Financial Presentation

Transcription

Review of District’s Debt Position and Capacity
Monday, September 24, 2012
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Historical Texas School District Bond Election Results
Texas
Texas School
School District
District Bond
Bond Elections
Elections –– Historical
Historical Approval
Approval Rates
Rates
90.0%
Approval Rate
85.0%
80.0%
87.4%
87.2%
83.8%
75.0%
75.5%
70.0%
70.5%
65.0%
82.8%
65.4%
60.0%
55.0%
50.0%
Year 2007
Year 2008
Year 2009
Year 2010
Year 2011
Year 2012
Average
Historical Texas School District Bond Election Results – Years 2007 Through May 2012
Year
2007
2008
2009
2010
2011
May 2012
No. Of
Elections
165
131
79
110
94
45
Dollar Amount
Of Bond Elections
$12,757,680,479
$9,960,307,101
$2,447,569,995
$4,584,668,000
$3,943,308,215
$842,232,339
Totals
624
$34,535,766,129
Dollar Amount Approved
Dollar Amount
Percentage
$11,148,410,479
87.4%
$8,686,683,101
87.2%
$1,601,039,995
65.4%
$3,231,587,000
70.5%
$3,302,979,215
83.8%
$635,747,339
75.5%
$28,606,447,129
82.8%
Dollar Amount Failed
Dollar Amount
Percentage
$1,609,270,000
12.6%
$1,273,624,000
12.8%
$846,530,000
34.6%
$1,353,081,000
29.5%
$640,329,000
16.2%
$206,485,000
24.5%
$5,929,319,000
17.2%
Source: The Municipal Advisory Council of Texas, The Bond Review Board and other various sources.
1
Summary of May 12, 2012 Bond Election Results
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Approximately 75.5% of the proposed $842.2 million of Texas school district bonds were approved by voters on
May 12, 2012 and 77.2% of all propositions were approved by voters.
Texas
Texas School
School District
District Bond
Bond Election
Election Results
Results ––
May
May 2012
2012 –– By
By Dollar
Dollar Amount
Amount of
of Election
Election
$206,485,000
24.50%
Texas
Texas School
School District
District Bond
Bond Election
Election Results
Results ––
May
May 2012
2012 –– By
By Number
Number of
of Propositions
Propositions
13 Propositions
22.81%
$635,747,339
75.50%
Approved
Failed
44 Propositions
77.19%
Approved
Failed
2
Texas School District Bond Elections Over $100 Million
Texas School District Bond Elections
Over $100 Million Since Year 2007
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Issuer
Houston ISD
Dallas ISD
San Antonio ISD
Katy ISD
North East ISD
Socorro ISD
Pasadena ISD
Lamar CISD
Judson ISD
Mansfield ISD
Lubbock ISD
Arlington ISD
McKinney ISD
Richardson ISD
Brazosport ISD
Ysleta ISD
Deer Park ISD
Eanes ISD
College Station ISD
Carroll ISD
Georgetown ISD
Hurst-Euless-Bedford ISD
Corpus Christi ISD
Grapevine-Colleyville ISD
Nederland ISD
Allen ISD
Channelview ISD
Georgetown ISD
Northwest ISD
Corpus Christi ISD
Nederland ISD
Allen ISD
Channelview ISD
Pharr-San Juan-Alamo ISD
Election Amount
$ 1,890,000,000
1,350,000,000
807,000,000
805,000,000
776,670,000
646,900,000
597,150,000
593,600,000
559,000,000
535,142,000
527,000,000
515,000,000
490,000,000
459,795,000
428,000,000
400,000,000
399,410,000
397,000,000
394,000,000
388,600,000
343,717,819
297,400,000
293,940,000
282,000,000
280,000,000
270,100,000
266,875,000
260,000,000
255,000,000
250,980,000
249,159,215
244,920,000
230,000,000
222,000,000
219,000,000
205,850,000
Source: The Municipal Advisory Council of Texas.
Election Date
November 6, 2012
May 10, 2008
November 6, 2007
November 6, 2007
May 10, 2008
May 10, 2008
November 6, 2007
November 6, 2007
November 6, 2007
May 8, 2010
May 10, 2008
November 2, 2010
May 10, 2008
November 2, 2010
November 6, 2007
May 12, 2007
November 8, 2011
November 6, 2007
May 10, 2008
November 6, 2007
May 10, 2008
May 14, 2011
November 4, 2008
November 6, 2007
May 12, 2007
November 8, 2011
May 10, 2008
May 10, 2008
November 6, 2012
November 6, 2007
November 8, 2011
May 10, 2008
May 12, 2007
May 12, 2007
November 4, 2008
May 10, 2008
Texas School District Bond Elections
Over $100 Million Since Year 2007 (Continued)
Bonds
Failed
TBD
$
79,000,000
400,000,000
397,000,000
TBD
-
No.
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
Issuer
Judson ISD
Mansfield ISD
Rockwall ISD
Tomball ISD
Lubbock ISD
Arlington ISD
Corpus Christi ISD
McKinney ISD
Clear Creek ISD
Mesquite ISD
Waco ISD
Richardson ISD
Keller ISD
Brazosport ISD
Midland ISD
Ysleta ISD
Lake Travis ISD
Eanes ISD
San Angelo ISD
College Station ISD
Angleton ISD
Carroll ISD
Georgetown ISD
San Angelo ISD
Ector County ISD
Corpus Christi ISD
Tyler ISD
Allen ISD
Channelview ISD
Manor ISD
Dickinson ISD
Midlothian ISD
Election Amount
$ 198,800,000
198,530,000
198,150,000
198,000,000
198,000,000
197,500,000
192,000,000
191,000,000
183,125,000
180,000,000
172,500,000
170,000,000
167,900,000
166,000,000
163,100,000
160,000,000
158,455,000
149,500,000
149,000,000
144,200,000
139,900,000
138,000,000
137,300,000
136,495,000
130,000,000
129,750,000
125,000,000
124,877,000
124,500,000
119,400,000
113,145,000
111,530,000
108,000,000
107,500,000
105,800,000
103,000,000
Election Date
November 2, 2010
November 8, 2011
May 12, 2007
May 12, 2007
November 2, 2010
November 3, 2009
November 4, 2008
May 14, 2011
May 12, 2007
May 12, 2007
May 10, 2008
May 14, 2011
November 4, 2008
November 3, 2009
November 6, 2012
May 8, 2010
November 8, 2011
November 2, 2010
November 4, 2008
May 9, 2009
November 6, 2007
May 9, 2009
November 2, 2010
May 14, 2011
May 12, 2007
November 6, 2012
November 2, 2010
November 4, 2008
May 14, 2011
May 9, 2009
November 3, 2009
May 12, 2007
May 8, 2010
November 6, 2007
May 10, 2008
November 6, 2007
Bonds
Failed
$ 198,800,000
25,600,000
166,000,000
TBD
160,000,000
149,500,000
32,000,000
130,000,000
TBD
100,500,000
3
I&S Tax Rates of 40.0 Cents or Higher – Year 2011/12
Listing of Texas School District’s with an I&S Tax Rate of 40.0 Cents or More – Year 2011/12
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Royal ISD (54.50 Cents)
Needville ISD (53.96 Cents)
Spring ISD (53.00 Cents)
Bishop Consolidated ISD (51.66 Cents)
Joaquin ISD (50.70 Cents)
Skidmore-Tynan ISD (50.51 Cents)
Allen ISD (50.00 Cents)
Anna ISD (50.00 Cents)
Aubrey ISD (50.00 Cents)
Blue Ridge ISD (50.00 Cents)
Burleson ISD (50.00 Cents)
Caddo Mills ISD (50.00 Cents)
Celina ISD (50.00 Cents)
Dickinson ISD (50.00 Cents)
Eagle Mountain-Saginaw ISD (50.00 Cents)
Ennis ISD (50.00 Cents)
Hitchcock ISD (50.00 Cents)
Hutto ISD (50.00 Cents)
Keller ISD (50.00 Cents)
Krum ISD (50.00 Cents)
Lake Dallas ISD (50.00 Cents)
Lake Worth ISD (50.00 Cents)
Little Elm ISD (50.00 Cents)
McKinney ISD (50.00 Cents)
Melissa ISD (50.00 Cents)
Midlothian ISD (50.00 Cents)
New Caney ISD (50.00 Cents)
Prosper ISD (50.00 Cents)
Spring Hill ISD (50.00 Cents)
White Settlement ISD (50.00 Cents)
Crowley ISD (49.50 Cents)
Millsap ISD (49.50 Cents)
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Del Valle ISD (49.00 Cents)
Denton ISD (49.00 Cents)
Crandall ISD (48.36 Cents)
Robstown ISD (48.00 Cents)
Floresville ISD (47.58 Cents)
Bloomington ISD (47.50 Cents)
Lovejoy ISD (47.50 Cents)
Manor ISD (47.50 Cents)
Longview ISD (47.30 Cents)
Banquete ISD (47.22 Cents)
Newcastle ISD (47.00 Cents)
Wylie ISD (47.00 Cents)
Overton ISD (46.43 Cents)
Bland ISD (46.00 Cents)
Forney ISD (46.00 Cents)
Frenship ISD (46.00 Cents)
Jacksboro ISD (46.00 Cents)
Hubbard ISD (45.99 Cents)
Leander ISD (45.98 Cents)
Lubbock-Cooper ISD (45.90 Cents)
Mansfield ISD (45.60 Cents)
Community ISD (45.50 Cents)
Santa Fe ISD (45.50 Cents)
Dripping Springs ISD (45.00 Cents)
Bastrop ISD (44.10 Cents)
Panhandle ISD (44.00 Cents)
Pflugerville ISD (44.00 Cents)
Robert Lee ISD (44.00 Cents)
Royse City ISD (44.00 Cents)
Woodsboro ISD (43.47 Cents)
Iola ISD (43.39 Cents)
Princeton ISD (43.36 Cents)
Source: Texas Comptroller of Public Accounts – Property Tax Assistance Division.
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Freer ISD (43.17 Cents)
Canton ISD (43.10 Cents)
Huffman ISD (43.00 Cents)
Rockwall ISD (43.00 Cents)
North Forest ISD (42.93 Cents)
Commerce ISD (42.65 Cents)
Channelview ISD (42.55 Cents)
Grand Prairie ISD (42.50 Cents)
Irving ISD (42.50 Cents)
Kingsville ISD (42.38 Cents)
Hays Consolidated ISD (42.13 Cents)
Springtown ISD (42.03 Cents)
Argyle ISD (42.00 Cents)
Frisco ISD (42.00 Cents)
Hidalgo ISD (41.64 Cents)
Santa Getrudis ISD (41.57 Cents)
Angleton ISD (41.52 Cents)
South San Antonio ISD (41.49 Cents)
Giddings ISD (41.00 Cents)
Gunter ISD (41.00 Cents)
Taylor ISD (41.00 Cents)
Winona ISD (40.67 Cents)
San Diego ISD (40.48 Cents)
Cedar Hill ISD (40.00 Cents)
DeSoto ISD (40.00 Cents)
Katy ISD (40.00 Cents)
Lefors ISD (40.00 Cents)
Sherman ISD (40.00 Cents)
Tioga ISD (40.00 Cents)
Van Alstyne ISD (40.00 Cents)
Waller ISD (40.00 Cents)
5
Historical Tax Rates
District’s
District’s Historical
Historical Tax
Tax Rates
Rates
$1.80
$1.617
$1.565
The District's total tax rate has declined by
18.2 cents or 11.3% over the last 7-years.
$1.60
$0.152
$0.226
Tax Rate
$1.40
$1.20
$1.405
$1.410
$1.405
$1.425
$1.435
$1.435
$0.365
$0.370
$0.365
$0.385
$0.395
$0.395
$1.040
$1.040
$1.040
$1.040
$1.040
$1.040
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
$1.465
$1.339
$1.00
$0.80
2005/06
2006/07
Maintenance & Operations Tax Rate
Interest & Sinking Fund Tax Rate
6
Historical Taxes for a $116,497 Average Home Value
Historical
Historical Taxes
Taxes –– For
For aa $116,497
$116,497 Average
Average Home
Home Value
Value
$2,500
Based upon a constant home value, a homeowner's school property
taxes have declined by $184.73 or 11.3% over the last 7-years.
$2,000
$1,641.21 $1,588.43
$154.28
$229.39
Taxes
$1,500
$1,426.03 $1,431.11 $1,426.03 $1,446.33 $1,456.48 $1,456.48
$370.46
$375.54
$370.46
$390.76
$400.91
$400.91
$1,055.57
$1,055.57
$1,055.57
$1,055.57
$1,055.57
$1,055.57
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
$1,000
$1,486.93
$1,359.04
$500
$0
2005/06
2006/07
Maintenance & Operations Taxes
Source: Tarrant Appraisal District.
Interest & Sinking Fund Taxes
7
Comparison of Selected DFW Texas School Districts –
Enrollment Between 12,500-40,000
Comparison Of Student Enrollment – Year 2011/12
School District
1.) Mesquite ISD
2.) Richardson ISD
3.) Irving ISD
4.) Keller ISD
5.) Mansfield ISD
6.) Grand Prairie ISD
7.) Carrollton-Farmers Branch ISD
8.) Birdville ISD
9.) Hurst-Euless-Bedford ISD
10.) Eagle Mountain-Saginaw ISD
11.) Crowley ISD
12.) Grapevine-Colleyville ISD
13.) Duncanville ISD
Source: Texas Education Agency.
Year 2011/12
Student
Enrollment
38,287
37,044
34,770
33,130
32,564
26,607
26,423
23,711
21,570
17,155
15,101
13,510
13,079
8
Comparison Of Debt Per Taxable Assessed Valuation
School District
1.) Crowley ISD
4.) Mansfield ISD
5.) Mesquite ISD
6.) Irving ISD
7.) Keller ISD
9.) Duncanville ISD
10.) Richardson ISD
12.) Birdville ISD
Source: The Municipal Advisory Council of Texas – As of August 31, 2012.
Principal
Amount Of
Outstanding &
Authorized Bonds
$ 632,092,522
767,981,431
492,045,763
872,809,963
451,273,025
554,091,600
700,087,011
449,433,426
150,421,348
509,569,988
354,381,492
213,969,754
363,045,000
Year 2011/12
Taxable
Valuation
$ 4,616,783,628
6,063,064,387
4,743,995,233
9,407,039,073
6,052,684,984
8,745,558,574
11,200,638,123
8,508,099,394
3,153,422,793
15,533,848,816
10,880,609,668
7,018,286,448
13,477,170,228
Debt As A
Percent Of
Taxable
Valuation
13.69%
12.67%
10.37%
9.28%
7.46%
6.34%
6.25%
5.28%
4.77%
3.28%
3.26%
3.05%
2.69%
9
Comparison Of Debt Per Student
School District
2.) Crowley ISD
3.) Mansfield ISD
5.) Keller ISD
8.) Irving ISD
9.) Richardson ISD
11.) Mesquite ISD
13.) Birdville ISD
Principal
Amount Of
Outstanding &
Authorized Bonds
$ 767,981,431
632,092,522
872,809,963
354,381,492
700,087,011
449,433,426
492,045,763
554,091,600
509,569,988
363,045,000
451,273,025
150,421,348
213,969,754
Source: The Municipal Advisory Council of Texas and Texas Education Agency – As of August 31, 2012.
Year 2011/12
Student
Enrollment
17,155
15,101
32,564
13,510
33,130
21,570
26,607
34,770
37,044
26,423
38,287
13,079
23,711
Debt Per
Student
44,767
41,858
26,803
26,231
21,132
20,836
18,493
15,936
13,756
13,740
11,787
11,501
9,024
10
Comparison of Standard & Poor’s Bond Ratings
School District
2.) Irving ISD
3.) Richardson ISD
4.) Birdville ISD
7.) Keller ISD
8.) Mansfield ISD
9.) Mesquite ISD
13.) Crowley ISD
Source: The Municipal Advisory Council of Texas.
Bond Rating
AA+
AA+
AA+
AA
AA
AA
AA
AA
AA
AAAAAAA+
11
Example Bond Repayment Periods for Texas School
Districts
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Generally speaking, Texas school districts repay bonds issued for long-term capital improvements over a period of
20 to 40 years.
Example Of Bond Repayment Periods
School District
Birdville ISD
Carrollton-Farmers Branch ISD
Crowley ISD
Duncanville ISD
Eagle Mountain-Saginaw ISD
Grand Prairie ISD
Irving ISD
Keller ISD
Mansfield ISD
Mesquite ISD
Richardson ISD
Bond
Series
2007
2012
2008
2003
2011
2008
2011
2011
2010
2009
2012
2010
2012
Year Of
Final
Maturity
2032
2032
2039
2033
2050
2037
2036
2036
2040
2035
2042
2035
2037
Repayment
Period
25 Years
20 Years
31 Years
30 Years
39 Years
29 Years
25 Years
25 Years
30 Years
26 Years
30 Years
25 Years
25 Years
12
Existing Bonds – Debt Service by Series
$30,000,000
District's I&S tax rate is 39.5 cents.
Beginning in Year 2021/22, the
District’s bond payments decline
by approximately $14.5 million –
Providing bond capacity for a new
bond program.
$27,500,000
$25,000,000
Annual Debt Service
$22,500,000
$20,000,000
$17,500,000
$15,000,000
$12,500,000
$10,000,000
$7,500,000
$5,000,000
Unlimited Tax School Building & Refunding Bonds, Series 1997
Unlimited Tax School Building Bonds, Series 2006
Unlimited Tax School Building Bonds, Series 2008-A
Unlimited Tax Refunding Bonds, Series 2012
2031/32
2030/31
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
$0
2012/13
$2,500,000
Unlimited Tax Refunding Bonds, Series 2008-B
__________
Note: Debt service payments reflect payments from September 1 through August 31.
The District has a total principal amount of existing bonds equal to $213,969,753.59.
13
Summary of Interest Cost Savings Achieved By
Managing the District’s Debt Portfolio
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Over the last 10-years, the District has actively managed its debt portfolio to lower its borrowing cost. For
example, the District has achieved $9,600,706 of savings by refunding its outstanding bonds at a lower interest rate
as summarized below.
Summary of Interest Cost Savings Achieved By The District
Bond Sale
Unlimited Tax Refunding Bonds, Series 2002A
Principal
Amount
Refunded
Series
Refunded
Savings
$ 22,725,000
1994 & 1996
$ 808,894
20,247,779
1994
1,647,365
25,701,186
1994, 1997 & 1997A
1,157,110
7,400,565
1997
3,276,700
Unlimited Tax Refunding Bonds, Series 2008-B
4,765,000
1997A
23,215,000
2006
2,352,288
---
$9,600,706
Totals
$104,054,530
358,349
14
Where Do The District’s Property Taxes Come From?
Commercial /
Industrial Real
Estate & Personal
Property, 45.4%
Mineral Lease &
Agriculture
Properties, 1.2%
Residential Real
Estate, 53.4%
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45.4% of the District’s property taxes are received from Commercial / Industrial properties.
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53.4% of the District’s property taxes are received from residential properties.
Source: Tarrant Appraisal District – Year 2012/13.
15
Current Market Review
The
The Bond
Bond Buyer
Buyer 20-Bond
20-Bond Index
Index ––
AA Tax-Exempt
Tax-Exempt General
General Obligation
Obligation Bond
Bond Yield
Yield Index
Index
January
January 1,1, 1999
1999 To
To The
The Present
Present
6.25
High = 6.09%
6.00
Decrease of 1.65%
5.75
Yield (%)
5.50
Average = 4.74%
5.25
5.00
4.75
4.50
4.25
4.00
2012 Refunding
Fixed interest rates have been volatile and
are currently within 0.16% of a historical low.
3.75
Low = 3.60%
3.50
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
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 Based
Based upon
upon aa $150.0
$150.0 million
million bond
bond program
program repaid
repaid over
over 25-years,
25-years, an
an interest
interest rate
rate difference
difference of
of 0.50%
0.50%
changes
changes the
the District’s
District’s interest
interest cost
cost by
by approximately
approximately $13,500,000.
$13,500,000.
16
Preliminary Tax Rate Impact Analysis
This
This Preliminary
Preliminary Tax
Tax Rate
Rate Impact
Impact Analysis
Analysis isis based
based upon
upon the
the assumptions
assumptions detailed
detailed herein.
herein. To
To the
the extent
extent
the
the District’s
District’s actual
actual results
results differ
differ from
from the
the assumptions
assumptions herein,
herein, the
the financial
financial impact
impact to
to the
the District
District will
will
correspondingly
correspondingly change.
change.

 Scenario
Scenario Presented
Presented

Scenario 1:
$150.0 Million Bond Program – Issued in 3 Installments.
 $42.0 Million – August 2013 Bond Sale;
 $54.0 Million – March 2014 Bond Sale;
 $54.0 Million – March 2015 Bond Sale.

Scenario 2:
$175.0 Million Bond Program – Issued in 3 Installments.
 $49.0 Million – August 2013 Bond Sale;
 $63.0 Million – March 2014 Bond Sale;
 $63.0 Million – March 2015 Bond Sale.
17
Preliminary Tax Rate Impact Analysis (Continued)

 Assumptions
Assumptions

Any I&S tax rate increase associated with the bond program occurs in year 2013/14.

The bond program is sold at an average interest rate of 4.12% during years 2013/14 – 2020/21.

Bonds are repaid over a 25-year period and are structured to allow the District to prepay the bonds on an
annual basis, without penalty.

District will receive State funding assistance for the repayment of the new bond program beginning in year
2015/16.

District’s year 2011/12 student enrollment of 23,711 students will increase by 150 students annually for 6years (i.e. year 2012/13 through 2017/18) and remain constant thereafter.

Tax collection rate of 98.0%.
18
Preliminary Tax Rate Impact Analysis (Continued)
Historical
Historical and
and Assumed
Assumed Taxable
Taxable Valuations
Valuations
(Net
(Net of
of Frozen
Frozen Levy)
Levy)
$8,000,000,000
$6,626,131,107
$6,706,131,107
$6,786,131,107
$0
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Fiscal Year
Taxable Assessed Valuation
Dollar Change
Percentage Change
2006/07
$6,194,793,155
$283,725,719
4.80%
Fiscal Year
Dollar Change
Percentage Change
Source: Tarrant Appraisal District.
2007/08
$6,439,031,190
$244,238,035
3.94%
2013/14
$6,626,131,107
$80,000,000
1.22%
2008/09
$6,635,705,539
$196,674,349
3.05%
2014/15
$6,706,131,107
$80,000,000
1.21%
2009/10
$6,619,053,695
($16,651,844)
(0.25%)
2015/16
$6,786,131,107
$80,000,000
1.19%
2010/11
$6,290,467,185
($328,586,510)
(4.96%)
2016/17
$6,866,131,107
$80,000,000
1.18%
$6,946,131,107
$6,546,131,107
2006/07
$1,000,000,000
$6,866,131,107
$6,346,131,107
$2,000,000,000
$6,290,467,185
$3,000,000,000
$6,619,053,695
$4,000,000,000
$6,635,705,539
$5,000,000,000
$6,439,031,190
$6,000,000,000
$6,194,793,155
$7,000,000,000
2016/17 2017/18 &
Thereafter
Average Annual
Increase – Years
2007/08 – 2012/13
--$58,556,325
0.97%
2011/12
$6,346,131,107
$55,663,922
0.88%
2012/13
$6,546,131,107
$200,000,000
3.15%
2017/18
$6,946,131,107
$80,000,000
1.17%
Average Annual
Increase – Years
2013/14 – 2017/18
--$80,000,000
1.19%
19
Preliminary Tax Rate Impact Analysis –
New Bond Program
New
New Bond
Bond Program
Program –– Projected
Projected Annual
Annual Interest
Interest &
& Sinking
Sinking Fund
Fund
Tax
Tax Rate
Rate Increase
Increase For
For Various
Various Taxable
Taxable Home
Home Values
Values
$160.00
Annual I&S Tax Increase
$140.00
$120.00
$150.0 Million Bond Program - 3.64-Cent Tax Rate Increase
$157.32
$100.00
$102.12
$80.00
$103.74
$60.00
$56.03
$40.00
$20.00
$0.00
$21.84
$33.12
$75,000 Home Value
$67.34
$36.94
$116,497 Average
Home Value
$200,000 Home Value $300,000 Home Value
Note:
Note:The
TheState
StateProperty
PropertyTax
TaxCode
Codeallows
allowsfor
forschool
schoolproperty
propertytaxes
taxeson
onan
anindividual
individualhomestead
homesteadto
tobe
be“frozen”
“frozen”atatthe
theage
ageof
of65.
65.IfIfyou
youare
are65
65years
yearsof
ofage
ageor
orolder,
older,aa
new
bond
program
will
not
affect
the
school
property
taxes
on
your
residential
homestead,
if
you
have
filed
for
the
“Over
65
Homestead
Exemption”
as
there
new bond program will not affect the school property taxes on your residential homestead, if you have filed for the “Over 65 Homestead Exemption” as thereisisaa
ceiling
ceilingon
onthe
theamount
amountof
ofschool
schooltaxes
taxesto
tobe
bepaid
paidby
bysuch
suchtaxpayers.
taxpayers.The
Theonly
onlyexception
exceptionisisififimprovements
improvementsare
aremade
madetotoaahome.
home.
20
Preliminary Tax Rate Impact Analysis –
New Bond Program
New
New Bond
Bond Program
Program –– Projected
Projected Monthly
Monthly Interest
Interest &
& Sinking
Sinking Fund
Fund
Tax
Tax Rate
Rate Increase
Increase For
For Various
Various Taxable
Taxable Home
Home Values
Values
$14.00
Monthly I&S Tax Increase
$12.00
$13.11
$10.00
$8.00
$8.51
$8.65
$6.00
$4.00
$4.67
$2.00
$1.82
$2.76
$5.61
$3.08
$0.00
$75,000 Home Value
$116,497 Average
Home Value
$200,000 Home Value $300,000 Home Value
Note:
Note:The
TheState
StateProperty
PropertyTax
TaxCode
Codeallows
allowsfor
forschool
schoolproperty
propertytaxes
taxeson
onan
anindividual
individualhomestead
homesteadto
tobe
be“frozen”
“frozen”atatthe
theage
ageof
of65.
65.IfIfyou
youare
are65
65years
yearsof
ofage
ageor
orolder,
older,aa
new
bond
program
will
not
affect
the
school
property
taxes
on
your
residential
homestead,
if
you
have
filed
for
the
“Over
65
Homestead
Exemption”
as
there
new bond program will not affect the school property taxes on your residential homestead, if you have filed for the “Over 65 Homestead Exemption” as thereisisaa
ceiling
ceilingon
onthe
theamount
amountof
ofschool
schooltaxes
taxesto
tobe
bepaid
paidby
bysuch
suchtaxpayers.
taxpayers.The
Theonly
onlyexception
exceptionisisififimprovements
improvementsare
aremade
madetotoaahome.
home.
21
Scenario 1 – $150.0 Million Bond Program
$40,000,000
A $150.0 Million Bond Program is structured
to repay technology related items with
shorter-term bonds and to provide additional
bond capacity for future bond programs.
$35,000,000
Annual Debt Service
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
Total Existing Bond Payments
$54.0 Million - March 2014 Bond Sale
__________
2037/38
2036/37
2035/36
2034/35
2033/34
2032/33
2031/32
2030/31
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
$0
2012/13
$5,000,000
$42.0 Million - August 2013 Bond Sale
22
Scenario 2 – $175.0 Million Bond Program
$40,000,000
A $175.0 Million Bond Program is structured
to repay technology related items with
shorter-term bonds and to provide additional
bond capacity for future bond programs.
$35,000,000
Annual Debt Service
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
Total Existing Bond Payments
__________
2037/38
2036/37
2035/36
2034/35
2033/34
2032/33
2031/32
2030/31
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
$0
2012/13
$5,000,000
$49.0 Million - August 2013 Bond Sale
23
Specialized Texas School District Finance Team
William J. Gumbert
Managing Director, Director of Texas Public Finance
333 West Campbell Road, Suite 350 │ Richardson, Texas 75080
E-Mail: bgumbert@boscinc.com
Direct: 214.576.0880 │ Mobile: 214.212.3153 │ Fax: 214.576.0890
Securities offered by BOSC, Inc., Registered Investment Advisor, a registered Broker/Dealer, Member FINRA/SIPC
Dr. Cathy Bryce
Investment Banker, Texas Public finance
E-Mail: cbryce@boscinc.com
Mobile: 214.477.5972 │ Fax: 214.576.0890
Mike Jolly
Omar Garcia
Investment Banker, Texas Public Finance
E-Mail: mjolly@boscinc.com
E-Mail: ogarcia@boscinc.com
Ryan O’Hara
Joshua M. McLaughlin
Managing Director, Texas Public Finance
1401 McKinney Street, Suite 1650 │ Houston, Texas 77010
E-Mail: rohara@boscinc.com
E-Mail: jmclaughlin@boscinc.com
Alison M. Long
Mark Pryce
E-Mail: alison.long@boscinc.com
E-Mail: mpryce@boscinc.com
Direct: 214.576.0872 │ Fax: 214.576.0890
Associate, Texas Public Finance
Director, Municipal Institutional Underwriting
24

Financial Presentation

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