected and re-elected Floresville's bond rating will set the record for lowest in the US.

 
Sam Eagle  
Muppet Land  
August 7, 2014 11:47am
 
AR, the piggies are returning to the trough to eat again.

 
newguyntown  
floresville  
August 7, 2014 11:47am
 
just ask why ? why would these folks jump back into the fire? not for the pay. maybe they just want to serve the public good ? when you ask why and use common sense you get a bad feeling about their intentions. check out tejedas ... More ›

 
Anonymous Resident  
Floresville  
August 7, 2014 11:00am
 
Not to forget that recently the 4A Board, under Joslin, settled the lawsuit against the builder for 1,8 million. Of that 40% went to the attorneys and $250,000 went to expert witnesses, leaving the 4A with just over $800K to ... More ›

 
Franklin  
Floresville  
August 7, 2014 10:47am
 
Hum..Who's running the events center again? So Joslin starts at the events center,Castillo gets back on the council & Tejeda is running for city council...Wow...Where's there's smoke there's fire. Something is going on ... More ›

 
Anonymous Resident  
Floresville  
August 7, 2014 10:42am
 
CTP - Or want's to hide something.

 
Concerned Tax Payer  
Floresville, Texas  
August 7, 2014 9:54am
 
AR, but somebody will be stupid enough to vote him back in. Look at Castillo. Somebody sure does want something out of this city!!! Wonder what it is???

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