transparencyEconomic Development

Local Government Debt Reporting

Terms

1. Annual Local Debt Report — the "annual report" referred to in the title of section 140.008, hereafter referred to as the "Annual Local Debt Report" is comprised of all items listed in subsection 140.008 (b) and (f):
   
   
   1. Regarding total authorized debt obligations:
      1. the amount of all authorized debt obligations;
      2. the principal of all outstanding debt obligations;
      3. the combined principal and interest required to pay all outstanding debt obligations on time and in full;
      4. the amount of all authorized debt obligations secured by property taxes;
      5. the principal of all outstanding debt obligations secured by property taxes;
      6. the combined principal and interest required to pay all outstanding debt obligations secured by property taxes on time and in full;
      7. the amount of all authorized debt obligations secured by property taxes for municipalities, counties or school districts expressed as a per capita amount;
      8. the principal of all outstanding debt obligations secured by property taxes for municipalities, counties or school districts expressed as a per capita amount;
      9. the combined principal and interest required to pay all outstanding debt obligations on time and in full for all obligations secured by property taxes expressed as a per capita amount;
      10. current credit rating on total debt obligations given by any nationally recognized credit rating organization;
      
      
   2. Regarding each authorized debt obligation:
      1. the principal of each outstanding debt;
      2. the principal of each outstanding debt obligation secured by property taxes for municipalities, counties or school districts expressed as a per capita amount;
      3. the combined principal and interest required to pay each outstanding debt obligation on time and in full;
      4. the combined principal and interest required to pay each outstanding debt obligation on time and in full for municipalities, counties or school districts expressed as a per capita amount;
      5. for each debt obligation, the issued and unissued amounts, the spent and unspent amounts, the maturity date and the stated purpose for which the debt obligation was authorized;
      6. current credit rating on each debt obligation given by any nationally recognized credit rating organization; and
      7. any other information considered relevant or necessary to explain the above required data elements, such as explanations of payment sources for different kinds of debt or projections of per capita amounts of ad-valorem taxation secured obligations as of the last day of the maximum term of the most recent debt obligation issued by the political subdivision.
      
      
   3. Additional details required in the local debt reporting listed in 140.008 (f) include:
      1. The governing body of each political subdivision shall take action to ensure that their annual debt information is made available for inspection and posted continuously on its Internet website until it posts the next annual debt report.
      2. The governing body of a political subdivision shall take action to ensure that their main office contact information is continuously posted on their website, including the physical address, the mailing address, the main telephone number, and an email address.
      
      
2. Affidavit of financial dormancy — Water districts qualify as financially dormant if they have less than $500 in receipts or disbursements, no bonds or liabilities, and no cash investments exceeding


3. Combined principal and interest required to pay all outstanding debt obligations on time and in full--Total amount borrowed (par) that has yet to be repaid plus the cost of interest.
4. Combined principal and interest required to pay all outstanding debt obligations secured by ad valorem taxation on time and in full--Total amount borrowed (par)of all property tax-secured obligations plus the cost of interest.


5. Combined principal and interest required to pay all outstanding debt obligations secured by ad valorem taxation on time and in full as a per capita amount--Total debt obligations secured by a pledge of property taxes plus the cost of debt service on these obligations divided by the population of the political subdivision.


6. Combined principal and interest required to pay each outstanding debt obligations on time and in full--total amount borrowed (par) plus the cost of interest for each individual debt obligation or bond series.


7. Current credit rating--Existing rating given by any nationally recognized credit rating organization to debt obligations.


8. Final maturity date — Final payment date of individual debt obligation at which point all principal and interest will be paid off.


9. Official stated purpose for which a debt obligation was authorized-- The reason for the debt issuance as defined in ballot language if applicable or the Official Statement.


10. Outstanding debt obligation — an issued public security that has yet to be repaid.


11. Outstanding principal — Total amount borrowed that has yet to be repaid.


12. Political subdivision-- Political subdivisions are counties, municipalities, school districts, junior college districts, other special districts, or other subdivisions of state government (Local Government Code, section 140.008 (a) (2)).


13. Principal issued — the total amount borrowed.


14. Proceeds spent — the portion of total proceeds received that have been spent.


15. Proceeds unspent — the portion of total proceeds received that are remaining to be spent.


16. Secured in any way by ad valorem taxes — indicates which individual debt obligations are in part or whole pledged with property taxes.


17. Total authorized debt obligations — Debt obligations are defined as public securities which are instruments, including bonds, certificates, notes, or other types of obligations authorized to be issued by an issuer under a statute, a municipal home-rule charter, or the constitution of this state (Government Code section 1201.002 (2)). Issuance is the process of authorizing, selling and delivering public debt. Public security authorization means a resolution, order, or ordinance that is approved or adopted, or any other action taken in a proceeding, by the governing body of an issuer in authorizing the issuance of a public security (Government Code section 1201.002 (3)).


18. Total authorized debt obligations secured by ad valorem taxation — Total debt obligations secured by a pledge of property taxes.


19. Total authorized debt obligations secured by ad valorem taxation expressed as a per capita amount — Total authorized debt obligations secured by a pledge of property taxes divided by the population of the political subdivision.


20. Total principal of all outstanding debt obligations — Total amount borrowed (par) of all obligations that have yet to be repaid.


21. Total principal of all outstanding debt obligations secured by ad valorem taxation — Total amount borrowed (par) of obligations secured by a pledge of property taxes that have yet to be repaid.


22. Total principal of outstanding debt obligations secured by ad valorem taxation as a per capita amount — Total amount borrowed (par) secured by a pledge of property taxes divided by the population of the political subdivision.


23. Total proceeds received — total assets received from the sale of a new issue of public securities.