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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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Calendar

Golden Triangle Boulevard & Harmon Road Roundabout Project Meeting: 7 p.m. Jan. 21, 2019; O.A. Peterson Elementary School Gym, 2000 Winter Hawk Drive.

Canceled City Council Work Session: 3 p.m. Jan. 22, 2019; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.

Civil Service Commission: 6 p.m. Jan. 22, 2019; Bob Bolen Public Safety Complex, Auditorium, 505 West Felix Street, Fort Worth, Texas 76115.
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Canceled City Council Meeting: 7 p.m. Jan. 22, 2019; City Council Chambers, Second Floor, City Hall, 200 Texas Street.

City Plan Commission Work Session: noon Jan. 23, 2019; City Hall, Second Floor, City Council Conference Room 290, 200 Texas Street, Fort Worth, Texas 76102.
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City Plan Commission Public Hearing: 1:30 p.m. Jan. 23, 2019; City Hall, Second Floor, City Council Chambers, 200 Texas Street, Fort Worth, Texas 76102.
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Park & Recreation Advisory Board: 4 p.m. Jan. 23, 2019; Southwest Community Center, 6300 Welch Avenue, Fort Worth, Texas 76133.
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Fort Worth Housing Solutions Board of Commissioners Regular Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Fort Worth Affordability, Inc. Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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QuadCo Management Solutions, Inc. Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Sedona Public Facility Corporation Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Ironwood Crossing Public Facility Corporation Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Active Transportation Plan Public Meeting: 6 p.m. Jan. 24, 2019; Central Library, 500 West Third St.

Fort Worth Professional Fire Fighters Association Collective Bargaining Negotiations: 1:30 p.m. Jan. 25, 2019; IAFF Local 440 Office, 3855 Tulsa Way, Fort Worth, Texas 76107.
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District 4 Caffeinated Town Hall: 9 a.m. Jan. 26, 2019; Heritage Clubhouse, 9536 Courtright Drive.

View the full city calendar and current meetings.