City of Belton (City) outstanding debt is comprised of direct obligations and contractually obligated debt from other entities. Direct obligations consist of debt issued by the City and secured by levied taxes or City revenues. Contractually Obligated Debt is debt issued by other Entities that the City is obligated to pay and calculated in accordance to contractual provisions.
General Obligation Bonds
General Obligation Bonds provide funds for the acquisition and construction of major capital equipment, facilities, and infrastructure. General obligation Bonds are direct obligations issued on a pledge of the general taxing power for the payment of the debt obligations of the City. General Obligation Bonds require the City to compute, at the time other taxes are levied, the rate of tax required to provide (in each year bonds are outstanding) a fund to pay interest and principal at maturity. The City is in compliance with this requirement.
Certificates of Obligation Bonds
Certificates of Obligation Bonds provide funds for the acquisition and construction of major capital equipment, facilities, and infrastructure. Certificates of Obligation Bonds are direct obligations issued on a pledge of the general taxing power for the payment of the debt obligations of the City, but may be supported by the revenues of other funds (Water and Sewer, Drainage, BEDC, etc.) to the extent the proceeds from a bond issue directly benefited those funds. For the purpose of the illustrations that follow, Certificates of Obligation Bonds that are supported by tax revenues will be shown as tax supported/general obligation debt and Certificates of Obligation Bonds that are supported by revenues other than taxes will be shown as revenue supported debt.
Water and Sewer Revenue Bonds
Revenue Bonds are used to finance the acquisition and construction of major capital improvements for the water and sewer system and related facilities. These Revenue Bonds constitute special obligations of the City solely secured by a lien on and pledge of the net revenues of the water and sewer system.
The Revenue Bonds are collateralized by the revenue of the water and sewer system and the various special funds established by the bond ordinances. The ordinances provide that the revenue of the system is to be used first to pay operating and maintenance expenses of the system and second to establish and maintain the revenue bond funds. Remaining revenues may then be used for any lawful purpose. The ordinances also contain provisions which, among other items, restrict the issuance of additional revenue bonds unless the special funds noted above contain the required amounts and certain financial ratios are met. Management of the City believes that it is in compliance with all significant financial requirements as of September 30, 2018.
Bell County Water Control and Improvement District #1 (BCWCID)
Belton has a contractual obligation to pay its pro rata share of debt based on its agreements with BCWCID. Overlapping debt is calculated based on the City’s contractual debt obligations as of September 30, 2018.
As of September 30, 2017 the Direct and Contractually Obligated Debt for the City was as follows:
Note: Per Capita figures are based on the City’s January 1, 2019 estimated population of 22,078.
Outstanding Debt Obligation by Issue as of 9/30/18
Issue-by-issue listing including principal amount of each outstanding debt obligation.
Outstanding Direct Debt by Fiscal Year for the last 5-years
Total outstanding tax-supported and revenue-supported debt.
Historical Bond Election Information
Includes election date, purpose, and amount of bond elections.
Tax Rates for Current Fiscal Year
Documents include debt service information for current and previous fiscal years.
Texas Comptroller of Public Accounts Debt at a Glance Tool
Bond Review Board
Local government debt data.
Debt Service as of 9/30/18Debt service schedules for all outstanding General Obligation Bonds, Certificates of Obligation and Revenue Bonds.
HB 1378: Debt Obligation Reporting under Local Government Code Section 140.008
The 84th Legislature passed HB 1378 to increase the transparency of local government debt. Under Local Government Code § 140.008, political subdivisions, including counties, cities, school districts, junior college districts, special purpose districts, and other subdivisions of state government must annually compile their debt obligation data from the preceding fiscal year.
Debt Financial Information as of 9/30/18
Outstanding direct debt obligations, tax and revenue supported. Includes purpose, credit rating, outstanding principal amount, debt service, and spent and unspent proceeds issue-by-issue.