SECTION 10.2. Annual Local Debt Report Required from Political Subdivision

(a) A political subdivision shall annually compile and report certain financial information ("Annual Local Debt Report") in the manner prescribed by this subchapter.

(b) The Annual Local Debt Report to be compiled and reported by a political subdivision must include the following financial information:

(1) Regarding total authorized debt obligations:

(A) the amount of all authorized debt obligations;

(B) the principal of all outstanding debt obligations;

(C) the combined principal and interest required to pay all outstanding debt obligations on time and in full;

(D) the amount of all authorized debt obligations secured by property taxes;

(E) the principal of all outstanding debt obligations secured by property taxes;

(F) the combined principal and interest required to pay all outstanding debt obligations secured by property taxes on time and in full;

(G) the amount of all authorized debt obligations secured by property taxes for municipalities, counties or school districts expressed as a per capita amount;

(H) the principal of all outstanding debt obligations secured by property taxes for municipalities, counties or school districts expressed as a per capita amount;

(I) the combined principal and interest required to pay all outstanding debt obligations on time and in full for all obligations secured by property taxes expressed as a per capita amount; and

(J) the current credit rating on total debt obligations given by any nationally recognized credit rating organization.

(2) Regarding each authorized debt obligation:

(A) the principal of each outstanding debt;

(B) the principal of each outstanding debt obligation secured by property taxes for municipalities, counties or school districts expressed as a per capita amount;

(C) the combined principal and interest required to pay each outstanding debt obligation on time and in full;

(D) the combined principal and interest required to pay each outstanding debt obligation on time and in full for municipalities, counties or school districts expressed as a per capita amount;

(E) the issued and unissued amounts, the spent and unspent amounts, the maturity date and the stated purpose for which each debt obligation was authorized; and

(F) the current credit rating on each debt obligation given by any nationally recognized credit rating organization.

(3) Any other information considered relevant or necessary to explain the above required data elements, such as explanations of payment sources for different kinds of debt or projections of per capita amounts of ad valorem taxation-secured obligations as of the last day of the maximum term of the most recent debt obligation issued by the political subdivision.

Source Note: The provisions of this §10.2 adopted to be effective January 3, 2018, 42 TexReg 7718; amended to be effective April 5, 2020, 45 TexReg 2207