san antonio water system bonds, series 2002-a, final pricing information

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New Issues Headlines

FINAL PRICING WIRE: CITY OF SAN ANTONIO, TEXAS

Donald S O'Brien 212-762-8180Brian L Wynne 212-762-8085

Matthew P Nicosia 212-762-8105

Glen C Balanoff 212-762-8183

10:02a EST February 28, 2002North America, Deal Status

USD

Tax-Exempt

Morgan Stanley & Co., Incorporated1221 Avenue of the Americas

30th FloorNew York, NY 10020* * * * * * * * * * * * * * * * * * * * * * ** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

(\,

Thursday, February 28, 2002 10: 02AM

MSS Wire #42155MSS Master Message #1837445TO: Morgan Stanley & Co., Incorporated

(Manager)

-- --- -- -- --------- - ------ ------- --------- --- -- ----------- ------- ------- --------FINAL PRICING WIRE

---- ----- ------- - - ----- -- ---------- -- ------ ----- ------- -- ----- -- --- ------- -- ---

)

RE: $137,820,000

CITY OF SAN ANTONIO, TEXASWATER SYSTEM REVENUE BONDS

SERIES 2002-A

LADIES AND GENTLEMEN:

WE HAVE RECEIVED THE WRITTEN AWARD. TODAY FEBRUARY 28, 20002 WILL BE INITIALTRADE DATE.

MOODY'S: Aaa

Aa3 Underlying

S&P: AM

AA- Underlying

FITCH: AM

AA- UnderlyingFSA INSURED

DATED: 02/15/2002

DUE: 05/15

FIRST COUPON: 11/15/2002



(Approx. $ Price 102.428)

() 05/15/2008 3 , 270M 5.25 % 3.69 3/8(Approx. $ Price 108.508)

05/15/2008 2, 00 OM 4.00 g. 3.69 3/8(Approx. $ pri ce 101.687)

05/15/2009 3 , 375M 5.25 g. 3.91 1/2(Approx. $ Price 108.282)

05/15/2009 2,OOOM 4.00 % 3.91 1/2(Approx. $ Price 100.552)

05/15/2010 3 i 75 5M 5.25 % 4.06 1/2(Approx. $ Price 108.181)

05/15/2010 1,30 OM 4.00 g. 4.06 1/2(Approx. $ Price 99.582)

05/15/2011 4 , 365M 4.125 % 4.16 1/2(Approx. $ Price 99.731)

05/15/2012 2 , 280M 5.50 g. 4.26 1/2(Approx. $ Price 110.126)05/15/2012 2 i OOOM 4.25 % 4.26 1/2

(Approx. $ Price 99.913)05/15/2013 4,OOOM 5.50 g. 4.38 1/2

(Approx. $ PTC 05/15/2012 109.092)05/15/2014 4,OOOM 5.50 % 4.49 1/2

(Approx. $ PTC 05/15/2012 108.154)05/15/2015 6 i 57 5M 5.50 % 4.57 1/2

(Approx. $ PTC 05/15/2012 107.479)

05/15/2016 5,64 OM 5.50%

4.67 1/2(Approx. $ PTC 05/15/2012 106.642)05/15/2017 5,14 OM 5.50 g. 4.75 1/2

(Approx. $ PTC 05/15/2012 105.978)05/15/2018 4,42 OM 5.50 g. 4.83 1/2

/)

(Approx. $ PTC 05/15/2012 105.319)( 05/15/2019 2 i 185M 5.00 % 5.04 1/2\

(Approx. $ Price 99.537)05/15/2020 2 , 46 OM 5.00 % 5.09 1/2

(Approx. $ Price 98.935)05/15/2021 3 , 51 5M 5.00 g. 5.12 1/2

(Approx. $ Price 98.539)05/15/2022 3 , 285M 5.00 % 5.14 1/2

(Approx. $ Price 98.249)

05/15/2025 13,910M 5.00 g. 5.21 1/2(Approx. $ Price 97.187)

05/15/2032 51, 100M 5.00 % 5.26 1/2(Approx. $ Price 96.083)

CALL FEATURES: Optional call in 05/15/2012 (g 100.00

PRIORITY OF ORDERS AS FOLLOWS:

1. Texas Retail**



F

(-~)\.

The Senior Manager requests the identification of all priority orders at the

time the orders are entered.

There will not be any clearance fee taken from designated sales in accordance

wi th MSRB Rule G- 17 .

There are to be no soft-dollar designations.

A minimum of 20% of each designated trade must be designated among the small and

MBE firms (Siebert, Allison and Apex) .

The compliance addendum MSRB Rule G-11 will apply.

The award is expected Thursday, February 28, 2002.

Delivery is firm for March 21, 2002.

This issue is book entry through DTC.

$136,765,000SERIES 2002A

Award:

Delivery:Initial trade:

Date of Execution:

Time of Execution:

02/28/2002

03/21/2002 (Firm)02/28/200202/28/200210: OOAM Eastern

(

,

)MATURITY CUS I P COUPON

---------- --------- ------05/15/2006 796422S38 5.00005/15/2006 796422S20 4.000

05/15/2007 796422S46 4.00005/15/2008 796422S79 5.25005/15/2008 796422S61 4.00005/15/2009 796422S95 5.25005/15/2009 796422S87 4.00005/15/2010 796422T37 5.25005/15/2010 796422T29 4.00005/15/2011 796422T45 4.12505/15/2012 796422T78 5.50005/15/2012 796422T60 4.250

05/15/2013 796422T86 5.50005/15/2014 796422T94 5.50005/15/2015 796422U27 5.50005/15/2016 796422U35 5.50005/15/2017 796422U43 5.50005/15/2018 796422U50 5.50005/15/2019 796422U68 5.00005/15/2020 796422U76 5.000



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( )

Bear, Stearns & Co. Inc.Morgan Keegan & Company

By: Morgan Stanley & Co., Incorporated New York, NYThursday, February 28, 2002 10:02AM

* * *** * * * * * * * * * * * * * * ** * * * ** * * ** * ** * * ** * * * ** * * * * * * * ** * ** * * * * * ** * * * * * ** ** ** * ** ** * * *

This memorandum is based on information generally available to the public fromsources believed to be reliable. No representation is made that it is accurateor complete. Certain assumptions may have been made in this analysis which haveresulted in any returns detailed herein. No representation is made that any

returns indicated will be achieved. Changes to the assumptions may have amaterial impact on any returns detailed. Past performance is not necessarilyindicative of future returns. Price and availability are subject to changewithout notice. The foregoing has been prepared solely for informational

purposes, and is not an offer to buy or sellar a solicitation of an offer tobuy or sell any security or instrument or to participate in any particulartrading strategy. Morgan Stanley & Co. Incorporated and/or its affiliates mayhave positions in, and may effect transactions in securities and instruments of

issuers mentioned herein and may also provide or seek to provide significantadvice or investment services, including investment banking, for the issuers ofsuch securities and instruments. ADDITIONAL INFORMATION AVAILABLE UPON REQUEST.NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U. K. SECURITIES ANDFUTURES AUTHORITY.* * * ** * * * * * * * * * ** * * * ** * * * * * ** * * * * * * * ** * ** * * * * * ** ** * * * ** * * * * * * * * * ** * * * ** ** * ** * * * * *

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( )

Son Antonio WoterSyslem

Section 6

Final Cash Flows



)

City of San Antonio, TexasWater System Revenue Bonds

Series 2002-A

NET DEBT SERVICE SCHEDULE

Date Pnncipal Coupon Interest Total P+I Net New D/S

12131/2002 - - 5,197,598.44 5,197,598.44 4,504,585.3112131/2003 - -

6,930,131.28 6,930,131.28 6,930,131.2812131/2004 - . 6,930,131.28 6,930,131.28 6,930,131.2812131/2005 - - 6,930,131.28 6,930,131.28 6,930,131.28

12131/2006 5,150,000.00 4.612% 6,811,381.28 11,961,381.28 11,961,381.2812131/2007 2,095,000.00 4.000% 6,650,731.28 8,745,731.28 8,745,731.2812131/2008 5,270,000.00 4.776% 6,82,993.78 11,752,993.78 11,752,993.7812131/2009 5,375,000.00 4.785% 6,228,562.53 11,603,562.53 11,603,562.5312131/2010 5,055,000.00 4.929% 5,975,400.03 11,030,400.03 11,030,400.03

12131/2011 4,365,000.00 4.125% 5,760,803.14 10,125,803.14 10,125,803.14"

12131/2012 4,280,000.00 4.916% .5,565,575.00 9,845,575.00 9,845,575.0012131/2013 4,000,000.00 5.500% 5,350,375.00 9,350,375.00 9,350,375.00

12131/2014 4,000,000.00 5.500% 5,130,375.00 9,130,375.00 9,130,375.0012131/2015 6,575,000.00 5.500% 4,839,562.50 11,414,562.50 11,14,562.5012131/2016 5,640,000.00 5.500% 4,503,650.00 10..143,650.00 10,143,650.00

12131/2017 5,140,000.00 5.500% 4,207,200.00 9,347,200.00 9,347,200.00

12131/2018 4,420,000.00 5.500% 3,944,300.00 8,364,300.00 8,364,300.0012131/2019 2,185,000.00 5.000% 3,768,125.00 5,953,125.00 5,953,125.0012131/2020 2,460,000.00 5.000% 3,652,000.00 6,112,000.00 6,112,000.00

12131/2021 3,515,000.00 5.00% 3,502,625.00 7,017,625.00 7,017,625.00

12131/2022 3,285,000.00 5.00% 3,332,625.00 6,617,625.00 6,617,625.00

12131/2023 4,275,000.00 5.000% 3,143,625:0 7,418,625.00 7,418,625.0012131/2024 4,695,000.00 5.000% 2,919,375.00 7,614,375.00 7,614,375.00

12131/2025 4,940,000.00 5.00% 2,678,500.00 7,618,500.00 7,618,500.0012131/2026 5,190,000.00 5.000% 2,425,250.00 7,615,250.00 7,615,250.00

12131/2027 5,730,000.00 5.000% 2,152,250.00. 7,882,250.00 7,882,250.00

12131/2028 7,255,000.00 5.00% 1,827,625.00 9,082,625.00 9,082,625.00

12131/2029 7,625,000.00 5.00% 1,455,625.00 9,080,625.00 9,080,625.00

12131/2030 8,015,000.00 5.000% 1,064,625.00 9,079,625.00 9,079,625.00

12131/2031 8,25,000.00 5.00% 653,625.00 9,078,625.00 9,078,625.00

12131/2032 8,860,000.00 5.000% 221,500.00 9,081,500.00 9,081,500.00

Total 137,820,000.00 - 130,236,276.82 . 268,056,276.82 267,363,263.69

( )

First Southwest Company

Public Finance

File = SA WS.SF-02 senior new 022602 final

2126/2002 1:08 PM



()City of San Antonio, TexasWater System Revenue Bonds

Series 2002-A

DEBT SERVICE SCHEDULE

Date Principal Coupon Interest Total P+I FISCAL TOTAL

3/21/2002 - - - - -11/15/2002 - -

5,197,598.44 5,197,598.44 -12/31/2002 - - - - 5,197,598.445/15/2003 - - 3,465,065.64 3,465,065.64 -

11/15/2003 - - 3,465,065.64 3,465,065.64 -12/31/2003 - - - - 6,930,131.285/15/2004 - - 3,465,065.64 3,465,065.64 -

11/1512004 - - 3,465,065.64 3,465,065.64 -12/31/2004 - - - - 6,930,131.285/15/2005 - - 3,465,065.64 3,465,065.64 -

11/15/2005 - . - 3,465,065.64 3,465,065.64 -12/31/2005 - - - - 6,930,131.28

5/15/2006 5,150,000.00 4.612% 3,65,065.64 8,615,065.64 -11/15/2006 - - 3,346,315.64 3,346,315.64 -12/31/2006 - - - - 11,961,381.285/15/2007 2,095,000.00 4.000% 3,346,315.64 5,441,315.64 -

11/15/2007 - - 3,304,415.64 3,304,415.64 -12/31/2007 - - - - 8,745,731.285/15/2008 5,270,000.00 4.776% 3,304,415.64 8,574,415.64 -

11/15/2008 - - 3,178,578.14 3,178,578.14 -12/31/2008 - - - - 11,752,993.785/15/2009 5,375,000.00 4.785% 3,178,578.14 8,553,578.14 -

11/15/2009 - - 3,049,984.39 3,049,984.39 -

12/31/2009 - - - - 11,603,562.535/15/2010 5,055,000.00 4.929% 3,049,984.39 8,104,984.39 -

11/15/2010 - - 2,925,415.64 2,925,15.64 -12/31/2010 - - - - 11,030,400.035/15/2011 4,365,000.00 4.125% 2,925,415.64 7,290.15.64 -

11/15/2011 - - 2,835,387.50 2,835,387.50 -12/31/2011 - - - - 10,125,803.145/15/2012 4,280,000.00 4.916% 2,835,387.50 7,115,387.50 -

11/15/2012 - - 2,730,187.50 2,730,187.50 -12/31/2012 - - - - 9,845,575.005/15/2013 4,000,000.00 5.500% 2,730,187.50 6,730,187.50 -

11/15/2013 - - 2,620,187.50 2,620,187.50 -12/31/2013 - - - - 9,350,375.005/15/2014 4,000,000.00 5.500% 2,620,187.50 6,620,187.50 -

11/15/2014 - - 2,510,187.50 2,510,187.50 -12/31/2014 - - - - 9,130,375.005/15/2015 6,575,000.00 5.500% 2,510,187.50 9,085,187.50 -

11/15/2015 - - 2,329,375.00 2,329,375.00 -

( )



)


Series 2002-A

DEBT SERVICE SCHEDULE

YIELD STATISTICS

Accrued Interest from 02115/2002 to 03/21/2002.......................................................................

Bond Year Dollars.......................... ............. .................. ...... ........................... ..............................Average Life.......... ........................................ ...................... ....................................... .................

Average Coupon............... ............ ........... '" ............ ...... ......................... .............. ........................

693,013.13

$2,579,010.0018.713 Years

5.0498554%

Net Interest Cost (NIC)... .................................................. ....................................................... ......

Lrue Interest Cost (TIC).......... ....... .......... ............... .....................................................................

Bond Yield for Arbitrage Purposes..............................................................................................

All Inclusive Cost (AIC)........ ...... ............................................ :....................................................

5.0421659%5.0383982%

5.0069339%5.0957258%

IRS FORM 8038Net Interest Cost......................................................................................................................... 5.0657860%

Weighted Average Maturily..........................................................................,............................. 18.274 Years


Public Finance

File = SA WS. SF-02 senior new 022602 final

212612002 1:08 PM

( )



( '\

/ )("


Series 2002-A

PRICING SUMMARY

Maturi Type of Bond Coupon Yield Maturity Value Price Dollar Price

5/15/2006 Serial Coupon 4.000% 3.170% 2,000,000.00 103.200% 2,064,000.005/15/2006

Serial Coupon 5.00% 3.170% 3,150,000.00 107.059% 3,372,358.505/15/2007 Serial Coupon 4.000% 3.480% 2,095,000.00 102.428% 2,145,866.605/15/2008 Serial Coupon 4.000% 3.690% 2,000,000.00 101.687% 2,033,740.005/15/2008 Serial Coupon 5.250% 3.690% 3,270,000.00 108.508% 3,548,211.605/15/2009 Serial Coupon 4.000% 3.910% 2,000,000.00 100.552% 2,011,040.005/15/2009 Serial Coupon 5.250% 3.910% 3,375,000.00 108.282% 3,654,517.505/15/2010 Serial Coupon 4.000% 4.060% 1,300,000.00 99.582% 1,294,566.005/15/2010 Serial Coupon 5.250% 4.060% 3,755,000.00 108.181% 4,062,196.555/15/2011 Serial Coupon 4.125% 4.160% 4,365,000.00 99.731 % 4,353,258.155/15/2012 Serial Coupon 4.250% 4.260% 2,000,000.00 99.913% 1,998,260.005/15/2012 Serial Coupon 5.500% 4.260% 2,280,000.00 110.126% 2,510,872.80

5/15/2013 Serial Coupon 5.500% 4.380% 4,000,000.00 109.092% c 4,363,680.005/15/2014 Serial Coupon 5.500% 4.490% 4,000,000.00 108.154% c 4,326,160.005/~5/2015 Serial Coupon 5.500% 4.570% 6,575,000.00 107.479%. c 7,066,744.255/15/2016 Serial Coupon 5.500% 4.670% 5,640,000.00 106.642% c 6,014,608.80 ,

5/15/2017 Serial Coupon 5.500% 4.750% 5,140,000.00 105.978% c 5,47,269.205/15/2018 Serial Coupon 5.500% 4.830% 4,420,000.00 105.319% c 4,655,099.805/15/2019 Serial Coupon 5.000% 5.040% 2,185,000.00 99.537% 2,174,883.455/15/2020 Serial Coupon 5.00% 5.090% 2,460,000.00 98.935% 2,433,801.005/15/2021 Serial Coupon 5.000% 5.120% 3,515,000.00 98.539% 3,463,645.855/15/2022 Serial Coupon 5.00% 5.140% 3,285,000.00 98.249% 3,227,479.655/15/2025 Term 1 Coupon 5.000% 5.210% 13,910,000.00 97.187% 13,518,711.70

5/15/2032 Term 2 Coupon 5.000% 5.260% 51,100,000.00 96.083% 49,098,13.00

Total - - - - 137,820,000.00 - - 138,839,384.40

BID INFORMATION

Par Amount of Bonds................................................. $137,820,000.00

Reoffering Premium or (Discount).............................. 1,019,384.40Gross Production......................................................... $138,839,384.40

Total Underwriter's Discount (0.596%)...................... $(821,Q0.17)Bid (100.144%)......................................................... 138,018,314.23

Accrued Interest from 02115/2002 to 03/21/2002....... 693,013.13

Total Purchase Price................................................... $138,711,327.36

Bond Year Dollars.............;.........................................

Average Life.... ................ .......... ........... ............ ...........$2,579,010.0018.713 Years



()

( )


Series 2002-A

PROOF OF DIS FOR ARBITRAGE PURPOSES

Date Principal Interest Total

3/21/2002 - . .11/15/2002 . 5,197,598.44 5,197,598.445/15/2003 - 3,465,065.63 3,465,065.63

11/15/2003 . 3,465,065.63 3,465,065.635/15/2004 - 3,465,065.63 3,465,065.63

11/15/2004 - 3,465,065.63 3,465,065.635/15/2005 - 3,465,065.63 3,465,065.63

11/15/2005 . 3,465,065.63 3,465,065.635/15/200ß 5,150,000.00 3,465,065.63 8,615,065.63

11/15/2006 3,346,315.63,

3,346,315.635/15/2007 2,095,000.00 3,346,315.63 5,441,315.63

11/15/2007 .. 3,304,415.63 3,304,415.63

5/15/2008 5,270,000.Ob 3,304,415.63 8,574,415.6311/15/2008 - 3,178,578.13 3,178,578.13

5/15/2009 5,375,000.00 3,178,578.13 8,553,578.13

11/15/2009 - 3,049,984.38 3,049,984.385/15/2010 5,055,000.00 3,049,984.38 8,104,984.38

11/15/2010 - 2,925,415.63 2,925,415.63

5/15/2011 4,365,000.00 . 2,925,415.63 7,290,415.63

11/15/2011 . 2,835,387.50 2,835,387.50

5/15/2012 34,055,000.00 2,835,387.50 36,890,387.5011/15/2012 - 1,911,375.00 1,911,375.005/15/2013 - 1,911,375.00 1,911,375.00

11/15/2013 . 1,911,375.00 1,911,375.005/15/2014 - 1,911,375.00 1,911,375.00

11/15/2014 - 1,911,375.00 1,911,375.00

5/15/2015 - 1,911,375.00 1,911 ,375.00

11/15/2015 - 1,911,375.00 1,911 ,375.00

5/15/2016 . 1,911,375.00 1,911,375.00

11/15/2016 . 1,911,375.00 1,911,375.00

5/15/2017 - 1,911,375.00 1,911,375,00

11/15/2017 - 1,911,375.00 1,911,375.00

5/15/2018 - 1,911,375.00 1,911,375.00

11/15/2018 - 1,911,375.00 1,911,375.00

5/15/2019 2;185,000.00 1,911,375.00 4,096,375.0011/15/2019 . 1,856,750.00 1,856,750.00

5/15/2020 2,460,000.00 1,856,750.00 4,316,750.00

11/15/2020 - 1,795,250.00 1,795,250.00

5/15/2021 3,515,000.00 1,795,250.00 5,310,250.00

11/15/202f . 1,707,375.00 1,707,375.00

5/15/2022 3,285,000.00 1,707,375.00 4,992,375.00



(')

City of San Antonio, TexasWater System Revenue Boncls

Series 2002-A

PROOF OF DIS FOR ARBITRAGE PURPOSES

Date Pnncipal Interest Total

11/15/2026 - 1,147,750.00 1,147,750.005/15/2027 5,730,000.00 1,147,750.00

6,877,750.0011/15/2027 - 1,004,500.00 1,004,500.005/15/2028 7,255,000.00 1,004,500.00 8,259,500.00

11/15/2028 - 823,125.00 823,125.005/15/2029 7,625,000.00 823,125.00 8,448,125.00

11/15/2029 - 632,500.00 632,500.005/15/2030 8,015,000.00 632,500.00 8,647,500.00

11/15/2030 - 432,125.00 432,125.005/15/2031 8,25,000.00 432,125.00 8,857,125.00

11/15/2031 - 221,500.00 221,500.005/15/2032 8,860,000.00 221,500.00 9,081,500.00

Total 137,820,000.00 124,378,501.65 262,198,501.65


Public Finance

File = SA WS.SF-02 senior new 022602 final

2/2612002 1:08 PM



(j

')/


Series 2002-A

PROOF OF BOND YIELD ~ 5.0069339%

Date Cashflow PV Factor Present Value . Cumulative PV

3/21/2002 - 1.0000000x - -11/15/2002 5,197,598.44 0.9683668x 5,033,181.62

5,033,181.625/15/2003 3,65,065.63 0.9447161x 3,273,503.34 8,306,684.9711/15/2003 3,465,065.63 0.9216431x 3,193,553.78 11,500,238.755/15/2004 3,465,065.63 0:8991336x 3,115,556.84 14,615,795.59

11/15/2004 3,65,065.63 0.8771738x 3,039,464.85 17,655,260.445/15/2005 3,465,065.63 0.8557504x 2,965,231.26 20,620,491.70

11/15/2005 3,465,065.63 0.8348502x 2,892,810.70 23,513,302.405/15/2006 8,615,065.63 0.8144604x 7,016,630.16 30,529,932.56

11/15/2006 3,346,315.63 0.7945687x 2,658,877.59 33,188,810.145/15/2007 5,441,315.63 0.7751627x 4,217,905.10 37,406,715.25

11/15/2007 3,304,415.63 0.7562307x 2,498,900.70 . 39,905,615.95

5/15/2008 8,574,415.63 0.7377611x 6,325,870.66 46,231,486.6111/15/2008 3,178,578.13 0.7197426x 2,287,758.16 48,519,244.775/15/2009 8,553,578.13 0.7021642x 6,006,016.13 54,525,260.90

11/15/2009 3,049,984.38 0.6850150x 2,089,285.20 56,614,546.105/15/2010 8,104,984.38 0.6682848x 5,416,437.55 62,030,983.64

11/15/2010 2,925,415.63 0.6519631x 1,907,262.99 63,938;246.635/15/2011 7,290,415.63 0.6360400x 4,636,996.16 68,575,242.79

11/15/2011 2,835,387.50 0.6205059x 1,759,374.58 70,334,617.385/15/2012 . 36,890,387.50 0.6053511x 22,331,636.80 92,666,254.18

11/15/2012 1,911,375.00 0.5905665x 1,128,793.98 93,795,048.175/15/2013 1,911,375.00 0.5761429x 1,101,225.17 94,896,273.34

11/15/2013 1,911,375.00 0.5620716x 1,074,329.69 95,970,603.025/15/2014 1,911,375.00 0.5483440x 1,048,91.07 97,018,694.10

11/15/2014 1,911,375.00 0.5349517x 1,022,493.29 98,041,187.395/15/2015 1,911,375.00 0.5218864x 997,520.69 99,038,708.07

11/15/2015 1,911,375.00 0.5091403x 973,158.00 100,011,866.075/15/2016 1,911,375.00 0.4967054x 949,390.33 100,961,256.40

11/15/2016 1,911,375.00 0.4845743x 926,203.14 101,887,459.545/15/2017 1,911,375.00 0.4727394x 903,582.25 102,791,041.79

11/15/2017 1,911,375.00 0.4611936x 881,513.85 103,672,555.645/15/2018 1,911,375.00 0.4499297x 859,984.42 104,532,540.06

11/15/2018 1,911,375.00 0,438941 Ox 838,980.81 105,371,520.87

5/15/2019 4,096,375.00 0,4282206x 1,754,152.23 107,125,673.1011/15/2019 1,856,750.00 0,4177621 x 775,679.74 107,901,352.845/15/2020 4,316,750.00 0,4075590x 1,759,330.21 109,660,683.05

11/15/2020 1,795,250.00 0.3976051 x 713,800.49 110,374,483.555/15/2021 5,310,250.00 0.3878943x 2,059,815.5cO 112,434,299.04

11/15/2021 1,707,375.00 0.3784206x 646,105.91 113,080,404.965/15/2022 4,992,375.00 0.3691784x 1,843,076.85 114,923,481.81



,/ \.I'


Series 2002-A

PROOF OF BOND YIELD ~ 5.0069339%

Date Cashflow PV Factor Present Value Cumulàtive PV

11/15/2026 1,147,750.00 0.2955216x 339,184.93 125,350,531.095/15/2027 6,877750.00 0.2883040x 1,982,882.97

127,333,414.0511/15/2027 1,004,500.00 0.2812627x 282,528.38 127,615,942.445/15/2028 8,259,500.00 0.2743934x 2,266,351.90 129,882,294.34

11/15/2028 823,125.00 0.2676918x 220,343.79 130,102,638.135/15/2029 8,448,125.00 0.2611539x 2,206,260.60 132,308,898.73

11/15/2029 632,500.00 0.2547757x 161,145.60 132,470,044.335/15/2030 8,647,500.00 0.2485532x 2,149,363.84 134,619,408.18

11/15/2030 432,125.00 0.2424827x 104,782.85 134,724,191.035/15/2031 8,857,125.00 0.2365605x 2,095,246.06 136,819,437.09

11/15/2031 221,500.00 0.2307829x 51,118.42 136,870,555.515/15/2032 9,081,500.00 0.2251465x 2,044,667.70 138,915,223.21

Total 262,198,501.65 - 138,915,223.21 -

DERIVATION OF TARGET AMOUNT

)Par Amount of Bonds...... ...... ............ ................ ..................................................... ............. ..... $137,820,000.00

Reoffering Premium or (Discount).................................................................. ............ ....... ........ 1,019,384.40

Accrued Interest from 02115/2002 to 03/21/2002..................................................................... 693,013.13Bond Insurance Premium........... ...... ........................................................................................ (455,695.67)

Other Credit Enhancement Fees.............................................................................................. (161,478.65)

Original Issue Proceeds........ .............................................................................. ..................... $138,915,223.21


Public Finance

File = SA WS. SF-02 ~enlor new 022602 final

2/26/2002 1 :08 PM



()City of San Antonio, TexasWater System Revenue Bonds

Series 2002-A

DERIVATION OF FORM 8038 YIELD STATISTICS

Maturity Issuance Value Price Issuance PRICE Exponent Bond Years

3/21/2002 - - - . -5/15/2006 2,000,000.00 103.200% 2,064,000.00 4.1500000x 8,565,600.005/15/2006 3,150,000.00 107.059% 3,372,358.50 4.1500000x

13,995,287.785/15/2007 2,095,000.00 102.428% 2,145,866.60 5.1500000x 11,051,212.995/15/2007 - 107.008% - 5.1500000x -

5/15/2008 2,000,000.00 101.687% 2,033,740.00 6.1500000x 12,507,501.005/15/2008 3,270,000.00 108.508% 3,548,211.60 6.1500000x 21,821,501.345/15/2009 2,000,000.00 100.552% 2,011,040.00 7.1500000x 14,378,936.005/15/2009 3,375,000.00 108.282% 3,654,517.50 7.1500000x 26,129,800.135/15/2010 1,300,000.00 99.582% 1,294,566.00 8.1500000x 10,550,712.905/15/2010 3,755,000.00 108.181% 4,062,196.55 8.1500000x 33,106,901.885/15/2011 4,365,000.00 99.731% 4,353,258.15 9.1500000x 39,832,312.075/15/2012 2,000,000.00 99.913% 1,998,260.00 10.1500000x 20,282,339.00

5/15/2012 2,280,000.00 110.126% 2,510,872.80 10.1500000x 25,485,358.925/15/2013 4,000,000.00 109.092% 4,363,680.00 11.1500000x 48,655,032.005/15/2014 4,000,000.00 108.154% 4,326,160.00 12.1500000x 52,562,844.005/15/2015 6,575,000.00 107.479% 7,066,744.25 13.1500000x 92,927,686.895/15/2016 5,640,000.00 106.642% 6,014,608.80 14.1500000x 85,106,714.525/15/2017 5,140,000.00 105.978% 5,447,269.20 15.1500000x 82,526,128.385/15/2018 4,420,000.00 105.319% 4,655,099.80 16.1500000x 75,179,861.775/15/2019 2,185,000.00 99.537% 2,174,883.45 17 .1500000x 37,299,251.175/15/2020 2,460,000.00 98.935% 2,433,801.00 18.1500000x 44,173,488.155/15/2021 3,515,000.00 98.539% 3,63,645.85 19.15ÓOOOOx 66,328,818.035/15/2022 3,285,000.00 98.249% 3,227,479.65 20.1500000x 65,033,714.95

5/15/2023 4,275,000.00 97.187% 4,154,744.25 21.1500000x 87,872,840.895/15/2024 4,695,000.00 97.187% 4,562,929.65 22.1500000x 101,068,891.755/15/2025 4,940,000.00 97.187% 4,801,037.80 23.1500000x 111,144,025.075/15/2026 5,190,000.00 96.083% 4,986,707.70 24.1500000x 120,428,990.965/15/2027 5,730,000.00 96.083% 5,505,555.90 25.1500000x 138,464,730.895/15/2028 7,255,000.00 96.083% 6,970,821.65 26.1500000x 182,286,986.155/15/2029 7,625,000.00 96.083% 7,326,328.75 27.1500aOOx 198,909,825.565/15/2030 8,015,000.00 96.083% 7,701,052.45 28.1500000x 216,784,626.475/15/2031 8,425,000.00 96.083% 8,094,992.75 29.1500000x 235,969,038.665/15/2032 8,860,000.00 96.083% 8,512,953.80 30.1500000x 256,665,557.07

Total 137,820,000.00 - 138,839,384.40 - 2,537,096,517.31

( )

IRS FORM 8038

Weighted Average Maturity = Bond Years/Issue Price............................................................. 18.274 Years

Total Interest from Debt Service............................................................................................. 130,236,276.82



( )

Son Antonio Woter SystRm

\

)

Section 9

Summary of Orders and Allotments

/~'- ~.~\



.~

Scn Antonio Woter Sysiem

MorganStan!ey

'~ I.~


Distribution of Orders and Allotments

Orders and Allotments

(ODD's)

Orders

Institutional

Retail

Total Orders

$226,945

$26,740$253,685

Allotments

Institutional

Retail

Total Allotments

$116,125

$21,695

$137,820

Distribution of Orders

Institutional89.46%

Distribution of Allotments

Institutional84.26%

.~\



Son Antonio Wa ter SYSl em

Morgan Sta n I ey

~ '-.


Distribution of Member and Priority Orders and Allotments

City of San Antonio, TexasWater System Revenue Bonds, Series 2002~A

(OOO's) MemberOrders Allotments

Priority

Orders AllotmentsTotal

Orders Allotments

Senior Manager

Morgan Stanley $29,570 $23,625 $136,665 $91,255 $166,235 $114,880

Co-Senior ManagerÎ ,'0'0 tlo

10,150iebert Brandford Shank 26,900 7,310 3,000 2,840 29,900

Co-Managers....õ""!/

M.E. Allson 3,275 3,275 0 0 3,275 3,275

Apex Pryor Securities 14,000 1,000 0 0 14,000 1,000,;. ?;q;) .

Bear Stearns 17,435 3,475 500 500 17,935 3,975

Morgan Keegan 22,340 4,540 0 0 22,340 4,540

$113,520 $43,225 $140,165 $94,595 $253,685 $137,820



~( )

Son AntoniQ Water Sys1em

)

Section 1 0

Retail Order Period Results

/ - ,.-_....'\



\"""-- "-/ ~.Retail Order Period Results

Distribution of Retail Orders

Scn Anton io Water Sys tem

$137,820,000 City of San Antonio,Texas, Water System Revenue Bonds, Series 2002-A

Retail Orders ('000)

Maturity Morgan Stanley Siebert Brandford Shank M.E. Allson & Co. Apex Pryor Securities Bear Stearns Morgan Keegan Total

2006 2,195 150 200 0 0 525 3,070

2007 4,215 0 850 0 0 195 5,260

2008 3,165 0 275 0 0 425 3,865

2009 1,900 0 150 0 200 600 2,850

2010 1,550 0 300 0 0 300 2,150

2011 1,775 0 500 0 0 0 2,275

2012 2,045 500 50 0 0 385 2,980

2013 500 0 100 0 0 0 600

2019 25 0 0 0 0 110 135

2020 25 0 350 0 25 0 400

2022 375 0 0 0 0 0 375

2025T 1,750 0 0 0 0 0 1,750

2032T 1,030 0 0 0 0 0 1,030

Total 20,550 650 2,775 0 225 2,540 26,740

Distribution of Retail Orders

M.E. Alison

10.38%

Siebert /Bradfod

Shan2.43%

Morgan Stanley

76.85%

Bear Steams

0.84%

'IMorganStanley



r'~\ )

( )

So n Antonio Wa te r Sys fern

Section 11

Bond Designations

\

~~



"-"

Son Antonio Water Sys1em

"MorganStanley

'-.-. ~;Bond Designations

Allocation of Bond Designations

Distribution of . Designations ($)

Morgan Stanley57.78%

Bear Stearns17.60%

M. E. Allson5.89%%

Apex PryorSecurities5.77%

Siebert Brandford Shank21.36%

Water System Revenue Bonds, Series 2002-A

Bond Designations

Firm Designations ($)Proportion of

Designation Dollars

Senior Manager

Morgan Stanley $204,731.56 43.90%

Co-Senior Managers

Siebert Brandford Shank $99,625.00 21.36%

Co-Managers

M. E. Allson

Apex Pryor Securities

Bear Stearns

Morgan Keegan

Total Designations

$27,455.00 5.89%

$26,916.25 5.77%

$82,082.50 17.60%

$25,545.93 5.48%

$466,356.24 100.00%

san antonio water system bonds, series 2002-a, final pricing information

Documents