Disclaimer: Cautionary Statements for Debt Data
BRB's cautionary statements about the state debt data and local debt data it publishes.
Cautionary statements for state debt data
Chapter 1231 of the Texas Government Code directs issuers of state securities to report their securities transactions to the Bond Review Board (BRB). Chapter 1231 also requires BRB to report the data to the governor, lieutenant governor, speaker of the house and each member of the legislature in an annual report within 90 days of the end of each state fiscal year.
BRB compiles the data on its website from information reported to BRB from various sources. BRB has not independently verified it. The reported debt and defeasance data of state agencies may differ from actual debt outstanding. The difference for a specific issuer could be substantial.
The state debt data does not include all installment purchase obligations, but it does include certain lease-purchase obligations. It does not include the SECO LoanSTAR Revolving Loan Program, certain other revolving loan program debt, or privately-placed loans. Outstanding debt leaves out debt for which enough funds have been escrowed to retire it, either from refunding debt proceeds or from other sources.
Future debt issuance is based on estimates from each issuing agency. Future debt service on variable rate, commercial paper and other short-term and demand debt is estimated from the interest rate and refinancing assumptions described in the report.
Actual future data could change because of legislative and oversight direction, agency financing decisions, interest rates, market conditions and other factors no one can predict. Actual future data could differ from the estimates, and the difference could be substantial. BRB has no obligation to update any estimate of future data.
Historical data and trends are not meant to predict future events or continuing trends. BRB makes no representation that past experience will continue.
This website refers to credit ratings. The rating agencies that furnish the ratings can explain what they mean. Ratings reflect only each rating agency's views. By reporting ratings, BRB does not intend to endorse them or to recommend that anyone buy, sell or hold securities.
The information on this website is meant to meet Chapter 1231 requirements and to inform state leadership and the Legislature. It is not meant to inform investors who are deciding whether to buy, hold or sell securities, and no one may rely on it for that.
Data is provided as of the date indicated. It may not reflect debt, debt service, population or other data as of a later date. It may have changed since the date given.
For more detailed or current information, see the issuers' web sites or their filings at Electronic Municipal Market Access (EMMA). BRB does not control those sites and makes no representation about their accuracy, completeness or currency. No referenced site is incorporated here by that reference or otherwise.
Cautionary statements for local debt data
Section 1202.008 of the Texas Government Code authorizes the Office of the Attorney General to collect local debt information and send it to BRB for debt statistic reports. Chapter 1231 of the Texas Government Code requires BRB to send biennial reports with that data to the legislature.
BRB compiles the data on its website from information reported to BRB from various sources. BRB has not independently verified it. The reported debt and defeasance data may differ from actual debt outstanding. The difference for a specific issuer, a type of issuer or all issuers could be substantial.
Local governments do not have to report debt that is not a public security as state law defines it. An example is a loan not evidenced by a note, or evidenced by a note payable to order. They also do not have to report debt that does not need approval by the Office of the Attorney General of the State of Texas. Examples are certain short-term notes, certain bond anticipation notes and certain lease purchase agreements for personal property.
So BRB does not receive information on many privately-placed loans or intergovernmental loans. Examples are State Infrastructure Bank loans for transportation and water development state participation loans that are not evidenced by a public security.
Debt issuances by some component corporations of governmental entities are also not reported to BRB. Examples are housing finance corporations, industrial development corporations and other conduit entities.
Outstanding debt leaves out debt for which enough funds have been escrowed to retire it, from refunding proceeds or other sources, if reported to BRB. Debt totals, percentages, trends and other data are based entirely on debt and defeasances reported to BRB.
Future repayment and debt-service information for variable-rate, commercial paper and other short-term and demand debt is estimated from the interest rate and refinancing assumptions described in the report. Actual future data could change because of issuer financing decisions, interest rates, market conditions and other factors no one can predict, and could differ substantially. BRB has no obligation to update any estimate of future data.
Historical data and trends are not meant to predict future events or continuing trends. BRB makes no representation that past experience will continue.
The information on this website is meant to meet Chapter 1231 requirements and to inform state leadership and the Legislature. It is not meant to inform investors who are deciding whether to buy, hold or sell securities, and no one may rely on it for that.
Data is provided as of the date indicated. It may not reflect debt, debt service, population or other data as of a later date. It may have changed since the date given. For more detailed or current information, see the issuers' web sites or their filings at Electronic Municipal Market Access (EMMA). BRB does not control those sites and makes no representation about their accuracy, completeness or currency. No referenced site is incorporated here by reference or otherwise.