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SMDA approves preliminary steps for Series 2024 TIF revenue bonds, names FMS Bonds as underwriter
Summary
The South Manvel Development Authority heard a Hilltop Securities sizing and market update for roughly $3.37 million in Series 2024 tax-increment contract revenue bonds, voted to authorize a preliminary official statement and designated FMS Bonds as underwriter; the board cited uncertainty from a Texas Comptroller list affecting some large firms.
Joe Morrow, financial advisor with Hilltop Securities, told the South Manvel Development Authority that the proposed Series 2024 tax-increment contract revenue bonds are sized at about $3,370,000 and that the board should expect timing and pricing to depend on market conditions.
Morrow said the authority lost roughly $10 million in assessed value this year between certified value and the adjusted levy and that the city’s newly introduced residential homestead exemption contributed to the reduction. "From our certified value to the adjusted levy, it went down about $10,000,000," he said, adding that the exemption—capped at 20 percent and currently set at 10 percent for this jurisdiction—will affect…
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