Bastrop County, TX

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Debt Obligation

Bastrop County currently holds a bond rating of AA+ with Standard & Poor’s Ratings Services and a Aa2 with Moody’s Investor’s Service.

In FY 17-18 the County issued $9,305,000 in combination tax and revenue certificates of obligation, series 2018. The bonds have interest rates ranging from 3.0% to 5.0%. The certificates will be used for construction and equipping of a County office building, technology and communication upgrades and construction and improvement of road and bridges. Additionally, the funds will be used for the acquisition of road maintenance equipment and costs of issuance. The total outstanding debt as of September 30, 2020 is $40,975,000.

Total Tax-Supported Debt Obligations
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
$4,100,116	$4,133,720	$4,374,946	$4,453,187	$4,514,477	$4,583,293	$3,885,671	$4,667,518	$5,675,993	$5,299,172

Tax-Supported Debt is supported by Ad Valorem taxes levied within the issuer’s boundaries. Bastrop County currently only issues Certificates of Obligation.

Debt Per Capita is a measure of how much debt a government has per citizen. It is calculated by adding short-term debt and long term debt, and then dividing by the population. This metric is used as an aid for visualization of the total level of government debt.

Total Outstanding Debt as of September 30th of Each Year

Tax Supported Debt	Original Debt Amount	2014	2015	2016	2017	2018	2019	2020
2005 Combination Tax & Revenue Certificates of Obligation	9,500,000	1,510,000	-	-	-	-	-
2006 Combination Tax and Revenue Certificates of Obligation	9,500,000	4,890,000	240,000	-	-	-	-
2009 Limited Tax Refunding Bonds	3,830,000	2,140,000	1,745,000	1,335,000	910,000	465,000	-
2010 Combination Tax and Revenue Certificates of Obligation	10,810,000	9,240,000	8,800,000	8,350,000	7,885,000	7,405,000	6,910,000	6,400,000
2012 Limited Tax Refunding Bonds	6,425,000	5,405,000	4,875,000	4,330,000	3,765,000	3,190,000	2,595,000	1,980,000
2013 Limited Tax Refunding Bonds	9,120,000	8,845,000	8,505,000	8,155,000	7,795,000	6,865,000	5,910,000	4,925,000
2014 Combination Tax and Revenue Certificates of Obligation	9,335,000	9,335,000	9,335,000	8,835,000	8,735,000	8,535,000	8,185,000	7,750,000
2015 Limited Tax Refunding Bonds	4,715,000	4,715,000	4,715,000	4,175,000	3,375,000	3,085,000	2,780,000	2,455,000
2017 Combination Tax and Revenue Certificates of Obligation	9,290,000	-	-	-	9,290,000	9,290,00	8,895,000	8,485,000
2018 Combination Tax and Revenue Certificates of Obligation	9,305,000	-	-	-	-	9,305,000	9,305,000	8,980,000
Total	81,830,000	46,080,000	38,215,000	35,180,000	41,755,000	48,140,000	44,580,000	40,975,000

*Bastrop County does not have revenue supported debt.

The County issues bonds to provide funds for the acquisition and construction of major capital facilities. Bonds payable as of September 30, 2020 were as follows:

Issue Description	Original Balance	Interest Rate	Issue & Maturity Date	Outstanding Balance
2009 Limited Tax Refunding Bonds	3,830,000	2.00-4.00%	2010-2019	-
2010 Combination Tax and Revenue	10,810,000	2.00-3.25%	2011-2030	6,400,000
2012 Limited Tax Refunding	6,425,000	2.00-3.00%	2012-2023	1,980,000
2013 Limited Tax Refunding	9,120,000	2.00-3.00%	2013-2025	4,925,000
2014 Combination Tax and Revenue	9,335,000	3.00-4.00%	2016-2034	7,750,000
2015 Limited Tax Refunding	4,715,000	3.00-3.50%	2016-2021	2,455,000
2017 Combination Tax and Revenue	9,290,000	3.00%	2017-2036	8,485,000
2018 Combination Tax and Revenue	9,305,000	3.00-5.00%	2018-2038	8,980,000
Total Bonds Payable				40,975,000

	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Assessed Value of Real Property	3,572,474,467	3,732,448,963	3,709,450,229	3,903,583,148	4,104,480,966	4,669,808,487	5,516,803,465	5,971,622,988	5,969,473,582	6,596,480,810
Debt Limit Rate	5%	5%	5%	5%	5%	5%	5%	5%	5%	5%
Debt Limit	178,623,723	186,622,448	185,472,511	195,179,157	205,224,048	233,490,424	275,840,173	298,581,149	298,473,679	329,824,041
Total Bonded Debt	40,815,000	38,000,000	36,154,465	42,792,880	38,215,000	35,180,000	41,755,000	48,140,000	44,580,000	44,580,000
Less: Amount Set Aside for Repayment	1,044,358	1,220,225	1,377,739	1,377,739	1,706,520	1,720,819	2,093,865	2,156,074	2,512,856	3,005,134
Total Net Debt Applicable to Limit	39,770,642	36,779,775	34,776,726	41,415,141	36,508,480	33,459,181	39,661,135	45,983,926	42,067,144	41,574,866
Legal Debt Margin	138,853,081	149,842,673	150,695,785	153,764,016	168,715,568	200,031,243	236,179,038	252,597,223	256,406,535	288,249,175

Debt service limit under state law, the maximum annual debt service in any fiscal year on state debt payable from a general revenue fund may not exceed 5 percent of an amount equal to the average of the unrestricted general revenue fund for the three preceding fiscal years.
Source: Texas Bond Review Board

	Principal	Interest	Total	Per Capita
Tax Supported Debt Obligations	41,043,000.00	8,937,517.10	49,980,517.10	563.33
Total Outstanding Debt Obligations	41,043,000.00	8,937,517.10	49,980,517.10