FBMUD 142 will be hosting an Open House on April 18th, 2019, from 7 p.m. to 9 p.m. at Bentley Elementary School, located at 9910 Farm to Market 359, Richmond, TX 77406. This event is for residents of the District to learn more about the bond authorization election.
In January, the Board of Directors (the "Board") of Fort Bend County Municipal Utility District No. 142 (the "District") called a bond authorization election for May 4th, 2019.
The District is requesting authorization from the voters of the District to issue bonds in several increments over time, as needed, to fund the construction of a permanent wastewater treatment plant and the required maintenance of all District water, sanitary sewer, and drainage infrastructure over the next 30 years.
The District is also requesting authorization from the voters of the District to issue bonds to fund the construction of desired park and recreational facilities in the District.
Authorizing the District to issue the bonds will allow the Board to spread the costs of all required capital improvements over several years and avoid significant increases in maintenance tax rates and/or water and sanitary sewer rates required to finance them using a "pay as you go" approach. This allows the costs of the required projects to be shared by both current and future users of the system.
The Board does not expect any increase in the District's total tax rate in the next 10 years. This projection is based on the following factors:
the projected growth in assessed valuation as provided by the developers of the district, including the planned single-family homes and commercial improvements on currently undeveloped land located within the district;
the projected debt service requirements of the future bonds to be issued to finance the development of such property; and
the projected debt service requirements of the future bonds to be issued to finance the capital improvement projects anticipated during such 10 year period, including the construction of the permanent wastewater treatment plant, if such bonds are authorized.
The Board has lowered the District's total tax rate by 40.9% (from $1.27 to $0.75) since 2012 and accumulated a substantial rainy day reserve.
As a result of this prudent financial management, the District has earned an A2 rating from Moody's.
For more information, please visit the 2019 Bond Election page.