Texas General Land Office and Texas Veterans' Land Board Annual Financial Report: 2014 Page: 63
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UNAUDITED
Table 17
DEBT SERVICE REQUIREMENTS BY FISCAL YEARFiscal Year
2015
2016
2017
2018
2019
2020-2024
2025-2029
2030-2034
2035-2039
2040-2044
2045
Total Debt ServicePrincipal
115,129,000.00
124,962,000.00
135,245,000.00
129,245,000.00
136,340,000.00
659,265,000.00
568,280,000.00
348,280,000.00
149,605,000.00
72,555,000.00
0.00
2,438,906,000.00Interests
14,632,255.41
13,026,515.05
12,444,625.85
11,823,048.89
11,178,218.34
45,160,995.67
12,554,297.20
3,301,955.15
367,786.50
74,198.75
0.00
124,563,896.81Totals
129,761,255.41
137,988,515.05
147,689,625.85
141,068,048.89
147,518,218.34
704,425,995.67
580,834,297.20
351,581,955.15
149,972,786.50
72,629,198.75
0.00
2,563,469,896.81(1) Includes estimated interest expense on variable-rate debt.
Table 18
BOND COVENANT RESERVE REQUIREMENTSReserve Type
General Obligation Bonds - Self-Supporting
Veterans' Housing Fund I Bond Reserve
Veterans' Housing Assistance Fund I Mortgage Reserve
Total, General Obligation Bonds - Self-SupportingTotal, All Bonds
Reserve
Requirement
16,920,013.20 (1)
7,500,000.00 (3)
24,420,013.20
24,420,013.20Investments
at Fair Value
18,828,661.09 (2)
16,260,982.42 (4)
35,089,643.51
35,089,643.51(1) Amount represents the maximum average annual debt service requirement as defined in the bond covenants.
(2) For purposes of the bond resolutions and federal tax law, the Veterans' Land Board determines reserve sufficiency based on the fair
value of the Bond Reserve's investments. For purposes of this calculation, the fair value of investments was determined as of the close
of the market on August 31, 2014.
(3) The bond covenants require the Home Loan Mortgage Reserve to be 1% of the par amount of the bonds issued. There is no
requirement specified for any series issued after 1985.
(4) Fair values shown are for informational purposes only. After being initially funded, these reserves are considered intact, and no
further deposits are required. For purposes of this calculation, the fair value of investments was determined as of the close of the
market on August 31, 2014.63
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Texas. General Land Office. Texas General Land Office and Texas Veterans' Land Board Annual Financial Report: 2014, report, Autumn 2014; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth639012/m1/67/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.