Featured Municipal Bond Issue, Week of 10/09/2017: North Texas Tollway Authority Revenue and Refunding Bonds – $2.6 Billion


This week’s featured bond comes from the State of Texas. The North Texas Tollway Authority is issuing first tier and second tier revenue bonds in the amount of $2.6 billion the week of October 09, 2017. These North Texas Tollway revenue bonds are being issued in two series. Series 2017A consists of $1.8 billion in first tier revenue and refunding bonds, and Series 2017B consists of $777 million in second tier revenue and refunding bonds.

The North Texas Tollway Authority (NTTA) is a political subdivision of the State of Texas. The bond proceeds will be used to refund previously issued revenue and revenue refunding bonds issued in 2005, 2008, 2010, and 2011.

Further details on the purposes, tax-status, refunding schedule, and security, as well as other matters pertaining to these North Texas Tollway revenue bonds can be found in the preliminary official statement, provided by MuniOS.

The North Texas Tollway Authority primarily serves the Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area. As of August 2017, the Dallas metro area has an unemployment rate of 3.9%, which is 0.4% lower than the national rate for August, and 0.2% lower than at the same time in 2016. The chart below shows the changes in the Dallas-Fort Worth MSA, State of Texas, and U.S. unemployment rates for the past ten years. MuniNet provides this data and more, easily accessible, for all 50 states and each Metropolitan Statistical Area in the country, in our Employment Database.

Municipal Bonds

Provided at left is a quick snapshot of financial characteristics of the North Texas Tollway Authority, compared with the medians for toll authorities, as of 12/31/2016, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness)In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database.

These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.

by Jeffrey L Garceau