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Favorable ratings affirmed for Fort Worth drainage bonds

Posted April 19, 2018

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Fitch Ratings has assigned favorable ratings to City of Fort Worth bonds used for its stormwater utility.

The city’s approximately $114.9 million drainage utility system revenue bonds were rated AA+ by Fitch this month.

“The bonds are secured by a very stable and predictable revenue stream with the fixed drainage fee comprising a nominal 7 percent of the total utility bill,” Fitch reported in a news release. “The drainage fee is collected with water and sewer charges, and nonpayment of any portion of the bill results in termination of water services.”

Fitch noted that while the stormwater utility has reported healthy annual operating surpluses since its inception in 2006, capital needs have been placed at $1.5 billion, to be completed over 40 years. The city has identified up to $400 million in projects that are necessary to address critical flooding and erosion issues around Fort Worth.

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City Council Meeting: 7 p.m. March 26, 2019; City Council Chambers, Second Floor, City Hall, 200 Texas Street.
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Metropolitan Area EMS Authority: 10 a.m. March 27, 2019; MedStar Mobile Healthcare, 2900 Alta Mere Drive, Fort Worth, Texas 76116.
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City Plan Commission Work Session: noon March 27, 2019; City Hall, Second Floor, City Council Conference Room 290, 200 Texas Street.
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City Plan Commission Public Hearing: 1:30 p.m. March 27, 2019; City Hall, Second Floor, City Council Chambers, 200 Texas Street.
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Park & Recreation Advisory Board: 4 p.m. March 27, 2019; Fort Worth Botanic Garden, Deborah Beggs Moncrief Garden Center, 3220 Botanic Garden Boulevard, Fort Worth, Texas 76107.
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Bonnie Brae Improvements Project Meeting: 6 p.m. March 27, 2019; Bonnie Brae Elementary, 3504 Kimbo Road.

Tarrant County Adult Education & Literacy Consortium Meeting: 9:30 a.m. March 28, 2019; Workforce Development Board Office, Large Conference Room, 1320 South University Drive, Suite 600.
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Water and Wastewater Capital Improvements Plan Citizens Advisory Committee: noon March 28, 2019; Fort Worth City Credit Union, 2309 Montgomery Street, Fort Worth, Texas 76107.
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Emergency Physicians Advisory Board: 12:30 p.m. March 28, 2019; TCMS Building, 3rd Floor, 555 Hemphill.
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WORKSHOP: Code Compliance 101: 6:30 p.m. March 28, 2019; Northside Community Center, 1100 NW 18th St.

Aviation Advisory Board: 3 p.m. March 29, 2019; Fort Worth Alliance Airport, 2221 Alliance Boulevard, Suite 100.
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Spring Fling at Greenbriar Community Center: 6 p.m. March 29, 2019; Greenbriar Community Center, 5200 Hemphill St.

Community Rummage Sale at Andrew Doc Session Community Center: 8 a.m. March 30, 2019; Andrew Doc Session Community Center, 201 S. Sylvania Ave.

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