2009 Bond Sale Information
As discussed in our public meetings, the sale of bonds was the most effective and efficient way to finance capital needs to meet State of Texas mandates to convert to surface water. The surface water delivery system is close to being in place at Water Plant number 1 and we will soon by delivering a mix of both ground water and surface water.
Through the help of District engineers and operators, it was estimated we would need capital expenses of $906,914 to complete the necessary work at both water plants, plus some additional capital expenses at the District's sewer plant. Non-construction costs and fees totaled $218,086. The total amount of the bond sale was $1.125 million, leaving $3.875 million remaining for future bond issue if needed. At this time, there are no additional capital projects which required the issuance of any additional bonds.
What does this mean to me? Your annual tax assessment from the District is made up of two components: a debt service tax to pay for bonds and a maintenance tax which is to help offset operating costs. The maintenance tax will remain unchanged at 15 cents. The debt service tax will increase from 32 cents to 34.5 cents. The Board had originally estimated it would increase 3 cents,but only a 2.5 cent increase is needed at this time, as well as no increase in the maintenance tax.
As of 2009, the average assessed value of a residence in the SCFPUD district is $181,086. The 2.5 cent increase will therefore increase the annual tax bill by $45.27. The table below shows how this calculation works.
181,086.00 |
Average assessed value of SCFPUD residence | ||
624.74
|
Debt service tax, $0.345 per $100 valuation | ||
271.62 |
Maintenance tax, $0.15 per $100 valuation | ||
$896.36 |
Total (average) tax bill |
Updated: 9/11/2009