Debt Transparency

Transparency Star Debt Obligations awardCurrent Debt Information Summary

Total Outstanding Debt Obligations $1,127,430,000

As of September 30th, 2016, METRO’s most recently completed fiscal year 2016

By Obligation Type
Total Tax‐Supported Obligations $1,127,430,000
Tax‐Supported Obligations Per Capita $173.39
Total Tax & Revenue Supported Obligations $ -

By Revenue Base
Total Lease Purchase Obligations $ -
Total Voter Authorized Obligations $601,195,000
Total Senior Lien Obligations $526,235,000

By Issuance

Issuance

As of FY2016

Obligation Type

Revenue Base

2008A Certificates of Participation (COPS)

$  -

Lease Purchase

Tax & Revenue Supported

2008B Certificates of Participation (COPS)

$  -

Lease Purchase

Tax & Revenue Supported

2009A Sales & Use Tax Bonds $21,025,000

Voter Authorized

Tax-Supported
2009C Sales & Use Tax Bonds - Build America Bonds $82,555,000

Voter Authorized

Tax-Supported
2011A Sales & Use Tax Bonds $371,370,000

Voter Authorized

Tax-Supported

2009B Sales & Use Tax Contractual Obligations

$7,380,000 Senior Lien Tax-Supported
2009D Sales & Use Tax Contractual Obligations $19,465,000 Senior Lien Tax-Supported
2010A Sales & Use Tax Contractual Obligations $25,855,000 Senior Lien Tax-Supported
2011B Sales & Use Tax Contractual Obligations $35,500,000 Senior Lien Tax-Supported
2014 Sales & Use Tax Contractual Obligations $124,610,000 Senior Lien Tax-Supported
2015B Sales & Use Tax Contractual Obligations $62,485,000 Senior Lien Tax-Supported
2015A Sales & Use Tax $52,575,000 Senior Lien Tax-Supported
2016A Sales & Use Tax Refunding Bonds $126,245,000 Voter Authorized Tax-Supported
2016B Sales & Use Tax Refunding Contractual Obligations $25,635,000 Senior Lien Tax-Supported
2016C Sales & Use Tax Bonds $55,330,000 Senior Lien Tax-Supported
A-1 Series Commercial Paper $94,400,000 Senior Lien Tax-Supported
A-3 Series Commercial Paper $23,000,000 Senior Lien Tax-Supported

Downloadable Excel version

Explanation of Terminology

Tax-Supported Obligations

Voter Authorized
In the 2003 Election, voters authorized the issuance of $640,000,000 of bonds payable from a pledge of 75% of the sales and use tax revenue collected by the Authority (the “Voted Sales Tax Bonds”) to fund projects for its transit system. The Authority has issued all of the bonds authorized at the 2003 Election. See 2003 Voter Referendum. The Authority may hold one or more future elections to authorize additional sales tax bonds; however, none are planned at this time.

Senior Lien
Under current State law, in addition to the Voted Sales Tax Bonds and other sales tax bonds approved by future elections, the Authority may issue certain other Senior Lien Obligations without an election, specifically (i) contractual obligations and (ii) commercial paper notes and Sales and Use Tax Bonds or notes with a five-year or shorter term.

Contractual Obligations
Contractual obligations may be issued as Senior Lien Obligations on a parity with the Voted Sales Tax Bonds and may be issued to finance vehicles and other personal property.

Commercial Paper Notes
The Authority has established a $400 million commercial paper program (“CP Program”) for the issuance of Sales and Use Tax Revenue Commercial Paper Notes (the “CP Notes”) in multiple separate series. The current maximum issuance capacity of the CP Program is $175 million, which is the amount of authorized CP Notes secured by credit facilities. The CP Notes are Senior Lien Obligations payable on a parity with the Obligations.

Tax & Revenue Supported Obligations

Lease Purchase
The Authority has established a Master Lease Purchase Program for the lease-purchase financing from time to time of equipment, including buses, bus rapid transit vehicles and rail rapid transit vehicles. The lease-purchase payments due under each lease purchase agreement are payable from sales and use taxes and other revenues, subject to appropriation on an annual basis, and are not secured by the Pledged Revenues. The Authority has entered into two lease-purchase agreements under the Master Lease Purchase Program.

Historical Trends

Five Year Total Outstanding Debt
Debt Category Outstanding Debt by Year

 

FY2016

FY2015

FY2014

FY2013

FY2012

Tax-Supported

$1,127,430,000

$1,116,620,000

$1,077,580,000

$963,940,000 $978,835,000

Tax & Revenue Supported

$-

$65,310,000

$73,780,000

$81,840,000 $89,545,000
Total $1,127,430,000

$1,181,930,000

$1,151,360,000 $1,045,780,000 $1,068,380,000

Downloadable Excel version

Inflation Adjusted Tax Supported Chart 2

Five Year Inflation Adjusted Tax-Supported Debt Per Capita
Debt Category Outstanding Debt by Year

 

FY2016

FY2015

FY2014

FY2013

FY2012

Tax-Supported Debt

$1,127,430,000

$1,116,620,000

$1,077,580,000

$963,940,000 $978,835,000

9-County Metro Population*

$6,502,181

$6,403,706

$6,305,667

$6,207,387 $6,110,642
Tax-Supported Debt Per Capita $173.39

$174.37

$170.89 $155.29 $160.19
Houston Consumer Prices
(2016 Base = 100)*
100.00

98.80

98.60 97.10 95.70
Derived CPI Multiplier
(Inflation Adjustment to 2016 Dollars)
1.0000 1.0126 1.0138 1.0303 1.0454
Adjusted Tax-Supported Debt Per Capita $173.39 $176.57 $173.25 $159.99 $167.45

Downloadable Excel version

*Provided by University of Houston C.T. Bauer College of Business Institute for Regional Forecasting

Debt-Related Documentation

Current Tax Rate

State law authorizes the Authority to impose a sales tax on the sale within the Authority’s boundaries of all items subject to the state sales tax and a use tax on the use, storage or consumption within the Authority’s boundaries of any such taxable items purchased, leased or rented from a retailer, at a rate established by the Board in accordance with the Authority Act. The Board has established the rate at 1%, as authorized by public vote when the Authority was confirmed in 1978. The sales tax and use tax is referred to herein as the “sales tax.”

Debt Services Budgets (PDFs)

Previously Adopted Budgets for FY2017 Business Plan & Budgets; reference on page 67
Previously Adopted Budgets for FY2016 Business Plan & Budgets; reference on page 37
Previously Adopted Budgets for FY2015 Business Plan & Budgets; reference on page 34
Previously Adopted Budgets for FY2014 Business Plan & Budgets; reference on page 40
Previously Adopted Budgets for FY2013 Business Plan & Budgets; reference on page 126
Previously Adopted Budgets for FY2012 Business Plan & Budgets; reference on page 103
Previously Adopted Budgets for FY2011 Business Plan & Budgets; reference on page 111

Other Information

Online Resources

Texas Comptroller of Public Accounts Debt at a Glance Tool
Bond Review Board Local Government Debt Data

Contact Information of Member Governmental Entities

City of Houston
Harris County
City of Bellaire
City of Bunker Hill Village
City of El Lago
City of Hedwig Village
City of Hilshire Village
City of Humble
City of Hunters Creek Village
City of Katy
City of Missouri City
City of Piney Point Village
City of Southside Place
City of Spring Valley Village
City of Taylor Lake Village
City of West University Place

 

Accessible Formats

Information found on this website can be provided in an alternative format upon request. Please contact Customer Service at 713-635-4000 to speak to a representative or email the Accessibility Coordinator at accessibility@ridemetro.org. METRO will do its best to provide the requested alternative format within a reasonable time.

 

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