FORT BEND COUNTY MUNICIPAL UTILITY DISTRICT NO. 47
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1 FORT BEND COUNTY MUNICIPAL UTILITY DISTRICT NO. 47 May 4, 2019 Bond Authorization Election TOWN HALL MEETING PRESENTED BY: Board of Directors, Fort Bend County Municipal Utility District No. 47
2 Introduction Board of Directors Jerry Cogan President Lynette M. Salmon Vice President Lauren Svatek Secretary Jeff Ford Assistant Secretary Glenn Murray Director Consultants Jon D. Polley, Radcliffe Bobbitt Adams Polley PLLC General Counsel Stephen Swindell, P.E., Jones & Carter, Inc. Engineer Bill Blitch, Blitch Associates, Inc. Financial Advisor District s Website:
3 PROPOSITION NO. A
4 What is a MUD? What is a MUD? A Municipal Utility District, a governmental entity created to provide water, sewage, drainage, and other utility-related services within the MUD s boundaries. How does a MUD work? An elected Board of Directors manages the MUD, subject to supervision from the TCEQ. The Board establishes policies in the interest of its residents and customers. A MUD may adopt and enforce all necessary charges, fees, and taxes in order to provide district facilities and services.
5 What is a bond? A bond is a way to borrow money. When an entity sells bonds an investor buys the bonds (i.e. gives the entity money) the entity promises to repay the bonds with interest over a period of years 2 types of security for MUD bonds: Tax bonds Revenue bonds
6 Regulation of MUDs Subject to Texas Commission on Environmental Quality (TCEQ) oversight Open Meetings Act and Public Information Act apply Financial audit annually by a CPA; posted on Comptroller s website Elections governed by Texas Water Code and Texas Election Code Public Funds Investment Act and Public Funds Collateral Act govern handling of funds City/County review and approval of construction plans Public bidding and bond requirements for contracts
7 Funding Sources Monthly water bill Rates for services set by Board and published in Rate Order Charges for water service, wastewater service, tap fees, inspection fees, etc. Pass-through charges for GRP fees and garbage collection costs (i.e. no net revenue for the District) Operations & Maintenance Tax Funds on-going operations and routine maintenance Current rate $0.325/$100 of assessed valuation Debt Service Tax Funds debt service on outstanding bonds Current rate $0.598/$100 of assessed valuation Issuance of Bonds Funds new facility construction and capital repair/replacements $23,875,000 authorized in elections held in 1983, 1985 and 1997 Currently seeking TCEQ approval to issue remaining $8,965,000 authorized
8 Where is MUD 47?
9 History of MUD 47 Creation March 8, 1983 (36 years old) Aged water and wastewater Facilities Aged stormwater facilities Originally acres, currently acres Generally declining property tax rates
10 Tax Rate History Tax Year Tax Value Tax Rate ,869, ,997, ,759, ,600, ,266, ,309, ,658, ,953, ,893, ,437, ,973, ,991, ,229, ,124, ,399, ,218, Tax Year Tax Value Tax Rate ,687, ,470, ,312, ,983, ,581, ,291, ,849, ,512, ,126, ,688, ,574, ,845, ,796, ,702, ,587, ,906, As tax value increases, tax rate decreases
11 Bond Authorization History Date of Election Purpose Amount Approved April 2, 1983 April 6, 1985 November 17, 1997 Water, wastewater, drainage Water, wastewater, drainage Water, wastewater, drainage $ 6,410,000 $ 4,449,000 $ 12,975,000 TOTAL $ 23,875,000 Authorizing bonds does not automatically incur debt for the District. The elected Board of Directors will decide in the future what projects are needed and when issuing bonds makes sense
12 Proposed Bond Projects Lift Station Improvements Rehabilitating the lift station pumps and controls at the five lift stations within the District. Force Main Improvements Rehabilitating the force main serving the oldest lift station within the District. Sanitary Sewer Rehabilitation Cleaning, inspecting, and rehabilitating the sanitary sewer collection system. Storm Sewer Rehabilitation Cleaning, inspecting and rehabilitating storm sewer collection system piping and earthen channels. Annexation Reimbursements Several surrounding landowners have expressed interest in annexing their property into the District.
13 Bond Authorization Summary of Costs Estimated Design, Construction, Purchase and Acquisition Costs Amount A. Lift Stations $ 1,700, B. Force Mains $ 1,000, C. Sanitary Sewer Rehabilitation $ 1,000, D. Storm Sewer Rehabilitation $ 1,000, E. Annexation Reimbursements $ 11,000, F. Contingencies $ 3,150, G. Engineering $ 3,300, H. Inflation $ 3,295, TOTAL DESIGN, CONSTRUCTION, PURCHASE AND ACQUISITION COSTS (82.97% of Bond Issuance Requirement) $ 25,445, Nonconstruction Costs A. Legal Fees $ 600, B. Financial Advisor Fees (2%) $ 600, C. Capitalized Interest (6.5%) $ 1,950, C. Bond Discount (3%) $ 900, D. Administrative, Organizational, and Issuance Fees and Expenses $ 200, E. Bond Application Report Costs $ 200, F. Attorney General's Fee (0.1%) $ 30, G. TCEQ Bond Proceeds Fee (0.25%) $ 75, TOTAL NONCONSTRUCTION COSTS $ 4,555, (17.03% of Bond Issuance Requirement) TOTAL BOND ISSUANCE REQUIREMENT $ 30,000,000.00
14 Potential Future Development
15 Developer Reimbursements Developers ask MUDs to annex property in exchange for the MUD financing certain public infrastructure. The developer funds construction of the public infrastructure and keeps all risk of the development failing. AFTER the developer adds sufficient taxable value to the MUD, the MUD reimburses the developer (i.e. every reimbursement is selfsupporting) If the developer fails to create sufficient taxable value, reimbursement is reduced accordingly Because of this self-supporting structure, annexations are ALWAYS a financial benefit to the MUD s existing residents/property owners
16 PROPOSITION NO. A ( ) FOR ( ) AGAINST SHALL THE BOARD OF DIRECTORS OF FORT BEND COUNTY MUNICIPAL UTILITY DISTRICT NO. 47 (THE DISTRICT ) BE AUTHORIZED TO ISSUE THE BONDS OF THE DISTRICT, MATURING SERIALLY OR OTHERWISE OVER A PERIOD NOT TO EXCEED 40 YEARS FROM THEIR DATE OR DATES, AND TO BE ISSUED AND SOLD AT ANY PRICE OR PRICES AND TO BEAR INTEREST AT ANY RATE OR RATES AS SHALL BE DETERMINED WITHIN THE DISCRETION OF THE BOARD OF THE DISTRICT AT THE TIME OF ISSUANCE AS AUTHORIZED BY LAW AS NOW ENACTED OR HEREAFTER AMENDED, FOR THE PURPOSES OF (A) DESIGNING, PURCHASING, CONSTRUCTING, ACQUIRING, OWNING, OPERATING, REPAIRING, REPLACING, IMPROVING AND EXTENDING WATER, SANITARY SEWER AND DRAINAGE FACILITIES IN THE MAXIMUM AMOUNT NOT TO EXCEED $30,000,000, AND (B) THE REFUNDING OF ANY SUCH BONDS OR OTHER EVIDENCES OF INDEBTEDNESS OF THE DISTRICT WHICH MAY BE OUTSTANDING FROM TIME TO TIME IN THE MAXIMUM AMOUNT NOT TO EXCEED $30,000,000, AND TO PROVIDE FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON SUCH BONDS BY THE LEVY AND COLLECTION OF A SUFFICIENT AD VALOREM TAX AUTHORIZED BY CHAPTERS 49 AND 54 OF THE TEXAS WATER CODE, UPON ALL TAXABLE PROPERTY WITHIN THE DISTRICT, ALL AS AUTHORIZED BY THE CONSTITUTION AND LAWS OF THE STATE OF TEXAS?
17 Proposition A Breakdown Should the Board be authorized to Issue bonds With a maturity of up to 40 years At interest rates to be determined by the board (and dictated by the market at the time of issuance) For the following purposes: Financing water, wastewater or drainage infrastructure; and Refinancing previously issued bonds Levy a property tax sufficient to pay the debt-service on the bonds?
18 Election Information Election Day: May 4, 2019, 7am - 7pm Early Voting: Monday, April 22, Tuesday, April 30, 2019 (times available on District website) -- Joint election with Fort Bend County -- Locations available on District website All ballot information will be available on the District s website
19 Early Voting Locations
20 Election Day Locations
21 Questions? Updated information is available on the District s website: Voting locations, hours and map are available on the Fort Bend County website: This handout is intended for informational purposes only and is in no way intended to have any bearing on or influence a vote. A copy of this presentation is available in Spanish upon request to Radcliffe Bobbitt Adams Polley PLLC.
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