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8/18/2019 TxDOT HB 2612
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HB 2612, 83rd R, 2015
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HOUSE OF REPRESENTATIVES
NOTICE OF PUBLIC HEARING
COMMITTEE: Transportation
TIME & DATE: 9:00 AM, Wednesday, March 30, 2016
PLACE: E2.012
CHAIR: Rep. Joseph Pickett
The committee will meet to consider the following:
Update on HB 2612
1. list the amount of debt service on bonds issued for each toll project
in this state;
2. identify, bonds that would be appropriate for accelerated or complete
lump-sum payment of debt service; and
3. propose a plan to eliminate all toll roads in this state, except for
tolls on roads constructed, operated, or maintained only with proceeds
from the issuance of bonds by a toll project entity other than the
department, by methods including:
a. the acceleration or complete lump-sum payment of debt service on
bonds identified under (1)
b. requiring, as a condition on receipt of state financial
assistance, a commitment by a toll project entity to eliminate toll
collection on a project for which the financial assistance is provided.
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H.B.ANo.A2612
AN ACT
relating to a report to the legislature regarding the elimination
of toll roads.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTIONA1.AANot later than September 1, 2016, the Texas
Department of Transportation shall submit to each standing
1
2
3
4
5
6
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______________________________ ______________________________
AAAAPresident of the Senate Speaker of the HouseAAAAAA
I certify that H.B. No. 2612 was passed by the House on May 4,
2015, by the following vote:AAYeas 140, Nays 0, 2 present, not
voting.
______________________________
Chief Clerk of the HouseAAA
H.B.ANo.A2612
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Appendix 1
H.B. No. 2612
AN ACT
relating to a report to the legislature regarding the elimination
of toll roads.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Not later than September 1, 2016, the Texas
Department of Transportation shall submit to each standingcommittee of the senate and house of representatives that has
primary jurisdiction over transportation matters a report that:
(1) lists the amount of debt service on bonds issued
for each toll project in this state;
(2) identifies, based on criteria provided by the
Texas Transportation Commission, bonds that would be appropriate
for accelerated or complete lump-sum payment of debt service; and
(3) proposes a plan to eliminate all toll roads in this
state, except for tolls on roads constructed, operated, or
maintained only with proceeds from the issuance of bonds by a tollproject entity other than the department, by methods including:
(A) the accelerated or complete lump-sum payment
of debt service on bonds identified under Subdivision (1); or
(B) requiring, as a condition on receipt of state
financial assistance, a commitment by a toll project entity to
eliminate toll collection on a project for which the financial
assistance is provided.
SECTION 2. This Act takes effect September 1, 2015.
Texas Department of Transportation Rider 46. Report on the Elimination of Toll Roads.
O t f f d i t d b it i th i t t f th L gi l t th t th T D t t f T t ti
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Appendix 2
Toll Entity Information Form
Please submit the completed Toll Entity Information Form in electronic Microsoft Word format via e-mail to
Sara Ulbrich of the Texas Department of Transportation at [email protected]. Questions regarding this
Toll Entity Information Form should also be submitted to Sara Ulbrich via e-mail.
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Toll Entity Information Form Part I
Part I
Current Toll Projects
[Provide response here]
Example Response:
a Responding Tolling Entity: Texas Department of Transportationb Name of the contact person and contact information:
i. Name: John Jones
john jones@txdot gov
Please provide below a list and brief description of each toll project and/or toll system that your entity
has owned and/or has operated, as of January 1, 2016. For each project or system listed, please
briefly indicate:
a)
Responding Tolling Entity
b)
Name of the contact person and contact information
c)
For each stand-alone toll project, toll project name;d)
For each toll system (i.e. one or more projects financed as part of a system), toll system name
and name of each element within the system;
e)
Whether any related toll revenue debt) was outstanding as of January 1, 2016;
f)
Whether the toll revenue debt relates to a project only, a toll system, or some other financing
arrangement;
g)
Whether state funds (including funds allocated by an MPO), state ROW, or other form of state
assistance was used in the development/construction of the project or system;
h)
Whether any form of state assistance has been utilized, please indicate if any future
assistance or state expenditure is expected or could occur under a contingent state liability, such as a TELA.
Please see the Assumptions Regarding Projects and Debt that has been provided for information
regarding what constitutes a toll project for the purpose of this request (Appendix 4).
mailto:[email protected]:[email protected]:[email protected]
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Toll Entity Information Form Part II
Part II
Additional Toll Projects and Debt
[Provide response here]
Please provide below information regarding toll projects owned or sponsored by your entity as to:
I.
Additional toll projects or toll system elements within the state that became or will become
operational after January 1, 2016, but before September 1, 2017;
II.
Any toll project debt transactions that have occurred or are planned to occur since January
1, 2016 and before September 1, 2017, including any refundings or planned refundings of
outstanding toll projector system debt;
III.
Please also indicate, for each project/system or debt issuance in I. or II. above, whether
state funds (including funds allocated by an MPO), state ROW, or other form of state
assistance will or has been used in the development/ funding/financing of the project or
system.
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Toll Entity Information Form Part III
Part III
Comments Regarding Debt Defeasance Criteria
Section 1(2) of HB 2612 requires TxDOT to identify bonds that may be appropriate for early
payment. TxDOT is giving each tolling entity the opportunity to provide input and commentary on
the criteria to be used to identify bonds that may be appropriate for early payment. You may provide
below any comments you wish to submit regarding the criteria that will be created and used to
identify bonds that would be appropriate for early payment for the purposes of Section 1(2). Please
see Section 1(2) of Appendix 4 for the current draft debt defeasance criteria. TxDOT will consider
your comments in developing the final early debt payment criteria recommended to the Texas
Transportation Commission (that, with additional information and considerations, will ultimately be
used for preparing the report).
[Provide response here, if desired]
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Appendix 3
Part B: Toll Debt Data Worksheet red text: data input
System / Stand Alone Project 1 blue text: input type restricted to list
as of January 1 2016 grey text: model calculation
[mouse over cell for more information]
Step 1: Enter Series Information Summary
Note: single line per Series
System Name (or Standalone) Series Issue Use of Tax Credit Credit Par
Name Date Proceeds Status Description Ratings Outstanding Total 3,172,770,000
Central Texas Turnpike System CTTS 2002A 8/15/2002 New Money Tax-Exempt First Tier A3/ A-/ A- 767,095,000
Central Texas Turnpike System CTTS 2012A 11/1/2012 Refunding Tax-Exempt First Tier A3/ A-/ A- 585,330,000
Central Texas Turnpike System CTTS 2015A 2/4/2015 Refunding Tax-Exempt First Tier A3/ A-/ A- 225,000,000
Central Texas Turnpike System CTTS 2015B 2/4/2015 Refunding Tax-Exempt First Tier A3/ A-/ A- 438,025,000
Central Texas Turnpike System CTTS 2015C 2/4/2015 Refunding Tax-Exempt Second Tier Baa1/BBB+/BBB 1,157,320,000
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Appendix 3
Part B: Toll Debt Data Worksheet red text: data input
System / Stand Alone Project 1 blue text: input type restricted to list
as of January 1 2016 grey text: model calculation
[mouse over cell for more information]
Step 2: Enter Series Information Detail
Note: single line per Maturity or Sinking Fund Installment (blank if N/A) (blank if N/A)
Series Par Component Maturity / Term Bond
Name Outstanding Debt Type Name Sinking Fund Date Maturity Date CUSIP
CTTS 2015A 40,460,000 Bond - Tender/Put 15A-Term1 8/15/2041 8/15/2042 88283KAJ7
CTTS 2015A 184,540,000 Bond - Tender/Put 15A-Term1 8/15/2042 8/15/2042 88283KAJ7
CTTS 2015B 40,000,000 Bond - Fixed 15B1-Serial 8/15/2032 88283KAN8
CTTS 2015B 113,520,000 Bond - Fixed 15B1-Term 8/15/2035 8/15/2037 88283KAL2
CTTS 2015B 24,505,000 Bond - Fixed 15B1-Term 8/15/2036 8/15/2037 88283KAL2
CTTS 2015B 20,000,000 Bond - Fixed 15B1-Term 8/15/2037 8/15/2037 88283KAL2
CTTS 2015B 120,000,000 Bond - Fixed 15B2-Serial 8/15/2036 88283KAM0
CTTS 2015B 120,000,000 Bond - Fixed 15B2-Serial 8/15/2037 88283KAK4CTTS 2015C 2,200,000 Bond - Fixed 15C-Serial 8/15/2022 88283KBD9
CTTS 2015C 5,375,000 Bond - Fixed 15C-Serial 8/15/2023 88283KBA5
CTTS 2015C 8,655,000 Bond - Fixed 15C-Serial 8/15/2024 88283KBB3
CTTS 2015C 12,245,000 Bond - Fixed 15C-Serial 8/15/2025 88283KBC1
CTTS 2015C 9,825,000 Bond - Fixed 15C-Serial 8/15/2026 88283KAP3
CTTS 2015C 14,050,000 Bond - Fixed 15C-Serial 8/15/2027 88283KAQ1
CTTS 2015C 13,395,000 Bond - Fixed 15C-Serial 8/15/2028 88283KAR9
CTTS 2015C 14,620,000 Bond - Fixed 15C-Serial 8/15/2029 88283KAS7
CTTS 2015C 16,290,000 Bond - Fixed 15C-Serial 8/15/2030 88283KAT5
CTTS 2015C 125,215,000 Bond - Fixed 15C-Serial 8/15/2031 88283KAU2
CTTS 2015C 97,730,000 Bond - Fixed 15C-Serial 8/15/2032 88283KAV0
CTTS 2015C 151,045,000 Bond - Fixed 15C-Serial 8/15/2033 88283KAW8
CTTS 2015C 150,165,000 Bond - Fixed 15C-Serial 8/15/2034 88283KAX6
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Appendix 3
Part B: Toll Debt Data Worksheet red text: data input
System / Stand Alone Project 1 blue text: input type restricted to list
as of January 1 2016 grey text: model calculation
[mouse over cell for more information]
Series Interest Information Detail
For For
Series Fixed Rate Variable Rate
Series Component Component Interest Type Coupon or Maximum
Name Name Sinking Fund D (Code) CAB Yield Rate
CTTS 2015A 15A-Term1 8/15/2041 Current - Fixed 5.000%
CTTS 2015A 15A-Term1 8/15/2042 Current - Fixed 5.000%
CTTS 2015B 15B1-Serial 8/15/2032 Current - Fixed 5.000%
CTTS 2015B 15B1-Term 8/15/2035 Current - Fixed 5.000%
CTTS 2015B 15B1-Term 8/15/2036 Current - Fixed 5.000%
CTTS 2015B 15B1-Term 8/15/2037 Current - Fixed 5.000%
CTTS 2015B 15B2-Serial 8/15/2036 Zero Coupon (CAB) 4.360%
CTTS 2015B 15B2-Serial 8/15/2037 Zero Coupon (CAB) 4.380%CTTS 2015C 15C-Serial 8/15/2022 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2023 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2024 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2025 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2026 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2027 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2028 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2029 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2030 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2031 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2032 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2033 Current - Fixed 5.000%
CTTS 2015C 15C-Serial 8/15/2034 Current - Fixed 5 000%
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Appendix 3
Part B: Toll Debt Data Worksheet red text: data input
System / Stand Alone Project 1 blue text: input type restricted to list
as of January 1 2016 grey text: model calculation
[mouse over cell for more information]
Series Redemption Information Detail
(blank if N/A) (blank if N/A)
Series Make Whole (MW) Call
Series Component Component First First MW Spread
Name Name Sinking Fund Date Call Date Call Price Tender Date Tender Price MW Index (bps)
CTTS 2015A 15A-Term1 8/15/2041 4/1/2020 100
CTTS 2015A 15A-Term1 8/15/2042 4/1/2020 100
CTTS 2015B 15B1-Serial 8/15/2032 8/15/2024 100
CTTS 2015B 15B1-Term 8/15/2035 8/15/2024 100
CTTS 2015B 15B1-Term 8/15/2036 8/15/2024 100
CTTS 2015B 15B1-Term 8/15/2037 8/15/2024 100
CTTS 2015B 15B2-Serial 8/15/2036 8/15/2024 100
CTTS 2015B 15B2-Serial 8/15/2037 8/15/2024 100CTTS 2015C 15C-Serial 8/15/2022
CTTS 2015C 15C-Serial 8/15/2023
CTTS 2015C 15C-Serial 8/15/2024
CTTS 2015C 15C-Serial 8/15/2025 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2026 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2027 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2028 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2029 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2030 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2031 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2032 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2033 8/15/2024 100
CTTS 2015C 15C-Serial 8/15/2034 8/15/2024 100
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Appendix 3
Part B: Toll Debt Data Worksheet red text: data input
System / Stand Alone Project 1 blue text: input type restricted to list
as of January 1, 2016 grey text: model calculation
[mouse over cell for more information]
Derivative Information
as of last disclosure)
Series Notional Termination
Name Amount Cost / MTM
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Appendix 4
H B 2612 and TxDOT Rider 46 –
Assumptions Regarding Projects and Debt
As stated in HB 2612:
SECTION 1. Not later than September 1, 2016, the Texas Department of Transportation shall submit
to each standing committee of the senate and house of representatives that has primary jurisdiction
over transportation matters a report that:
1)
Lists the amoun t of debt service on bonds issued for each toll project in this state;
Assumptions1. Bonds issued on or before January 1, 2016 for toll projects will be included in the analysis and
report.
2. Debt service will be calculated on a forward-looking basis beginning January 1, 2016.
3.
Bonds issued for all toll projects in the state will be included in the analysis. These include bonds
issued for projects owned/managed by TxDOT, regional and county toll authorities, regional
mobility authorities, transportation corporations, transit authorities, counties, road improvement
districts, and private entities.
4.
For the purpose of this analysis “toll projects” are defined as toll roads, toll bridges, and managed
lanes toll facilities whether publicly or privately operated. International bridge and international
crossing toll projects are not included. “Pass through” toll projects or other road projects where
no toll or fee is imposed on drivers are not included.
5.
For the purpose of this analysis, “bonds” include toll revenue bonds or other debt used to finance
or refinance toll projects, either publicly offered or privately placed.
Toll revenue bonds issued to fund a toll project are included even if there is a secondarysource of repayment (such as a G.O. backstop pledge).
Bonds issued to fund a toll project that are not payable from toll revenues are not included.
C i l b k fi i d th t f b d l d dit f iliti d t f d
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Debt Product Assumption
Fixed Rate Debt Debt service to maturity (not to prior optional redemption date).
Use stated fixed interest rates.
Debt service on maturities having mandatory sinking fund amortizations
should reflect such mandatory amortizations.
Put Bonds Debt service to stated nominal maturity (not to prior optional redemption
date or mandatory put/tender date).
Use fixed interest rate during initial fixed rate period.
For the period from the end of the initial fixed rate period to final maturity,
calculate debt service using the interest rate assumptions used in the
most recent debt offering document or other financial/disclosuredocument that includes debt service projections for the bonds.
Variable Rate
Bonds (Floating
Rate Notes,
VRDOs, and
similar)
Debt service to stated nominal maturity (not to prior optional redemption
date or mandatory tender date).
Calculate debt service using the interest rate assumptions used in the
most recent debt offering document or other financial/disclosure
document that includes debt service projections for the bonds. If there
are no interest rate assumptions included in the most recent offering
document or financial/disclosure document, the respondent should
provide an assumed rate and brief rationale. Debt service should reflect (i) net payments projected to be made under
any hedge agreements related to the bonds, (ii) projected remarketing
fees, and (iii) projected fees for liquidity or credit support.
Commercial
Paper Programs
Debt service should be calculated assuming that the principal amount
outstanding on the January 1, 2016 calculation date is amortized on a
level debt service basis to the maximum maturity under the program at an
interest rate assumed in the issuer’s most recent offering document or
financial/disclosure document that includes debt service projections on
the bonds. If there are no interest rate assumptions included in the most recent
offering document or financial/disclosure document, the respondent
should provide an assumed rate and brief rationale.
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2) identifies, based on criteria provided by the Texas Transportation Commission, bonds
that would be appropriate for accelerated or complete lump-sum payment of debt service;
Possible Criteria
1.
The calculation date when accelerated debt service might begin, or complete lump-sum payment
of debt service might occur, will be assumed to be September 1, 2017.
2.
For the purpose of this section, “toll projects” and “bonds” are defined as in Draft Assumptions-
Section 1.
3.
Calculations related to accelerated or complete lump-sum payment of debt service will include: “Debt service” as defined in Draft Assumptions Section 1
Termination payments required under interest rate swap or hedge agreements.
Payments or fees related to early termination of bank credit facilities and other credit and
financial services agreements related to toll project debt.
Termination payments and other costs associated with the early termination of
Comprehensive Development Agreements that involve private equity investment.
Estimated costs for legal and financial services associated with accelerated or completelump-sum payment of debt service.
4. Bonds that may be appropriate for complete lump-sum payment of debt service might include
those where:
a.
The sponsoring toll agency or TxDOT has available unrestricted cash on hand sufficient to fully
pay or defease outstanding debt service;
b.
Amount of outstanding debt is relatively low and/or soon to mature;
c.
Bonds are currently callable;
d. Bonds will be currently callable on or before [September 1, 2020]; or
e.
Bonds will be currently callable after [September 1, 2020], and the interest rate of the bonds
i ffi i tl high t k h d f t ff ti
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3) proposes a pla n to eliminate a ll toll roads in this state, except for tolls on roads
constructed, operated, or maintained only with proceeds from the issuance of bonds by a toll project
entity other than the department, by methods including:
A) the accelerated or complete lump-sum payment of debt service on bonds
identified under Subdivision 1); or
B) requiring, as a condition on receipt of state financial assistance, a commitment
by a toll project entity to eliminate toll collection on a project for which the financia l assistance is
provided.
Draft Assumptions
The plan specified under this section is to be developed once the assumptions, methodology, and
calculations for the data under Section 1 (1) and Section 1 (2) are finalized.
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Project Owner
System or Project Name
SH 550
César Chávez Express Toll Lanes
[iv]
Border Highway West Expressway
Mopac Managed Lanes
SH 71 Express
Fort Bend Grand Parkway Toll Road Authority System
Vacek Pass Bridge
Toll Projects in the State of Texas
[i]
As of January 1, 2016
SH 550
System Elemen
US 183 South
US 183A
US 290 East
US 290 – Segments 1A, 2, and 3
Central Texas Regional Mobility Authority
Camino Real Regional Mobility Authority
Cameron County Regional Mobility Authority
SH 99 Grand Pkwy Segment D - For
Fort Bend Co. Westpark Tollway
Galveston County Road District #1
Fort Bend Grand Parkway Toll Road Authority
Mopac Improvement Project
SH 71 Express
Fort Bend County Toll Road Authority
San Luis – Vacek Pass Bridge
Central Texas Regional Mobility Authority System
Fort Bend County Toll Road Authority System
Grand Parkway Transportation Corporation
Grand Parkway Transportation Corporation System
SH 99 Grand Pkwy Segment D - Har
SH 99 Grand Pkwy Segment E
Loop 375 César Chávez Express To
Loop 375 Border Highway West Exp
SH 99 Grand Pkwy Segment F1
Fort Bend Co. Pkwy Toll Road
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Project Owner
System or Project Name
Toll Projects in the State of Texas
[i]
As of January 1, 2016
System Elemen
North Texas Tollway Authority
Metro Transit Authority of Harris County
Harris County Toll Road Authority
Westpark Tollway
Sam Houston Tollway
Tomball Tollway
Katy (I-10) Managed Lanes
Harris County Toll Road System
Hardy Toll Road
US 59 North Managed Lanes
Sam Rayburn Tollway (SH 121)
I-45 So. Gulf Freeway Managed Lan
Addison Airport Toll Tunnel
NTTA System
Mountain Creek Lake Toll Bridge
President George Bush Turnpike
Dallas North Tollway
I-45 No. Gulf Freeway Managed Lan
METRO HOV/HOT Express) Lane System
US 290 NW Freeway Managed Lane
Pres. Geo. Bush Turnpike West Ext.
US 59 SW Freeway Managed Lanes
Fort Bend Parkway Extension
Hardy Toll Road Airport Connector
Pres. Geo. Bush Turnpike East Ext.
Lewisville Lake Bridge
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TxDOT Bond Program Summary
As
of
March
29,
2016
Bond Capacity Used
TMF
Prop
14
Prop
12
Total
Par + Premium $7,390,629,619 $5,299,851,213 $3,557,991,860 $16,248,472,692
Total Repayments 1 $13,990,000,000 $7,940,000,000 $5,440,000,000 $27,370,000,000
WAC 4 3.85% 3.37% 3.15%
Bonds Outstanding
TMF Prop 14 Prop 12 Total
Total Bonding Capacity
TMF Prop 14 Prop 12 Total
Par + Premium $7,390,629,619 $6,000,000,000 $5,000,000,000 $18,390,629,619
Total
Repayments
1
$13,990,000,000
$8,940,000,000
$7,800,000,000
$30,730,000,000
Projected MADS 2 $545,000,000 $400,000,000 $320,000,000
Repayment Fund Texas Mobility State Highway General Revenue 3
TxDOT Projected Debt Service
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TxDOT Projected Debt Service
TxDOT Project Finance and Debt Mgmt Division, March 2016
TOTAL
TOTAL
Fiscal
Year Outstanding Proposed Total Debt Service Outstanding Proposed
Total Debt
Service Outstanding Proposed
Total Debt
Service
All Prog rams Debt
Service
2016 336,000,000 336,000,000 298,000,000 - 298,000,000 214,000,000 - 214,000,000 848,000,000
2017 344,000,000 344,000,000 309,000,000 92,000,000 401,000,000 212,000,000 58,000,000 270,000,000 1,015,000,000
2018 347,000,000 347,000,000 307,000,000 94,000,000 401,000,000 210,000,000 112,000,000 322,000,000 1,070,000,000 2019 356,000,000 356,000,000 307,000,000 94,000,000 401,000,000 208,000,000 110,000,000 318,000,000 1,075,000,000 2020 363,000,000 363,000,000 307,000,000 94,000,000 401,000,000 205,000,000 108,000,000 313,000,000 1,077,000,000
2021 371,000,000 371,000,000 307,000,000 94,000,000 401,000,000 203,000,000 106,000,000 309,000,000 1,081,000,000 2022 378,000,000 378,000,000 307,000,000 94,000,000 401,000,000 201,000,000 103,000,000 304,000,000 1,083,000,000
2023 386,000,000 386,000,000 377,000,000 24,000,000 401,000,000 199,000,000 101,000,000 300,000,000 1,087,000,000 2024 394,000,000 394,000,000 377,000,000 24,000,000 401,000,000 197,000,000 98,000,000 295,000,000 1,090,000,000
2025 401,000,000 401,000,000 357,000,000 44,000,000 401,000,000 194,000,000 96,000,000 290,000,000 1,092,000,000 2026 408,000,000 408,000,000 330,000,000 71,000,000 401,000,000 192,000,000 94,000,000 286,000,000 1,095,000,000 2027 417,000,000 417,000,000 343,000,000 58,000,000 401,000,000 190,000,000 91,000,000 281,000,000 1,099,000,000
2028 425,000,000 425,000,000 387,000,000 14,000,000 401,000,000 188,000,000 89,000,000 277,000,000 1,103,000,000 2029 434,000,000 434,000,000 387,000,000 14,000,000 401,000,000 186,000,000 87,000,000 273,000,000 1,108,000,000
2030 442,000,000 442,000,000 387,000,000 14,000,000 401,000,000 184,000,000 84,000,000 268,000,000 1,111,000,000 2031 456,000,000 456,000,000 182,000,000 8,000,000 190,000,000 182,000,000 82,000,000 264,000,000 910,000,000
2032 457,000,000 457,000,000 182,000,000 8,000,000 190,000,000 179,000,000 80,000,000 259,000,000 906,000,000 2033 465,000,000 465,000,000 182,000,000 8,000,000 190,000,000 178,000,000 78,000,000 256,000,000 911,000,000
2034 473,000,000 473,000,000 182,000,000 8,000,000 190,000,000 176,000,000 75,000,000 251,000,000 914,000,000 2035 481,000,000 481,000,000 76,000,000 76,000,000 174,000,000 73,000,000 247,000,000 804,000,000
2036 490,000,000 490,000,000 76,000,000 76,000,000 172,000,000 71,000,000 243,000,000 809,000,000 2037 491,000,000 491,000,000 170,000,000 69,000,000 239,000,000 730,000,000 2038 536,000,000 536,000,000 168,000,000 66,000,000 234,000,000 770,000,000
2039 545,000,000 545,000,000 166,000,000 64,000,000 230,000,000 775,000,000 2040 171,000,000 171,000,000 164,000,000 62,000,000 226,000,000 397,000,000
2041 173,000,000 173,000,000 111,000,000 60,000,000 171,000,000 344,000,000 2042 173,000,000 173,000,000 109,000,000 57,000,000 166,000,000 339,000,000
2043 171,000,000 171,000,000 47,000,000 55,000,000 102,000,000 273,000,000 2044 171,000,000 171,000,000 45,000,000 53,000,000 98,000,000 269,000,000
2045 171,000,000 171,000,000 50,000,000 50,000,000 221,000,000 2046 48,000,000 48,000,000 48,000,000
TOTAL 11,226,000,000 - 11,226,000,000 5,815,000,000 1,009,000,000 6,824,000,000 5,024,000,000 2,380,000,000 7,404,000,000 25,454,000,000
Notes and Assumptions:
All debt service is net of Build America Bond 35% direct subsidy payments from the federal government.Prop 14
Proposed Debt includes issuing the remaining $700 million in authorization in late FY16 at 5% interest cost.
Prop 12
Proposed Debt includes issuing half of the remaining $1.4 billion in authorization in FY16 and half in FY17 at 5% interest cost.
Texas Mobility Fund revenues (Fund 365) State Highway Fund revenues (Fund 006) General Revenues of the State (Fund 001)
Texas Mobility Fund Bonds Prop 14 Bonds Prop 12 Bonds
Source for repayment: Source for repayment: Source for repayment: