Debt Transparency
Current Debt Information Summary
Total Outstanding Debt Obligations $1,123,635,000
As of September 30, 2018, METRO’s most recently completed fiscal year 2018
By Obligation Type
Total Tax-Supported Obligations $1,123,635,000
Tax-Supported Obligations Per Capita $160.91
Total Tax & Revenue Supported Obligations $ -
By Revenue Base
Total Lease Purchase Obligations $ -
Total Voter Authorized Obligations $544,570,000
Total Senior Lien Obligations $579,065,000
By Issuance
| Issuance |
As of FY2018 |
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 |
$4,195,000 |
Voter Authorized |
Tax-Supported |
| 2009C Sales & Use Tax Bonds - Build America Bonds |
$82,555,000 |
Voter Authorized |
Tax-Supported |
| 2011A Sales & Use Tax Bonds |
$331,575,000 |
Voter Authorized |
Tax-Supported |
2016C Sales & Use Tax Bonds |
$33,615,000 |
Senior Lien |
Tax-Supported |
2009B Sales & Use Tax Contractual Obligations |
$ - |
Senior Lien |
Tax-Supported |
| 2009D Sales & Use Tax Contractual Obligations |
$ - |
Senior Lien |
Tax-Supported |
| 2010A Sales & Use Tax Contractual Obligations |
$6,885,000 |
Senior Lien |
Tax-Supported |
| 2011B Sales & Use Tax Contractual Obligations |
$9,575,000 |
Senior Lien |
Tax-Supported |
| 2014 Sales & Use Tax Contractual Obligations |
$88,370,000 |
Senior Lien |
Tax-Supported |
| 2015B Sales & Use Tax Contractual Obligations |
$54,475,000 |
Senior Lien |
Tax-Supported |
| 2016D Sales & Use Tax Contractual Obligations |
$44,445,000 |
Senior Lien |
Tax-Supported |
| 2015A Sales & Use Tax |
$43,820,000 |
Senior Lien |
Tax-Supported |
| 2016A Sales & Use Tax Refunding Bonds |
$126,245,000 |
Voter Authorized |
Tax-Supported |
| 2017A Sales & Use Tax Refunding Bonds |
$29,995,000 |
Senior Lien |
Tax-Supported |
| 2016B Sales & Use Tax Refunding Contractual Obligations |
$25,635,000 |
Senior Lien |
Tax-Supported |
| 2017B Sales & Use Tax Refunding Contractual Obligations |
$100,950,000 |
Senior Lien |
Tax-Supported |
| 2017C Sales & Use Tax Contractual Obligations |
$25,200,000 |
Senior Lien |
Tax-Supported |
| A-1 Series Commercial Paper |
$94,100,000 |
Senior Lien |
Tax-Supported |
| A-3 Series Commercial Paper |
$22,000,000 |
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 $165 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 Chart
Five Year Total Outstanding Debt
| Debt Category |
Outstanding Debt by Year |
|
FY2018 |
FY2017 |
FY2016 |
FY2015 |
FY2014 |
Tax-Supported |
$1,123,635,000 |
$1,126,720,000 |
$1,127,430,000 |
$1,116,620,000 |
$1,077,580,000 |
Tax & Revenue Supported |
$ - |
$ - |
$ - |
$65,310,000 |
$73,780,000 |
| Total |
$1,123,635,000 |
$1,126,720,000 |
$1,127,430,000 |
$1,181,930,000 |
$1,151,360,000 |
Downloadable Excel version
Five Year Inflation Adjusted Tax-Supported Debt Per Capita
Five Year Inflation Adjusted Tax-Supported Debt Per Capita
| Debt Category |
Outstanding Debt by Year |
|
FY2018 |
FY2017 |
FY2016 |
FY2015 |
FY2014 |
Tax-Supported Debt |
$1,123,635,000 |
$1,126,720,000 |
$1,127,430,000 |
$1,116,620,000 |
$1,077,580,000 |
9-County Metro Population* |
$6,982,991 |
$6,892,427 |
$6,798,010 |
$6,664,187 |
$6,496,862 |
| Tax-Supported Debt Per Capita |
$160.91 |
$163.47 |
$165.85 |
$167.56 |
$165.86 |
Houston Consumer Prices
(2016 Base = 100)* |
102.40 |
100.00 |
98.00 |
96.50 |
96.60 |
Derived CPI Multiplier
(Inflation Adjustment to 2016 Dollars) |
0.9766 |
1.0000 |
1.0199 |
1.0367 |
1.0351 |
| Adjusted Tax-Supported Debt Per Capita |
$157.14 |
$163.47 |
$169.15 |
$173.71 |
$171.69 |
Downloadable Excel version
*Provided by University of Houston C.T. Bauer College of Business Institute for Regional Forecasting