Debt

The Port of Houston Authority (“Port Houston”) is pleased to provide information on its outstanding debt obligations as part of its commitment to financial transparency. It understands the importance of the Public Trust, and strives to assure that all funds received from public support are used wisely for the best return on investment. Port Houston has prepared a spreadsheet, included in the “Summary” section below, to comply with the requirements of HB 1378 and Section 140.008, Texas Local Government Code, relating to disclosure of debt information.

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Port Houston generates positive operating cash flows (i.e., its operating revenues exceed its operating expenses), and uses those excess funds for capital infrastructure investments.  At times, when the projected cash flow is insufficient to fully cover the capital improvement plan, Port Houston has obtained approval at a bond election for issuance of ad valorem general obligation tax bonds to supply the shortfall.  Property taxes are levied annually to cover the principal and interest debt service payments due on outstanding tax bonds.

The proceeds of past tax bond issuances have been applied towards dredging of the Houston Ship Channel, acquisition of wharf cranes and other major equipment, as well as construction of docks, wharves and container facilities. Port Houston is appreciative of the continued support of taxpayers, labor, industry partners, shippers, officials from local jurisdictions, and many others who have made these capital improvements possible.  Such investments contribute to job creation and economic development for the region, state and nation.

Should you have any questions on any of the transparency documents posted on this website, you may submit them online, by clicking on the “Contact us” link at the bottom of this page, or contact the Port Authority’s Treasury Department at 713-670-2405 or 713-670-2555. Please note that records older than the information shown below may be located in the Archive.

Tax Supported and Revenue Supported Debt 2012-2016

The above tax-supported debt is net of premium / (discount). Port Houston had no outstanding revenue-supported debt during this period.

Inflation Adjusted Tax Supported Debt Per Capita 2012-2016

Tax-supported debt is adjusted for inflation based on the Consumer Price Index (CPI), as published by the Bureau of Labor Statistics.  Per capita figures are based on Harris County population.

 

The following documents are available to download in PDF* or Excel format:

Summary

The following provide summary debt information at specific dates, including pages extracted from Port Houston’s Comprehensive Annual Financial Reports (CAFR).

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Debt Obligations Summary 2016-1231
Debt Obligations Summary 2016-0801
Tax and Revenue Supported Debt 2012-2016 (Excel)
Tax and Revenue Supported Debt 2011-2015 (Excel)
Tax Supported Debt per Capita 2012-2016 (Excel)
Tax Supported Debt per Capita 2011-2015 (Excel)
Debt Info 2016-1231
Debt Info 2015-1231
Debt Info 2015-0728
Debt Info 2015-0630
Debt Obligations Star 2016-1214
HB 1378 Debt Info 2016-1231 (Excel)


Disclaimers

Information made available by Port Houston, including information on its website, is not made available for investment purposes and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus. Any such offer by Port Houston can only be made by a registered broker-dealer and an official statement formally issued by Port Houston. Investors in Port Houston securities should rely on their own evaluation of Port Houston and its debt securities, including the merits and risks involved.

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Disclaimers 2017-0426
Disclaimers 2016-0428
Disclaimers 2015-0728
Disclaimers 2015-0501


Bond Election Pledge

Port Houston has pledged to post on its website the details of any bond package and existing debt information no later than one business day after public notice of a bond election.

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Bond Election Pledge 2015-0529


Official Statements

Issuers prepare offering materials so that investors may better assess the risks of owning the issuers’ bonds. The following are the Official Statements for all of Port Houston’s outstanding tax bonds.

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Official Statement Series 2015A 2015B 2015C
Official Statement Series 2011A
Official Statement Series 2010D1 2010D2 2010E
Official Statement Series 2010A 2010B 2010C
Official Statement Series 2008A
Official Statement Series 2006B 2006C


Debt Service Schedules

The following schedules provide information on the principal and interest debt service payments due semiannually (April 1 and October 1) on Port Houston’s outstanding tax bonds.  Amounts are shown in the aggregate and by individual bond series.

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Debt Service Schedule 2018
Debt Service Schedule 2017
Debt Service Schedule 2016
Debt Service Schedule 2016 to 2039
Debt Service Schedule 2015
Debt Service Schedule 2014
Debt Service Schedule 2012 to 2039


Credit Ratings

The U.S. Securities and Exchange Commission (www.sec.gov) is responsible for the oversight of credit rating agencies registered as nationally recognized statistical rating organizations (“NRSROs”). Port Houston usually engages two NRSROs to provide credit ratings for each bond issuance.  The following are recent credit ratings reports on Port Houston’s tax bonds.

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Credit Ratings Disclosure 2017-1206
Credit Ratings Disclosure 2017-0804
Credit Ratings Disclosure 2017-0626
Fitch 2017-0804
Fitch 2017-0512
Fitch 2015-0706
Fitch 2015-0630
Moody’s 2015-1008
Standard and Poor’s 2015-0706


Tax Information

Debt service on Port Houston outstanding tax bonds is funded entirely from ad valorem taxes levied by the Harris County Commissioners Court on behalf of Port Houston. Taxes are invoiced and collected by the Harris County Tax Assessor-Collector, which charges a fee for those services. Tax revenues are deposited in a segregated Debt Service Fund restricted for such debt service payments, therefore, tax revenues and debt service payments are excluded from Port Houston’s operating budgets.

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Tax Rates 2007-2016
Tax Rates 2006-2015
Tax Levies and Collections 2007-2016
Tax Levies and Collections 2006-2015


Other Debt Information

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Municipal Advisor Rule Exemption Certificate 2016-0622
Texas Municipal Report PHA Debt 2015-0610
Texas Municipal Report PHA Debt 2016-0610
Texas Municipal Report PHA Debt 2017-0811
Link to EMMA® (Electronic Municipal Market Access)
Link to TexasTransparency.org
Link to Texas Comptroller of Public Accounts Debt at a Glance Tool
Link to Texas Bond Review Board – Local Government Debt Database


*  PDF documents are available in Adobe Portable Document Format. If you do not have Adobe Acrobat Reader, you may obtain a free copy of the software

 

 

 

 

 

 

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