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





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 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





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 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 8/15/2034 Current - Fixed 5 000%

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Appendix 3





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



as of January 1, 2016 grey text: model calculation


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:

txdot hb 2612

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