Extracted text (via pymupdf)
48189 characters
$6,485,000
City of Tolleson, Arizona
General Obligation and General
Obligation Refunding Bonds,
Series 2020
Yield Restriction Computation for the Period
May 28, 2020 to May 28, 2025
Table of Contents
Cover
.............................................................................................................................................................................
1
Cover Letter
...................................................................................................................................................................
3
IRS Transmittal Letter
...................................................................................................................................................
4
IRS Form 8038-T
..........................................................................................................................................................
5
Attachment to IRS Form 8038-T
...................................................................................................................................
6
Computation of Underpayment Interest
........................................................................................................................
8
Opinion Letter
...............................................................................................................................................................
9
Summary of Computational Information
......................................................................................................................
11
Debt Service Schedule - Yield to Maturity
...................................................................................................................
14
Pricing Summary
...........................................................................................................................................................
15
Proof of Bond Yield
......................................................................................................................................................
16
Detail of Investment Transactions
.................................................................................................................................
17
Summary of Taxable Transactions
................................................................................................................................
21
Calculation of Actual and Allowable Earnings
.............................................................................................................
23
Investment Recap
..........................................................................................................................................................
25
Page 2 of 25
direct 214.953.8716 toll free 800.678.3792
fax 214.840.5040
brian.helming@hilltopsecurities.com
717 N. Harwood Street, Suite 3400, Dallas, TX 75201
Brian Helming
Managing Director
August 15, 2025
Mr. Joseph Wagner-Corona
Finance Services Manager
City of Tolleson, Arizona
9555 West Van Buren Street
Tolleson, AZ 85353
$6,485,000
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
______________________________________
Dear Joe:
Enclosed is a copy of the yield reduction report for the above-captioned bond issue for the installment
computation period ending May 28, 2025. For this installment period, the yield reduction amount is
greater than the rebate amount. Since the rebate amount is encompassed within the yield restriction
amount, you are required to remit the higher yield restriction amount. The following information should
be sent certified mail to the Internal Revenue Service no later than Thursday, August 28, 2025:
Check in the amount of $116,746.04
Transmittal Letter (draft enclosed),
Explanation of Failure to Pay Yield Reduction on Time
Signed Form 8038-T (enclosed)
Computation of Underpayment Interest
Enclose a check for this total amount made payable to the “United States Treasury.” Include the
issuer's name, address, EIN - Employer Identification Number, “Form 8038-T,” and the date on the
payment. The Form 8038-T must be signed by an authorized representative of the Issuer (the
individual who normally signs IRS Form 8038-G for new bond issues). The signature cannot be a
facsimile or electronic signature. Please send us a copy of the check, the date-stamped certified-
mail receipt and the signed Form 8038-T for our records. If you have any questions, please do not
hesitate to contact me at 1-800-678-3792 or directly at (214) 953-8716.
Sincerely,
Brian Helming
Page 3 of 25
(PLACE ON ISSUER LETTERHEAD)
August 28, 2025
Certified Mail
Internal Revenue Service Center
Ogden, Utah 84201-0027
RE: Yield Reduction Payment
$6,485,000
City of Tolleson, Arizona
General Obligation and General Obligation
Refunding Bonds,
Series 2020
Enclosed is a check in the amount of $116,746.04 representing an installment of a yield
reduction payment
for
the
above-captioned
bond
issue
pursuant
to
the
1993
Treasury
Regulations Section 1.148-5(c).
The enclosed check represents payment of the entire yield reduction amount plus late interest, as required
by Section 1.148-3(h)(1).
If you have any questions, please do not hesitate to contact me at (623) 936-7111 ext 1303.
Sincerely,
Mr. Joseph Wagner-Corona
Finances Services Manager
907823-100 - 93 regs - yield reduction payment-6-2340011
Page 4 of 25
Form 8038-T
(Rev. October 2021)
Department of the Treasury
Internal Revenue Service
Arbitrage Rebate, Yield Reduction
and Penalty in Lieu of Arbitrage Rebate
a Under sections 143(g)(3) and 148(f) and section 103(c)(6)(D) of the Internal Revenue Code of 1954.
a Go to www.irs.gov/Form8038T for instructions and the latest information.
OMB No. 1545-0047
Part I
Reporting Authority
Check box if Amended Return a
1 Issuer’s name
2 Issuer’s employer identification number (EIN)
3 Number and street (or P.O. box no. if mail is not delivered to street address)
Room/suite
4 Report number (For IRS Use Only)
7
5 City, town, or post office, state, and ZIP code
6 Date of issue
7 Name of issue
8 CUSIP number
9 Name and title of officer of the issuer or other person whom the IRS may call for more information
10 Telephone number of officer or other person
11
Type of issue a
Issue price a
11
Part II
Arbitrage Rebate and Yield Reduction Payments
Amount
12
Computation date to which this payment relates (MM/DD/YYYY) .
.
.
.
.
13
Arbitrage rebate payment (see instructions)
check box if less than 100% of rebate amount .
.
.
13
14
Yield reduction payment (see instructions)
check box if less than 100% of yield reduction amount
14
15
Rebate payment from Qualified Zone Academy Bond (QZAB) defeasance escrow (see instructions) .
.
15
Part III
Penalty in Lieu of Arbitrage Rebate
16
Number of months since date of issue:
6 mos
12 mos
18 mos
24 mos
Other.
No. of mos a
17
Penalty in lieu of rebate .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
17
18
Date of termination election (MM/DD/YYYY) .
.
.
.
.
.
.
.
.
.
19
Penalty upon termination
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
19
Part IV
Late Payments
20
Does failure to pay timely qualify for waiver of penalty? See instructions .
.
.
Yes
No
21
Penalty for failure to pay on time (see instructions)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
21
22
Interest on underpayment (see instructions) .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
22
Part V
Total Payment
23
Total payment. Add lines 13, 14, 15, 17, 19, 21, and 22. Enter total here
.
.
.
.
.
.
.
.
.
23
Part VI
Miscellaneous
24
Unspent proceeds as of this computation date
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
24
25
Proceeds used to redeem bonds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
25
26
Gross proceeds used for qualified administrative costs for guaranteed investment contracts (GICs) and
defeasance escrows .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
26
27
Fees paid for a qualified guarantee .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
27
Yes
No
28
Is the issue a variable rate issue?
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
28
29
Did the issuer enter into a hedge?
Name of provider
Term of hedge
29
30
Were gross proceeds invested in a GIC?
Name of provider
Term of GIC
30
31
Were any gross proceeds invested beyond an available temporary period? .
.
.
.
.
.
.
.
.
.
.
.
.
.
31
32
Calculations for filing of this form prepared by:
Issuer
Preparer:
Signature
and
Consent
Under penalties of perjury, I declare that I have examined this return, and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete. I further declare that I consent to the IRS’s disclosure of the issuer’s return information, as necessary to
process this return, to the person that I have authorized above.
F
Signature of issuer’s authorized representative
Date
F
Type or print name and title
Paid
Preparer
Use Only
Print/Type preparer’s name
Preparer’s signature
Date
Check if
self-employed
PTIN
Firm’s name a
Firm’s EIN a
Firm’s address a
Phone no.
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11545Y
Form 8038-T (Rev. 10-2021)
Page 5 of 25
City of Tolleson, Arizona
86-6000264
9555 West Van Buren
Tolleson, Arizona 85353
05/28/2020
General Obligation and General Obligation Refunding Bonds, Series 2020
889498 HB0
(623) 936-7111
6,905,054.45
05/28/2025
116,122.91
0.00
623.13
116,746.04
181,564.72
0.00
0.00
0.00
Brian Helming
P01325985
Hilltop Securities Asset Management, LLC
84-1477939
717 N. Harwood Street, Suite 3400, Dallas, Texas 75201
(800) 678-3792
Finance/refinance utility improvements, public safety facilities and park projects
Hilltop Securities Asset Mgmt., LLC
ATTACHMENT TO FORM 8038-T
EXPLANATION OF FAILURE TO PAY YIELD REDUCTION ON TIME
$6,485,000
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
CUSIP NUMBER: 889498 HB0
ISSUER:
City of Tolleson, Arizona
Employer ID Number: 86-6000264
The enclosed payment was not filed within the permitted 60-day period following the May 28, 2025
Installment Computation Date due to an innocent failure and not willful neglect. Pursuant to Section 4.01
of Revenue Procedure 2005-40 (effective for discoveries after July 11, 2005 of a failure to timely pay the
correct rebate amount), the lack of willful neglect is established as follows:
(1) The unpaid amount. A 90% yield reduction payment of $104,520.62 (net of any additional penalty
and late interest) was required at the installment computation date.
(2) The sophistication of the issuer. City of Tolleson, Arizona (the “City”) has a general understanding
of the rebate and yield restriction principals. However, the City does not possess deep internal
rebate and yield restriction skills.
(3) The length of the delay. The City was informed of the yield reduction liability from our rebate
provider, Hilltop Securities Asset Management (“HSAM”). A yield reduction liability was generated
as a result of a spike in the short-term investment rates. Once informed that a payment was due, the
City made every effort to make the required payment, plus interest, as expeditiously as possible.
(4) The steps taken to comply, including the steps taken after the discovery of the failure to pay. The City
was unaware of the late filing until we were notified by HSAM that a liability had accrued. Now that
we are aware of the late filing, we are making every effort to make the arbitrage rebate payment, with
late interest, as expeditiously as possible.
(5) The steps taken to prevent recurrence of a failure to pay. The City’s current administration has
engaged HSAM to complete any rebate and/or yield restriction computations for any issues that
require computations. Therefore, future payments should be filed timely.
(6) The nature of the failure. This was an innocent mistake on the part of HSAM to perform the
computation in a timely manner. Until the City was informed by HSAM that there was a yield
reduction liability associated with the issue, the City was unaware a liability existed.
(7) Any history of timely or late payments by the issuer. To my knowledge, the City has not made any
other arbitrage rebate or yield reduction payments that have not been timely.
(8) Any other relevant information. This was an innocent mistake on the part of HSAM. The City remains
committed to fulfilling their responsibilities related to any known liabilities and, on this basis,
respectfully requests a waiver of the penalty.
Page 6 of 25
ATTACHMENT TO FORM 8038-T
EXPLANATION OF FAILURE TO PAY YIELD REDUCTION ON TIME
$6,495,000
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
The enclosed payment of $116,746.04 is comprised of the amount equal to 100% of the yield reduction
payment due as of July 28, 2025, plus interest. The payment is comprised of yield reduction in the amount
of $116,122.91 and late interest in the amount of $623.13.
The City has acted in good faith to quantify the liability and promptly make any required payment once we
became aware of it. Since the City possesses a very general understanding of arbitrage rebate and yield
reduction rules, we have relied on the advice of our external experts. Until informed otherwise, we believed
that we had done everything that should have been done to meet our arbitrage compliance requirements.
As a result, we again respectfully request that consideration be given to waiving the penalty.
“Under penalties of perjury, I declare that I have examined this explanation, including accompanying
documents, and, to the best of my knowledge and belief, the explanation contains all the relevant facts
relating to the explanation, and such facts are true, correct, and complete.”
_________________________________
Joseph Wagner-Corona
Finance Services Manager
City of Tolleson, Arizona
Page 7 of 25
$6,495,000.00
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Computation of Underpayment Interest
For Late Yield Restriction Amounts
Total Yield
Leap
Restriction
90% Payment
Underpayment
From
To
Year
Days
Rate
Amount
Due
Interest
7/28/2025
8/28/2025
No
31
7.00%
116,122.91
104,510.62
623.13
Underpayment Interest
623.13
Total Yield Restriction Amount
116,122.91
$
Underpayment Interest
623.13
Total Payable
116,746.04
$
Payment Date:
8/28/2025
2020 Late Interest.xls
Page 8 of 25
direct 214.953.8716 toll free 800.678.3792
fax 214.840.5040
brian.helming@hilltopsecurities.com
717 N. Harwood Street, Suite 3400, Dallas, TX 75201
Brian Helming
Managing Director
August 15, 2025
Mr. Joseph Wagner-Corona
Finance Services Manager
City of Tolleson, Arizona
9555 West Van Buren Street
Tolleson, AZ 85353
$6,485,000
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
______________________________________
In accordance with the terms of the “Agreement for Arbitrage Rebate Compliance Services”, we have
completed the determination of the yield reduction amount pursuant to Section 1.148-5(c) of the 1993
Treasury Regulations.
The computation of the yield reduction amount, included in this report, covers the period from May 28,
2023 (the “End of the Temporary Period”) through May 28, 2025 (the “Installment Computation
Date”). The period from the End of the Temporary Period of the Obligations to the Installment
Computation Date is hereinafter referred to as the “Installment Yield Reduction Period.”
In order to determine the yield reduction amount for the Installment Yield Reduction Period, we were
provided with all information regarding the issuance of the Obligations and the investment of the gross
proceeds, as well as other information as deemed necessary under the circumstances. We did not
perform any procedures to test the accuracy of the information provided to us. Certain information and
definitions used in preparing the attached schedules are described in the Summary of Computational
Information.
Page 9 of 25
Based upon the computations included in this report, the yield reduction amount for the above-defined
Yield Reduction Payment Period is summarized as follows:
Summary of Rebatable Arbitrage (see separate Arbitrage Rebate Report):
Actual Interest Earnings
$
328,061.20
Allowable Interest Earnings at Bond Yield
$
215,777.80
Cumulative Rebatable Arbitrage (net of allowable rebate credits)
$
112,283.40
Summary of Yield Reduction Amount:
Actual Interest Earnings
$
163,085.03
Allowable Interest Earnings at Materially Higher Yield
$
46,962.12
Cumulative Yield Reduction
$
116,122.91
Summary of Total Yield Reduction Payment:
Total Yield Reduction Payment Due
(yield reduction amount greater than rebate amount)
$
116,122.91
Plus: Late Payment Interest [pursuant to §1.148-3(h)(2)]
$
623.13
Total Payment Due
$
116,746.04
Payment Due Date:
Thursday, August 28, 2025
The yield reduction amount was determined using the provisions of the 1993 Treasury Regulations
Section 1.148 [T.D. 8476]. These regulations may be revised or replaced and, accordingly, the
computations contained in this report may be subject to modification in order to comply with the
revised regulations, if any, when issued. The terms of our engagement are such that we have no
obligation to update the results of this report for events occurring or information coming to our
attention subsequent to the date of this report.
We appreciate this opportunity to serve you. If you have any questions regarding the computations
contained in this report, please do not hesitate to contact us.
Sincerely,
HILLTOP SECURITIES ASSET MANAGEMENT, LLC.
Brian Helming
Page 10 of 25
SUMMARY OF COMPUTATIONAL INFORMATION
CITY OF TOLLESON, ARIZONA
COMPUTATIONAL INFORMATION:
1.
The following information was used to compute the debt service requirements and yield on
the Obligations for the Computation Period:
Dated Date:
May 28, 2020
Delivery Date:
May 28, 2020
First Coupon Date:
January 1, 2021
2.
Principal amounts, interest rates, and reoffering prices are as shown in the section entitled
“Computation of Yield on the Obligations.” The target used for computing the yield on the
Obligations was as follows:
Issue price to the public
$6,905,054.45
Target
$6,905,054.45
3.
Computations of yield are based upon a 360-day year and semiannual compounding.
4.
The yield used in computing the Yield Reduction Amount was the yield on the
Obligations, increased by one-eighth of one percent (the “Materially Higher Yield”).
5.
The value of any fixed rate investments outstanding on the Computation Date was
determined by calculating the present value of future receipts on the Computation Date
using the purchased yield on the investments. The value of variable rate investments
outstanding on the Computation Date was determined by using the investment’s fair market
value on that date. Premiums and discounts from the purchase of securities are treated as an
adjustment to actual interest earned when the investment matures or is sold. Gains and
losses from the sale of securities are treated as an adjustment to actual interest earned during
the Computation Period.
6.
The purchase price of investments is assumed to be at their fair market value, representing
an arm’s-length transaction which did not result in an abusive arbitrage device by reducing
the rebate amount required to be paid to the United States. The purchase price is also
assumed to exclude all costs which are not qualified administrative costs.
7.
At the direction of the Issuer, the Interest and Sinking Fund is a bona fide debt service fund.
or purposes of computing the amount of Rebatable Arbitrage, the bona fide debt service
fund is exempt, in accordance with the IRC §148(f) and was not included in the
computation.
Page 11 of 25
SUMMARY OF COMPUTATIONAL INFORMATION (continued)
CITY OF TOLLESON, ARIZONA
8.
On May 28, 2020, the Obligations were used to refund the following Bonds (the “Refunded
Bonds”):
An escrow was established with proceeds of the Obligations to pay principal and interest
requirements of the Refunded Bonds. For purposes of calculating Rebatable Arbitrage on
the Obligations, a portion of the remaining proceeds of the Refunded Bonds transfer to the
Obligations as the escrow retires principal of the Refunded Bonds. There are no transferred
proceeds with respect to the Obligations because all of the proceeds of the Refunded Bonds
have been expended prior to the date on which amounts are disbursed from the Escrow Fund
to pay principal of the Refunded Bonds.
9.
Per the Certificate Relating to Federal Tax Matters, page 3, the current refunding proceeds
were held uninvested until July 1, 2020, when they were used to pay the redemption price of
the Refunded Bonds. As a result, the current refunding escrow was not included in the
calculation.
10.
Pursuant to Treasury Regulation §1.148-2(a), certain proceeds qualified for an original
temporary period and could be invested in higher yielding investments without causing
bonds in the issue to be arbitrage bonds. At the end of the temporary period, these proceeds
will be restricted to a yield materially higher than the yield on the bonds, or will qualify for a
yield reduction payment in accordance with Treasury Regulation §1.148-5(c). Through the
Computation Period, these proceeds are yielding higher than the yield on the bonds.
11.
Under IRC §148(e), a bond of an issue is not an arbitrage bond solely because of the
investment in higher yielding investments of gross proceeds of the issue in an amount not
exceeding the lesser of 5% of the sale proceeds of the issue or $100,000. The portion of the
yield restricted amount that is not in excess of $100,000 qualifies for the minor portion and
was not included in calculating the yield restriction liability.
12.
Pursuant to Treasury Regulation §1.148-2(e)(6) investment proceeds qualify for a one-year
temporary period beginning on the date of receipt.
Refunded
Bonds
Maturities
Refunded
Call
Date
Amount
Refunded
Series 2006
7/1/2021
7/1/2020
$550,000
Series 2009A
7/1/2021 – 7/1/2029
7/1/2020
$2,155,000
Page 12 of 25
SUMMARY OF COMPUTATIONAL INFORMATION (continued)
CITY OF TOLLESON, ARIZONA
DEFINITIONS:
13.
Yield: That yield, which, when used in computing the present worth of all payments of
principal and interest to be paid on an obligation during the Computation Period,
produces an amount equal to, in the case of the Obligations, the initial offering price to
the public, and in the case of the investments, the fair market value on the date the
investment becomes a nonpurpose investment.
14.
Allowable Earnings: The amount which would have been earned if all investments had
been invested at a rate equal to the yield on the Obligations.
15.
Excess Earnings: The excess of actual investment earnings over the allowable earnings.
16.
Materially Higher Yield: Pursuant to Treasury Regulation §1.148-2(d), the yield on
investments is materially higher than the yield on the issue to which the investments are
allocated if the yield on the investments over the term of the issue exceeds the yield on
the issue by an amount in excess of the applicable definition of materially higher set forth
below:
General rule for purpose and nonpurpose investments: For purpose
and nonpurpose investments, materially higher means one-eighth of 1
percentage point.
Page 13 of 25
Debt Service Schedule
Page 1 of 1
City of Tolleson, Arizona
$6,485,000.00
General Obligation and General Obligation Refunding Bonds,
Series 2020
Date
Principal
Coupon
Interest
Total P+I
01/01/2021
118,104.06
118,104.06
-
-
07/01/2021
99,806.25
1,534,806.25
1,435,000.00
4.000%
01/01/2022
71,106.25
71,106.25
-
-
07/01/2022
71,106.25
576,106.25
505,000.00
4.000%
01/01/2023
61,006.25
61,006.25
-
-
07/01/2023
61,006.25
596,006.25
535,000.00
2.000%
01/01/2024
55,656.25
55,656.25
-
-
07/01/2024
55,656.25
600,656.25
545,000.00
4.000%
01/01/2025
44,756.25
44,756.25
-
-
07/01/2025
44,756.25
614,756.25
570,000.00
2.000%
01/01/2026
39,056.25
39,056.25
-
-
07/01/2026
39,056.25
629,056.25
590,000.00
4.000%
01/01/2027
27,256.25
27,256.25
-
-
07/01/2027
27,256.25
647,256.25
620,000.00
3.000%
01/01/2028
17,956.25
17,956.25
-
-
07/01/2028
17,956.25
662,956.25
645,000.00
2.000%
01/01/2029
11,506.25
11,506.25
-
-
07/01/2029
11,506.25
666,506.25
655,000.00
1.750%
01/01/2030
5,775.00
5,775.00
-
-
07/01/2030
5,775.00
390,775.00
385,000.00
3.000%
Total
$6,485,000.00
-
$886,060.31
$7,371,060.31
Yield Statistics
$0.00
Accrued Interest from 05/28/2020 to 05/28/2020
Bond Yield for Arbitrage Purposes
1.37681200%
Weighted Average Maturity
5.037 Years
07/23/2025
5:55 pm
2567003
Page 14 of 25
Pricing Summary
Page 1 of 1
$6,485,000.00
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Maturity
Type of Bond
Yield
Maturity Value
DollarPrice
Price
Coupon
Issuance
Value
07/01/2021
Serial
1,435,000.00
1,485,598.10
0.750%
103.526%
4.000%
1,435,000.00
07/01/2022
Serial
505,000.00
537,360.40
0.900%
106.408%
4.000%
505,000.00
07/01/2023
Serial
535,000.00
551,242.60
1.000%
103.036%
2.000%
535,000.00
07/01/2024
Serial
545,000.00
607,130.00
1.140%
111.400%
4.000%
545,000.00
07/01/2025
Serial
570,000.00
590,445.90
1.270%
103.587%
2.000%
570,000.00
07/01/2026
Serial
590,000.00
681,125.50
1.350%
115.445%
4.000%
590,000.00
07/01/2027
Serial
620,000.00
684,535.80
1.450%
110.409%
3.000%
620,000.00
07/01/2028
Serial
645,000.00
668,981.10
1.510%
103.718%
2.000%
645,000.00
07/01/2029
Serial
655,000.00
665,506.20
1.560%
101.604%
1.750%
655,000.00
07/01/2030
Serial
385,000.00
433,128.85
1.650%
112.501%
3.000%
385,000.00
Total
-
-
-
-
-
$6,485,000.00
$6,905,054.45
$6,485,000.00
Bid Information
Par Amount of Bonds
$6,485,000.00
Reoffering Premium or (Discount)
$420,054.45
Gross Production
$6,905,054.45
Accrued Interest from 05/28/2020 to 05/28/2020
$0.00
Total Purchase Price
$6,905,054.45
07/23/2025
5:55 pm
2567003
Page 15 of 25
Page 1 of 1
City of Tolleson, Arizona
$ 6,485,000.00
General Obligation and General Obligation Refunding Bonds,
Series 2020
Proof of Bond Yield @ 1.3768120%
Date
Cashflow
PV Factor
Present Value
Cumulative
PV
01/01/2021
118,104.06
117,149.15
117,149.15
x
0.9919146
07/01/2021
1,534,806.25
1,511,988.17
1,629,137.31
x
0.9851329
01/01/2022
71,106.25
69,570.18
1,698,707.50
x
0.9783976
07/01/2022
576,106.25
559,807.21
2,258,514.71
x
0.9717083
01/01/2023
61,006.25
58,874.98
2,317,389.69
x
0.9650647
07/01/2023
596,006.25
571,252.07
2,888,641.75
x
0.9584666
01/01/2024
55,656.25
52,979.94
2,941,621.69
x
0.9519135
07/01/2024
600,656.25
567,863.61
3,509,485.30
x
0.9454053
01/01/2025
44,756.25
42,023.50
3,551,508.81
x
0.9389416
07/01/2025
614,756.25
573,273.76
4,124,782.57
x
0.9325220
01/01/2026
39,056.25
36,171.81
4,160,954.37
x
0.9261464
07/01/2026
629,056.25
578,614.96
4,739,569.33
x
0.9198143
01/01/2027
27,256.25
24,899.28
4,764,468.61
x
0.9135256
07/01/2027
647,256.25
587,242.53
5,351,711.14
x
0.9072798
01/01/2028
17,956.25
16,179.96
5,367,891.10
x
0.9010767
07/01/2028
662,956.25
593,290.21
5,961,181.31
x
0.8949161
01/01/2029
11,506.25
10,226.73
5,971,408.04
x
0.8887976
07/01/2029
666,506.25
588,338.96
6,559,747.00
x
0.8827208
01/01/2030
5,775.00
5,062.86
6,564,809.86
x
0.8766857
07/01/2030
390,775.00
340,244.59
6,905,054.45
x
0.8706918
Total
$7,371,060.31
-
6,905,054.45
-
Derivation Of Target Amount
Par Amount of Bonds
$6,485,000.00
Reoffering Premium or (Discount)
420,054.45
0.00
Accrued Interest from 05/28/2020 to 05/28/2020
Bond Insurance Premium
0.00
Original Issue Proceeds
$6,905,054.45
08/12/2025 8:27 pm
2567003
Page 16 of 25
Page 1 of 4
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:07PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Issue Number: 2567-003
Purchase Date:
Maturity Date:
Type:
Yield:
IRS Yield:
Record:
Fund:
05/28/2025
Activity
3
2
05/28/2023
Description: GL (0061) - 05.28.25
5.0401%
5.0401%
Total
Interest
Principal
Date
(16,728.11)
05/28/2023
(16,728.11)
0.00
$0.00
(4,136,094.38)
05/28/2023
(15,953.50)
(4,120,140.88)
$4,120,140.88
0.00
05/31/2023
16,728.11
(16,728.11)
$4,136,868.99
0.00
06/29/2023
17,662.80
(17,662.80)
$4,154,531.79
0.00
07/20/2023
17,417.41
(17,417.41)
$4,171,949.20
489,715.35
08/01/2023
0.00
489,715.35
$3,682,233.85
3,682,233.86
08/14/2023
0.00
3,682,233.86
($0.01)
0.00
08/21/2023
16,221.36
(16,221.36)
$16,221.35
(3,682,233.86)
08/21/2023
0.00
(3,682,233.86)
$3,698,455.21
0.00
10/02/2023
16,298.73
(16,298.73)
$3,714,753.94
0.00
10/23/2023
16,394.86
(16,394.86)
$3,731,148.80
595,647.78
10/23/2023
0.00
595,647.78
$3,135,501.02
0.00
11/27/2023
14,365.66
(14,365.66)
$3,149,866.68
0.00
12/20/2023
14,036.10
(14,036.10)
$3,163,902.78
297,065.83
01/05/2024
0.00
297,065.83
$2,866,836.95
0.00
01/25/2024
15,698.95
(15,698.95)
$2,882,535.90
0.00
02/20/2024
13,209.18
(13,209.18)
$2,895,745.08
0.00
03/20/2024
12,347.02
(12,347.02)
$2,908,092.10
0.00
04/17/2024
13,207.21
(13,207.21)
$2,921,299.31
178,759.00
05/01/2024
0.00
178,759.00
$2,742,540.31
0.00
05/30/2024
12,048.99
(12,048.99)
$2,754,589.30
0.00
06/13/2024
12,517.77
(12,517.77)
$2,767,107.07
359,441.93
06/20/2024
0.00
359,441.93
$2,407,665.14
0.00
07/01/2024
767.01
(767.01)
$2,408,432.15
2,233,901.90
07/03/2024
0.00
2,233,901.90
$174,530.25
0.00
07/31/2024
794.47
(794.47)
$175,324.72
0.00
08/31/2024
793.41
(793.41)
$176,118.13
0.00
09/30/2024
751.79
(751.79)
$176,869.92
0.00
10/31/2024
737.01
(737.01)
$177,606.93
0.00
11/30/2024
685.53
(685.53)
$178,292.46
0.00
12/31/2024
689.82
(689.82)
$178,982.28
0.00
01/31/2025
674.07
(674.07)
$179,656.35
0.00
02/28/2025
602.54
(602.54)
$180,258.89
0.00
03/31/2025
662.70
(662.70)
$180,921.59
0.00
04/29/2025
662.70
(662.70)
$181,584.29
0.00
04/30/2025
(662.70)
662.70
$180,921.59
0.00
04/30/2025
643.13
(643.13)
$181,564.72
182,149.84
05/28/2025
585.12
181,564.72
$0.00
Totals
183,859.14
0.00
183,859.14
Rebate Investment Detail w Balances
Page 17 of 25
Page 2 of 4
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:07PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Issue Number: 2567-003
Purchase Date:
Maturity Date:
Type:
Yield:
IRS Yield:
Record:
Fund:
05/28/2025
Activity
4
2
05/28/2023
Description: Minor Portion Adjst - 5.28.25
5.7223%
5.7223%
Total
Interest
Principal
Date
100,000.00
05/28/2023
0.00
100,000.00
($100,000.00)
(404.37)
05/31/2023
(404.37)
0.00
($100,000.00)
(425.15)
06/30/2023
(425.15)
0.00
($100,000.00)
(417.49)
07/31/2023
(417.49)
0.00
($100,000.00)
(100,000.00)
08/14/2023
0.00
(100,000.00)
$0.00
100,000.00
08/21/2023
0.00
100,000.00
($100,000.00)
(438.60)
08/31/2023
(438.60)
0.00
($100,000.00)
(1,042.69)
10/31/2023
(1,042.69)
0.00
($100,000.00)
(456.07)
11/30/2023
(456.07)
0.00
($100,000.00)
(443.63)
12/31/2023
(443.63)
0.00
($100,000.00)
(544.62)
01/31/2024
(544.62)
0.00
($100,000.00)
(456.16)
02/29/2024
(456.16)
0.00
($100,000.00)
(424.57)
03/31/2024
(424.57)
0.00
($100,000.00)
(452.10)
04/30/2024
(452.10)
0.00
($100,000.00)
(437.42)
05/31/2024
(437.42)
0.00
($100,000.00)
(519.91)
06/30/2024
(519.91)
0.00
($100,000.00)
(100,000.00)
07/03/2024
0.00
(100,000.00)
$0.00
17,417.41
07/20/2024
0.00
17,417.41
($17,417.41)
(155.12)
07/31/2024
(155.12)
0.00
($17,417.41)
16,221.36
08/21/2024
0.00
16,221.36
($33,638.77)
(151.54)
08/31/2024
(151.54)
0.00
($33,638.77)
(142.98)
09/30/2024
(142.98)
0.00
($33,638.77)
16,298.73
10/02/2024
0.00
16,298.73
($49,937.50)
16,394.86
10/23/2024
0.00
16,394.86
($66,332.36)
(275.26)
10/31/2024
(275.26)
0.00
($66,332.36)
14,365.66
11/27/2024
0.00
14,365.66
($80,698.02)
(310.28)
11/30/2024
(310.28)
0.00
($80,698.02)
14,036.10
12/20/2024
0.00
14,036.10
($94,734.12)
(365.12)
12/31/2024
(365.12)
0.00
($94,734.12)
5,265.88
01/25/2025
0.00
5,265.88
($100,000.00)
(375.20)
01/31/2025
(375.20)
0.00
($100,000.00)
(334.26)
02/28/2025
(334.26)
0.00
($100,000.00)
(366.29)
03/31/2025
(366.29)
0.00
($100,000.00)
(354.22)
04/30/2025
(354.22)
0.00
($100,000.00)
(322.26)
05/28/2025
(322.26)
0.00
($100,000.00)
(100,000.00)
05/28/2025
0.00
(100,000.00)
$0.00
Totals
(9,615.31)
0.00
(9,615.31)
Rebate Investment Detail w Balances
Page 18 of 25
Page 3 of 4
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:07PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Issue Number: 2567-003
Purchase Date:
Maturity Date:
Type:
Yield:
IRS Yield:
Record:
Fund:
05/28/2025
Activity
5
2
05/31/2023
Description: Invst Proceeds Adjst - 5.28.25
5.3428%
5.3428%
Total
Interest
Principal
Date
16,728.11
05/31/2023
0.00
16,728.11
($16,728.11)
17,662.80
06/29/2023
0.00
17,662.80
($34,390.91)
(73.93)
06/30/2023
(73.93)
0.00
($34,390.91)
17,417.41
07/20/2023
0.00
17,417.41
($51,808.32)
(169.84)
07/31/2023
(169.84)
0.00
($51,808.32)
16,221.36
08/21/2023
0.00
16,221.36
($68,029.68)
(322.20)
08/31/2023
(322.20)
0.00
($68,029.68)
16,298.73
10/02/2023
0.00
16,298.73
($84,328.41)
16,394.86
10/23/2023
0.00
16,394.86
($100,723.27)
(802.69)
10/31/2023
(802.69)
0.00
($100,723.27)
14,365.66
11/27/2023
0.00
14,365.66
($115,088.93)
(467.84)
11/30/2023
(467.84)
0.00
($115,088.93)
14,036.10
12/20/2023
0.00
14,036.10
($129,125.03)
(534.20)
12/31/2023
(534.20)
0.00
($129,125.03)
15,698.95
01/25/2024
0.00
15,698.95
($144,823.98)
(711.10)
01/31/2024
(711.10)
0.00
($144,823.98)
13,209.18
02/20/2024
0.00
13,209.18
($158,033.16)
(681.47)
02/29/2024
(681.47)
0.00
($158,033.16)
12,347.02
03/20/2024
0.00
12,347.02
($170,380.18)
(691.46)
03/31/2024
(691.46)
0.00
($170,380.18)
13,207.21
04/17/2024
0.00
13,207.21
($183,587.39)
(798.21)
04/30/2024
(798.21)
0.00
($183,587.39)
12,048.99
05/30/2024
0.00
12,048.99
($195,636.38)
(17,534.57)
05/31/2024
(806.46)
(16,728.11)
($178,908.27)
12,517.77
06/13/2024
0.00
12,517.77
($191,426.04)
(17,662.80)
06/29/2024
0.00
(17,662.80)
($173,763.24)
(878.53)
06/30/2024
(878.53)
0.00
($173,763.24)
767.01
07/01/2024
0.00
767.01
($174,530.25)
(17,417.41)
07/20/2024
0.00
(17,417.41)
($157,112.84)
794.47
07/31/2024
0.00
794.47
($157,907.31)
(672.75)
07/31/2024
(672.75)
0.00
($157,907.31)
(16,221.36)
08/21/2024
0.00
(16,221.36)
($141,685.95)
793.41
08/31/2024
0.00
793.41
($142,479.36)
(690.91)
08/31/2024
(690.91)
0.00
($142,479.36)
751.79
09/30/2024
0.00
751.79
($143,231.15)
(608.20)
09/30/2024
(608.20)
0.00
($143,231.15)
(16,298.73)
10/02/2024
0.00
(16,298.73)
($126,932.42)
(16,394.86)
10/23/2024
0.00
(16,394.86)
($110,537.56)
737.01
10/31/2024
0.00
737.01
($111,274.57)
(515.67)
10/31/2024
(515.67)
0.00
($111,274.57)
(14,365.66)
11/27/2024
0.00
(14,365.66)
($96,908.91)
685.53
11/30/2024
0.00
685.53
($97,594.44)
(423.95)
11/30/2024
(423.95)
0.00
($97,594.44)
(14,036.10)
12/20/2024
0.00
(14,036.10)
($83,558.34)
689.82
12/31/2024
0.00
689.82
($84,248.16)
Rebate Investment Detail w Balances
Page 19 of 25
Page 4 of 4
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:07PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Issue Number: 2567-003
Purchase Date:
Maturity Date:
Type:
Yield:
IRS Yield:
Record:
Fund:
05/28/2025
Activity
5
2
05/31/2023
Description: Invst Proceeds Adjst - 5.28.25
5.3428%
5.3428%
Total
Interest
Principal
Date
(358.33)
12/31/2024
(358.33)
0.00
($84,248.16)
(15,698.95)
01/25/2025
0.00
(15,698.95)
($68,549.21)
674.07
01/31/2025
0.00
674.07
($69,223.28)
(305.85)
01/31/2025
(305.85)
0.00
($69,223.28)
(13,209.18)
02/20/2025
0.00
(13,209.18)
($56,014.10)
602.54
02/28/2025
0.00
602.54
($56,616.64)
(219.51)
02/28/2025
(219.51)
0.00
($56,616.64)
(12,347.02)
03/20/2025
0.00
(12,347.02)
($44,269.62)
662.70
03/31/2025
0.00
662.70
($44,932.32)
(192.04)
03/31/2025
(192.04)
0.00
($44,932.32)
(13,207.21)
04/17/2025
0.00
(13,207.21)
($31,725.11)
662.70
04/29/2025
0.00
662.70
($32,387.81)
(19.57)
04/30/2025
0.00
(19.57)
($32,368.24)
(139.44)
04/30/2025
(139.44)
0.00
($32,368.24)
490.90
05/28/2025
(94.22)
585.12
($32,953.36)
(32,953.36)
05/28/2025
0.00
(32,953.36)
$0.00
Totals
(11,158.80)
0.00
(11,158.80)
Rebate Investment Detail w Balances
949672-6-2567003
Page 20 of 25
Page 1 of 2
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:12PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Summary of Taxable Transactions
Date
Principal Balance
Present Value
PV Factor
Total
Interest
Principal
Calc Basis:
Portfolio Yield:
Issue Number: 2567-003
05/28/2025
2
30/360
4.987028%
Calculation Date:
Annual Compoundings:
(4,052,822.49)
(4,020,140.88)
(32,681.61)
(4,052,822.49)
4,020,140.88
1.0000000
05/28/2023
16,317.04
0.00
16,323.74
16,323.74
4,020,140.88
0.9995896
05/31/2023
17,588.04
0.00
17,662.80
17,662.80
4,020,140.88
0.9957673
06/29/2023
(496.90)
0.00
(499.08)
(499.08)
4,020,140.88
0.9956310
06/30/2023
17,293.92
0.00
17,417.41
17,417.41
4,020,140.88
0.9929101
07/20/2023
(582.29)
0.00
(587.33)
(587.33)
4,020,140.88
0.9914168
07/31/2023
485,512.02
489,715.35
0.00
489,715.35
3,530,425.53
0.9914168
08/01/2023
3,545,175.06
3,582,233.86
0.00
3,582,233.86
(51,808.33)
0.9896548
08/14/2023
(3,525,742.91)
(3,582,233.86)
16,221.36
(3,566,012.50)
3,530,425.53
0.9887074
08/21/2023
(751.18)
0.00
(760.80)
(760.80)
3,530,425.53
0.9873555
08/31/2023
16,024.52
0.00
16,298.73
16,298.73
3,530,425.53
0.9831762
10/02/2023
600,019.19
595,647.78
16,394.86
612,042.64
2,934,777.75
0.9803552
10/23/2023
(1,807.15)
0.00
(1,845.38)
(1,845.38)
2,934,777.75
0.9792827
10/31/2023
14,018.08
0.00
14,365.66
14,365.66
2,934,777.75
0.9758050
11/27/2023
(901.19)
0.00
(923.91)
(923.91)
2,934,777.75
0.9754045
11/30/2023
13,653.46
0.00
14,036.10
14,036.10
2,934,777.75
0.9727389
12/20/2023
(949.74)
0.00
(977.83)
(977.83)
2,934,777.75
0.9712759
12/31/2023
288,375.00
297,065.83
0.00
297,065.83
2,637,711.92
0.9707444
01/05/2024
15,198.02
0.00
15,698.95
15,698.95
2,637,711.92
0.9680915
01/25/2024
(1,214.65)
0.00
(1,255.72)
(1,255.72)
2,637,711.92
0.9672971
01/31/2024
12,744.03
0.00
13,209.18
13,209.18
2,637,711.92
0.9647856
02/20/2024
(1,096.22)
0.00
(1,137.63)
(1,137.63)
2,637,711.92
0.9635982
02/29/2024
11,863.43
0.00
12,347.02
12,347.02
2,637,711.92
0.9608334
03/20/2024
(1,070.71)
0.00
(1,116.03)
(1,116.03)
2,637,711.92
0.9593883
03/31/2024
12,643.13
0.00
13,207.21
13,207.21
2,637,711.92
0.9572902
04/17/2024
(1,194.78)
0.00
(1,250.31)
(1,250.31)
2,637,711.92
0.9555889
04/30/2024
170,796.75
178,759.00
0.00
178,759.00
2,458,952.92
0.9554582
05/01/2024
11,466.72
0.00
12,048.99
12,048.99
2,458,952.92
0.9516744
05/30/2024
(17,101.14)
(16,728.11)
(1,243.88)
(17,971.99)
2,475,681.03
0.9515442
05/31/2024
11,891.67
0.00
12,517.77
12,517.77
2,475,681.03
0.9499831
06/13/2024
341,136.85
359,441.93
0.00
359,441.93
2,116,239.10
0.9490736
06/20/2024
(16,742.67)
(17,662.80)
0.00
(17,662.80)
2,133,901.90
0.9479056
06/29/2024
(1,325.41)
0.00
(1,398.44)
(1,398.44)
2,133,901.90
0.9477759
06/30/2024
726.85
0.00
767.01
767.01
2,133,901.90
0.9476462
07/01/2024
2,021,630.75
2,133,901.90
0.00
2,133,901.90
0.00
0.9473869
07/03/2024
Rebate Combined Cash Flow Summary
Page 21 of 25
Page 2 of 2
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:12PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Summary of Taxable Transactions
Date
Principal Balance
Present Value
PV Factor
Total
Interest
Principal
Calc Basis:
Portfolio Yield:
Issue Number: 2567-003
05/28/2025
2
30/360
4.987028%
Calculation Date:
Annual Compoundings:
0.00
0.00
0.00
0.00
0.00
0.9451857
07/20/2024
(31.52)
0.00
(33.40)
(33.40)
0.00
0.9437642
07/31/2024
0.00
0.00
0.00
0.00
0.00
0.9411850
08/21/2024
(46.09)
0.00
(49.04)
(49.04)
0.00
0.9398981
08/31/2024
0.57
0.00
0.61
0.61
0.00
0.9361759
09/30/2024
0.00
0.00
0.00
0.00
0.00
0.9359197
10/02/2024
0.00
0.00
0.00
0.00
0.00
0.9332343
10/23/2024
(50.26)
0.00
(53.92)
(53.92)
0.00
0.9322133
10/31/2024
0.00
0.00
0.00
0.00
0.00
0.9289028
11/27/2024
(45.22)
0.00
(48.70)
(48.70)
0.00
0.9285216
11/30/2024
0.00
0.00
0.00
0.00
0.00
0.9259841
12/20/2024
(31.09)
0.00
(33.63)
(33.63)
0.00
0.9245914
12/31/2024
(9,614.70)
(10,433.07)
0.00
(10,433.07)
10,433.07
0.9215601
01/25/2025
(6.43)
0.00
(6.98)
(6.98)
10,433.07
0.9208038
01/31/2025
(12,131.48)
(13,209.18)
0.00
(13,209.18)
23,642.25
0.9184130
02/20/2025
44.74
0.00
48.77
48.77
23,642.25
0.9174083
02/28/2025
(11,293.21)
(12,347.02)
0.00
(12,347.02)
35,989.27
0.9146508
03/20/2025
95.32
0.00
104.37
104.37
35,989.27
0.9132752
03/31/2025
(12,035.44)
(13,207.21)
0.00
(13,207.21)
49,196.48
0.9112780
04/17/2025
602.91
0.00
662.70
662.70
49,196.48
0.9097829
04/29/2025
(466.86)
0.00
(513.23)
(513.23)
49,196.48
0.9096584
04/30/2025
44,733.68
49,196.48
168.64
49,365.12
0.00
0.9061800
05/28/2025
Totals
163,085.03
163,085.03
0.00
0.00
Rebate Combined Cash Flow Summary
949672-6-2567003
Page 22 of 25
Page 1 of 2
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:09PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Calculation of Actual and Allowable Earnings
Date
Future Value At
Allowable Yield
FV Factor
Total
Interest
Principal
Issue Number: 2567-003
Calculation Date:
05/28/2025
Annual Compoundings:
2
Calc Basis:
30/360
Bond Yield:
1.501812%
(4,020,140.88)
(32,681.61)
(4,052,822.49)
05/28/2023
1.0303763
(4,175,932.05)
0.00
16,323.74
16,323.74
05/31/2023
1.0302906
16,818.20
0.00
17,662.80
17,662.80
06/29/2023
1.0290496
18,175.90
0.00
(499.08)
(499.08)
06/30/2023
1.0290068
(513.56)
0.00
17,417.41
17,417.41
07/20/2023
1.0281518
17,907.74
0.00
(587.33)
(587.33)
07/31/2023
1.0277246
(603.61)
489,715.35
0.00
489,715.35
08/01/2023
1.0276819
503,271.60
3,582,233.86
0.00
3,582,233.86
08/14/2023
1.0271268
3,679,408.38
(3,582,233.86)
16,221.36
(3,566,012.50)
08/21/2023
1.0268280
(3,661,681.54)
0.00
(760.80)
(760.80)
08/31/2023
1.0264440
(780.92)
0.00
16,298.73
16,298.73
10/02/2023
1.0250798
16,707.50
595,647.78
16,394.86
612,042.64
10/23/2023
1.0241855
626,845.20
0.00
(1,845.38)
(1,845.38)
10/31/2023
1.0238876
(1,889.46)
0.00
14,365.66
14,365.66
11/27/2023
1.0227393
14,692.32
0.00
(923.91)
(923.91)
11/30/2023
1.0226118
(944.80)
0.00
14,036.10
14,036.10
12/20/2023
1.0217621
14,341.55
0.00
(977.83)
(977.83)
12/31/2023
1.0213375
(998.69)
297,065.83
0.00
297,065.83
01/05/2024
1.0211253
303,341.44
0.00
15,698.95
15,698.95
01/25/2024
1.0202769
16,017.28
0.00
(1,255.72)
(1,255.72)
01/31/2024
1.0200649
(1,280.92)
0.00
13,209.18
13,209.18
02/20/2024
1.0192173
13,463.03
0.00
(1,137.63)
(1,137.63)
02/29/2024
1.0187938
(1,159.01)
0.00
12,347.02
12,347.02
03/20/2024
1.0179473
12,568.62
0.00
(1,116.03)
(1,116.03)
03/31/2024
1.0175243
(1,135.59)
0.00
13,207.21
13,207.21
04/17/2024
1.0168057
13,429.17
0.00
(1,250.31)
(1,250.31)
04/30/2024
1.0162565
(1,270.64)
178,759.00
0.00
178,759.00
05/01/2024
1.0162142
181,657.44
0.00
12,048.99
12,048.99
05/30/2024
1.0149901
12,229.61
(16,728.11)
(1,243.88)
(17,971.99)
05/31/2024
1.0149901
(18,241.39)
0.00
12,517.77
12,517.77
06/13/2024
1.0144419
12,698.55
359,441.93
0.00
359,441.93
06/20/2024
1.0141468
364,526.88
(17,662.80)
0.00
(17,662.80)
06/29/2024
1.0137675
(17,905.97)
0.00
(1,398.44)
(1,398.44)
06/30/2024
1.0137254
(1,417.63)
0.00
767.01
767.01
07/01/2024
1.0136833
777.51
2,133,901.90
0.00
2,133,901.90
07/03/2024
1.0135990
2,162,920.86
Rebate Actual And Allowable Earnings
Page 23 of 25
Page 2 of 2
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:09PM
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Calculation of Actual and Allowable Earnings
Date
Future Value At
Allowable Yield
FV Factor
Total
Interest
Principal
Issue Number: 2567-003
Calculation Date:
05/28/2025
Annual Compoundings:
2
Calc Basis:
30/360
Bond Yield:
1.501812%
0.00
0.00
0.00
07/20/2024
1.0128831
0.00
0.00
(33.40)
(33.40)
07/31/2024
1.0124622
(33.82)
0.00
0.00
0.00
08/21/2024
1.0115790
0.00
0.00
(49.04)
(49.04)
08/31/2024
1.0112007
(49.59)
0.00
0.61
0.61
09/30/2024
1.0099406
0.62
0.00
0.00
0.00
10/02/2024
1.0098567
0.00
0.00
0.00
0.00
10/23/2024
1.0089757
0.00
0.00
(53.92)
(53.92)
10/31/2024
1.0086822
(54.39)
0.00
0.00
0.00
11/27/2024
1.0075509
0.00
0.00
(48.70)
(48.70)
11/30/2024
1.0074253
(49.06)
0.00
0.00
0.00
12/20/2024
1.0065883
0.00
0.00
(33.63)
(33.63)
12/31/2024
1.0061700
(33.84)
(10,433.07)
0.00
(10,433.07)
01/25/2025
1.0051251
(10,486.54)
0.00
(6.98)
(6.98)
01/31/2025
1.0049163
(7.01)
(13,209.18)
0.00
(13,209.18)
02/20/2025
1.0040813
(13,263.09)
0.00
48.77
48.77
02/28/2025
1.0036641
48.95
(12,347.02)
0.00
(12,347.02)
03/20/2025
1.0028302
(12,381.96)
0.00
104.37
104.37
03/31/2025
1.0024135
104.62
(13,207.21)
0.00
(13,207.21)
04/17/2025
1.0017055
(13,229.73)
0.00
662.70
662.70
04/29/2025
1.0012060
663.50
0.00
(513.23)
(513.23)
04/30/2025
1.0011644
(513.83)
49,196.48
168.64
49,365.12
05/28/2025
1.0000000
49,365.12
Totals
163,085.03
0.00
116,122.91
163,085.03
Summary of Rebatable Arbitrage:
Actual Interest Earnings
Allowable Interest Earnings
Cumulative Rebatable Arbitrage
116,122.91
46,962.12
163,085.03
Rebate Actual And Allowable Earnings
949672-6-2567003
Page 24 of 25
Investment Recap
Hilltop Securities Asset Management, LLC
08/15/2025 12:20:11PM
Issue:
Start Date:
Calc Date:
5/28/2025
1.501812%
Bond Yield:
2567003
City of Tolleson, Arizona
General Obligation and General Obligation Refunding Bonds,
Series 2020
Inv Nbr
Type
Description
Date
Interest
YTM
Purchase
Total
IRS Actual
Yield
Rebate
Fund:
2
Yield Restricted Fund
131,412.27
5.04015
5.04015
183,859.14
05/28/2023
GL (0061) - 05.28.25
101
3
(7,176.29)
5.72238
5.72238
(9,615.31)
05/28/2023
Minor Portion Adjst - 5.28.25
101
4
(8,113.07)
5.34287
5.34287
(11,158.80)
05/31/2023
Invst Proceeds Adjst - 5.28.25
101
5
Total for Fund:
116,122.91
163,085.03
Total for Issue:
$116,122.91
$163,085.03
Page 1 of 1
949672-6-2567003
Page 25 of 25