Tax-Supported Debt Per Capita

Debt Service per capita is calculated using the Forney Economic Development Corporation population estimate for 2017 of 19,122.

Bond SeriesTotal Principal & InterestDebt Per Capita
2008 General Obligation Bonds15,033,713786
2011 General Obligation Bonds3,707,913194
2011 Certificates of Obligation4,064,347213
2012 General Obligation Refunding1,362,82171
2012 Certificates of Obligation1,004,12553
2014 General Obligation Refunding1,935,044101
2014 Certificates of Obligation6,101,206319
2015 General Obligation Refunding11,161,688584
2016 Certificates of Obligation3,092,903162
2016 General Obligation Refunding8,883,375465
2017 Subordinate Lien Pass-Through Toll Revenue and Limited Tax Refunding14,501,801758
2017 Tax Notes2,259,568118
Total Tax-Supported Debt per Capita$73,108,503$3,823
Remaining TxDOT Pass-Through Payments to the City(20,959,057)(1,096)
City's Remaining Obligation for Pass-Through Toll Bonds (2008 and 2017)8,576,457NA
Total Per Capita Debt adjusted for Pass-Through Program$52,149,446$2,727

Click on the tabs to see detailed payment schedules for all general bond series.

  1. 2008 GO Bonds
  2. 2011 GO Refunding
  3. 2011 Combo CO
  4. 2012 GO Refunding
  5. 2012 CO
  6. 2014 GO Refunding
  7. 2014 CO
  8. 2015 GO Refunding
  9. 2016 CO
  10. 2016 GO Refunding
  11. 2017 Refunding
  12. 2017 Tax Notes

2008 General Obligation Bonds

Original Issue Amount: $39,605,000
Original Date of Issue: July 15, 2008
Maturity Date: August 15, 2033

Use of Bond Proceeds

Proceeds from the sale of the Bonds will be used to (i) provide funds for the design, development, construction, extension, expansion and/or improvement of certain state highway facilities and roadways located within the City and as more specifically described in the {Pass Through} Agreement, (ii) pay interest on the Bonds for the period authorized by State law, and (iii) pay the costs of issuance on the Bonds...

Initial Design of Three Pass-Through Toll Projects
Total Project Cost: $9,598,084
2008 Bond Allocation: $8,687,712
Completion Date: March 2013

FM 548 at US Highway 80 Roadway Reconstruction & Widening
Total Project Cost: $14,818,921
2008 Bond Allocation: $8,867,416
Completion Date: October 2015

FM 740 Roadway Reconstruction & Widening
Total Project Cost: $7,084,333
2008 Bond Allocation: $4,889,896
Completion Date: May 2016

FM 741 Roadway Reconstruction & Widening
Total Project Cost: $13,604,976
2008 Bond Allocation: $13,604,976
Completion Date: October 2015

Bond Interest
Recognizing that there would be a gap between the time where bond payments became due and the time that the Texas Department of Transportation (TxDOT) began making the Pass-Through Reimbursements, $3,239,848 of the bond issue was used to decrease the annual Series 2008 Bond Payments from Fiscal Year 2009 to Fiscal Year 2012. This reduced the impact on the debt service tax rate over three years.

Bond Issuance Costs
Total Cost: $315,153

All of the proceeds from the 2008 General Obligation Bonds have been spent.

Pass-Through Toll Program: Early Redemption

The Pass-Through Toll Program is an agreement between the City and the TxDOT. With this agreement, the City sold the 2008 General Obligation Bonds to fund the expansion of three state-owned roadways within the city limits and oversaw the construction. Upon completion of the projects, responsibility for maintenance of the roadways was returned to the state and TxDOT began to reimburse the City annually.

TxDOT began making annual payments to the City in Fiscal Year 2013. This repayment is structured with a minimum annual payment and an additional accelerated portion (the amount above the guaranteed minimum annual payment) based on traffic counts. The minimum annual payment is $2,009,570. The City Council has deemed any amount above the minimum payment be held as committed fund balance and, if possible, used for early redemption in order to reduce future interest payments. As of October 2017, the City has redeemed an additional $9,184,493 resulting in $5,884,388 in interest savings.

Early Redemption Payment History & Interest Savings
Fiscal YearPass Through Reimbursement AmountAmount Applied to the annual 2008 Bond PaymentsRemaining Available for Early RedemptionEarly Redemption Interest Savings 


The following amounts have been refunded from the 2008 General Obligation Bonds:

2011 General Obligation Refunding
Principal Amount Refunded: $1,200,000
Interest Savings: $94,825

2017 Subordinate Lien Pass-Through Toll Revenue & Limited Tax Refunding
Principal Amount Refunded: $11,465,000
Interest Savings:$1,200,000

Series 2008 Payment Schedule
Fiscal Year  Principal DueInterest DueTotal Principal & Interest