Tarrant County s Outstanding Debt

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Arleen Waters
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1 Definitions General Obligation s (G.O. s) are secured by the County s ad valorem taxes. Tarrant County issues G.O. s after the approval of the voters at a bond election. Limited Tax s can be issued by the County, under Article III, Section 52, of the Texas Constitution. These bonds are secured by pledging a percentage of the property taxes. The debt amount must not exceed 25 percent of the County s total appraised taxable valuation. Refunding s can be issued by the County, under Chapter 1207, Texas Government Code, to refinance outstanding bonds by issuing new bonds at a lower interest rate. Refunding s do not require an election. Total Outstanding Debt Tarrant County s total outstanding debt as of the end of FY 2015 is $361,420,000. s are generally issued as 20-year serial bonds. Payments are scheduled through Elections The two most recent Tarrant County bond elections occurred in 1998 and On August 8, 1998, Tarrant County voters approved G.O. bond funding for three separate capital improvement projects totaling $94,300,000. The capital improvement projects included the construction of a new Family Law Courthouse, the addition of a County public health facility and expansion of the County s jail facilities. Authorized Unissued Balance Family Law Center $70,600,000 $63,100,000 $7,500,000 Public Health Facility $9,100,000 $1,000,000 $8,100,000 County Jail Facilities $14,600,000 $14,600,000 $0 Total $94,300,000 $78,700,000 $15,600,000 At this time, there is no intent to sell the balance associated with these bond authorizations. The Family Law Courthouse provides specially designed courtrooms, conferencing areas, and children s waiting rooms. A new County public health facility was proposed to enhance the program operations by providing sufficient training and classroom space for health promotion activities. Other sources of funds were used to complete this project. The expansion of the County s jail facilities included 1,100 additional beds On May 13, 2006, Tarrant County voters approved G.O. bond funding up to $433,120,000 in capital improvement and transportation projects designed to meet the needs of one of Texas fastest growing counties. Authorized Unissued Balance Roads & Bridges $200,000,000 $200,000,000 $0 Jail Facilities $108,000,000 $93,000,000 $15,000,000* Court Buildings $62,300,000 $62,300,000 $0 Juvenile Justice Complex $36,320,000 $36,320,000 $0 Medical Examiner Facilities $26,500,000 $26,500,000 $0 Total $433,120,000 $418,120,000 $15,000,000 *Reallocated $15 M from Court Buildings to Jail Facilities. Page 1

2 Obsolete and overcrowded facilities are being renovated or replaced with newer facilities to handle future growth. Voters approved five separate proposals, four of which involve capital improvement projects. Those projects include improvements to the County and District Court (Civil Courts) buildings, the Juvenile Justice Complex, the Medical Examiner s facilities and County jail facilities. The remaining proposal addresses the county s transportation needs and includes mobility, street, road, highway and bridge maintenance and improvement projects. Page 2

3 The following financial information was obtained from Commissioners Court archive records and Series Official Statements. The original issue premium associated with sale of the s is included in the. Refunding issuance amounts are included in the Original Issue, where applicable. The series indicates the year the s were sold. Current Outstanding Series Proceeds from the sale of the s are solely related to the 2006 election and will be used (1) to purchase, construct, reconstruct, renovate, rehabilitate, improve and maintain streets, roads, highways and bridges within the County; (2) to build County jail facilities; (3) to build County and District Courts buildings; (4) to build the County Juvenile Justice Complex; and (5) to build County Medical Examiner facilities and crime lab facilities G.O. Issuance On August 22, 2006, the Commissioners Court approved Court Order 98705, authorizing the issuance of Tarrant County, Texas, G.O. s not to exceed the amount of $85,000, The amounts issued include: Roads & Bridges $60,000,000 Jail Facilities $17,000,000 Court Buildings $1,000,000 Juvenile Justice Complex $2,000,000 Medical Examiner Facilities $5,000,000 Total $85,000, G.O. Issuance Original Issue - $82,060, $3,979,500 $3,790,000 $189,500 Total $3,979,500 $3,790,000 $189, G.O. Issuance On August 28, 2007, the Commissioners Court approved Court Order , authorizing the issuance of Tarrant County, Texas G.O. s not to exceed the amount of $53,700,000. The amounts issued include: Roads & Bridges $30,000,000 Jail Facilities $10,000,000 Court Buildings - Juvenile Justice Complex $1,000,000 Medical Examiner Facilities $12,700,000 Total $53,700,000 Page 3

4 2007 G.O. Issuance Original Issue - $52,510, $2,557,750 $2,320,000 $237, $2,556,750 $2,435,000 $121,750 Total $5,114,500 $4,755,000 $359, G.O. Issuance On August 26, 2008, the Commissioners Court approved Court Order , authorizing the issuance of Tarrant County, Texas G.O. s not to exceed the amount of $112,000,000. The amounts issued include: Roads & Bridges $6,000,000 Jail Facilities $81,000,000 Court Buildings $15,000,000 Juvenile Justice Complex $1,200,000 Medical Examiner Facilities $8,800,000 Total $112,000, G.O. Issuance Original Issue - $107,480, $8,434,700 $4,515,000 $3,919, $8,438,950 $4,745,000 $3,693, $8,436,700 $4,980,000 $3,456, $8,437,500 $5,180,000 $3,257, $8,438,500 $5,440,000 $2,998, $8,436,500 $5,710,000 $2,726, $8,436,000 $5,995,000 $2,441, $8,436,250 $6,295,000 $2,141, $8,436,500 $6,610,000 $1,826, $8,436,000 $6,940,000 $1,496, $8,439,000 $7,290,000 $1,149, $8,434,500 $7,650,000 $784, $8,442,000 $8,040,000 $402,000 Total $109,683,100 $79,390,000 $30,293,100 Page 4

5 2010 Refunding and Improvement Issuance On September 21, 2010, the Commissioners Court approved Court Order , authorizing the issuance $62,000,000 in G.O. s to continue the funding of 2006 voter approved projects. The amounts issued include: Roads & Bridges $30,700,000 Jail Facilities $0 Court Buildings $31,300,000 Juvenile Justice Complex $0 Medical Examiner Facilities $0 Total $62,000,000 In addition, the order provided provision to refund Tarrant County, Texas, Limited Tax s, Series 2002, dated July 1, 2002, in the principal amount of $15,600,000, in order to lower the overall debt service requirements of the County Refunding and Improvement Issuance Original Issue - $70,045, $6,163,950 $3,440,000 $2,723, $6,166,950 $3,615,000 $2,551, $6,177,350 $3,770,000 $2,407, $6,183,850 $3,965,000 $2,218, $6,190,600 $4,170,000 $2,020, $6,197,100 $4,385,000 $1,812, $6,197,850 $4,605,000 $1,592, $4,302,600 $2,940,000 $1,362, $4,305,000 $3,060,000 $1,245, $4,302,000 $3,210,000 $1,092, $4,301,500 $3,370,000 $931, $4,303,000 $3,540,000 $763, $4,301,000 $3,715,000 $586, $4,305,250 $3,905,000 $400, $4,305,000 $4,100,000 $205,000 Total $77,703,000 $55,790,000 $21,913,000 Page 5

6 2013 Refunding and Improvement Issuance On September 10, 2013, the Commissioners Court approved Court Order , authorizing the issuance of $40,000,000 in G.O. s to continue the 2006 transportation projects. The amounts issued include: Roads & Bridges $40,000,000 Jail Facilities $0 Court Buildings $0 Juvenile Justice Complex $0 Medical Examiner Facilities $0 Total $40,000,000 In addition, the order provided provision to refund Tarrant County, Texas, Limited Tax Refunding & Improvement s Series 2004, dated July 15, 2004, and Tarrant County, Texas, Limited Tax Refunding s Series 2005, dated August 1, 2005, for a total principal amount of $37,210,000, in order to lower the overall debt service requirements of the County Refunding and Improvement Issuance Original Issue - $72,260, $8,104,300 $4,770,000 $3,334, $8,128,500 $4,985,000 $3,143, $8,149,250 $5,255,000 $2,894, $8,141,500 $5,510,000 $2,631, $6,866,000 $4,510,000 $2,356, $6,870,500 $4,740,000 $2,130, $6,878,500 $4,985,000 $1,893, $6,879,250 $5,235,000 $1,644, $6,892,500 $5,510,000 $1,382, $4,277,000 $3,170,000 $1,107, $2,933,500 $1,985,000 $948, $2,934,250 $2,085,000 $849, $2,935,000 $2,190,000 $745, $2,935,500 $2,300,000 $635, $2,935,500 $2,415,000 $520, $2,934,750 $2,535,000 $399, $2,938,000 $2,665,000 $273, $2,934,750 $2,795,000 $139,750 Total $94,668,550 $67,640,000 $27,028,550 Page 6

7 2015 Limited Tax Refunding and Improvement Issuance On August 11, 2015, the Commissioners Court approved Court Order , authorizing the issuance of $40,420, in G.O. s. The amounts issued include: Roads & Bridges $8,300,000 Jail Facilities $0 Court Buildings $0 Juvenile Justice Complex $32,120,000 Medical Examiner Facilities $0 Total $40,420,000 The order also provides provisions to refund Tarrant County, Texas, Limited Tax s, Series 2007, dated August 15, 2007, in the principal amount of $32,455,000, in order to lower the overall debt service requirements of the County and resulting in a net present-value savings to the County of $3,455, Limited Tax Refunding and Improvement Issuance Original Issue - $67,075, $2,687,065 $140,000 $2,547, $3,063,900 $0 $3,063, $5,523,900 $2,460,000 $3,063, $5,520,900 $2,580,000 $2,940, $5,521,900 $2,710,000 $2,811, $5,521,400 $2,845,000 $2,676, $5,519,150 $2,985,000 $2,534, $5,519,900 $3,135,000 $2,384, $5,523,150 $3,295,000 $2,228, $5,523,400 $3,460,000 $2,063, $8,510,400 $6,620,000 $1,890, $8,511,800 $6,820,000 $1,691, $4,631,050 $3,195,000 $1,436, $4,633,250 $3,325,000 $1,308, $4,630,250 $3,455,000 $1,175, $4,632,500 $3,630,000 $1,002, $4,631,000 $3,810,000 $821, $4,630,500 $4,000,000 $630, $4,630,500 $4,200,000 $430, $4,630,500 $4,410,000 $220,500 Total $103,996,415 $67,075,000 $36,921,415 Page 7

8 2015A Limited Tax Refunding and Improvement Issuance On August 11, 2015, Commissioners Court approved Court Order , authorizing the issuance of $25,000,000 in G.O. s to continue the funding of the 2006 transportation projects. The amounts issued include: Roads & Bridges $25,000,000 Jail Facilities $0 Court Buildings $0 Juvenile Justice Complex $0 Medical Examiner Facilities $0 Total $25,000,000 The order also provides provisions to refund Tarrant County, Texas, Limited Tax s, Series 2005 and 2006, dated August 1, 2005 and August 15, 2006, in the principal amount of $49,890,000, in order to lower the overall debt service requirements of the County and resulting in a net present value savings to the County of $7,812, A Limited Tax Refunding and Improvement Issuance Original Issue - $82,980, $5,372,714 $4,015,000 $1,357, $9,360,611 $7,805,000 $1,555, $9,356,852 $7,955,000 $1,401, $9,355,139 $8,110,000 $1,245, $8,945,372 $7,860,000 $1,085, $8,950,530 $8,020,000 $930, $8,947,536 $8,175,000 $772, $8,941,488 $8,330,000 $611, $8,942,387 $8,495,000 $447, $8,945,036 $8,665,000 $280, $5,659,335 $5,550,000 $109,335 Total $92,776,997 $82,980,000 $9,796,997 Page 8

9 Below is the Combined Schedule of. Tarrant County s Combined Schedule of Outstanding Debt 2016 $37,299,979 $22,990,000 $14,309, $37,715,661 $23,585,000 $14,130, $37,644,052 $24,420,000 $13,224, $37,638,889 $25,345,000 $12,293, $35,962,372 $24,690,000 $11,272, $35,976,030 $25,700,000 $10,276, $35,979,036 $26,745,000 $9,234, $34,079,488 $25,935,000 $8,144, $34,099,537 $26,970,000 $7,129, $31,483,436 $25,445,000 $6,038, $29,843,735 $24,815,000 $5,028, $24,183,550 $20,095,000 $4,088, $20,309,050 $17,140,000 $3,169, $11,874,000 $9,530,000 $2,344, $11,870,750 $9,970,000 $1,900, $7,567,250 $6,165,000 $1,402, $7,569,000 $6,475,000 $1,094, $7,565,250 $6,795,000 $770, $4,630,500 $4,200,000 $430, $4,630,500 $4,410,000 $220,500 Total $487,922,062 $361,420,000 $126,502,062 Page 9

Tarrant County s Outstanding Debt

Tarrant County s Outstanding Debt The following financial information was obtained from Commissioners Court archive records and Series Official Statements. The original issue premium associated with sale of the s is included in the. Refunding