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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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Building Standards Commission Pre-Meeting: 9 a.m. July 23, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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Building Standards Commission: 9:30 a.m. July 23, 2018; Council Chambers, Second Floor, City Hall, 200 Texas Street.
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Cooks Lane & Morrison Drive Sewer Improvements Project Meeting: 6:30 p.m. July 23, 2018; Fort Worth East Regional Library, 6301 Bridge St.

Canceled City Council Work Session: 3 p.m. July 24, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.

Canceled City Council Meeting: 7 p.m. July 24, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.

Employee Lifecycle: Interviewing, Hiring, and What Comes Next: 11:30 a.m. July 25, 2018; James E. Guinn Entrepreneurial Campus, 1150 S Freeway.
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City Plan Commission Work Session: noon July 25, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.
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City Plan Commission Public Hearing: 1:30 p.m. July 25, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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Budget Stakeholder's Meeting: 3 p.m. July 25, 2018; Shamblee Library , 1062 Evans Ave, Fort Worth, TX 76104.

Park & Recreation Advisory Board: 4 p.m. July 25, 2018; Botanical Research Institute of Texas, 1700 University Drive.
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Lunch and Learn with Google: 11:30 a.m. July 26, 2018; James E. Guinn Entrepreneurial Campus, 1150 S Freeway.
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Appeal of Promotional Bypass of Bryan Stevens: 1 p.m. July 26, 2018; Law Conference Room 320, Third Floor, City Hall, 200 Texas Street.
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Day of Dance at Handley Meadowbrook: 9 a.m. July 27, 2018; Handley Meadowbrook Community Center, 6201 Beaty St.

Ocean in a Bottle at Chisholm Trail: 1 p.m. July 27, 2018; Chisholm Trail Community Center, 4936 McPherson Blvd.

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