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Elise Kensinger

Travis County ESD Expands

December 5, 2017 By Elise Kensinger

Travis County ESD No. 1 and No. 7 Jointly Expand Facilities and Equipment

JONESTOWN, TEXAS (December 5th, 2017) – Travis County Emergency Services Districts (ESD) Number 1 and 7 announced today the successful completion of a joint financing with Southlake, Texas based Government Capital Corporation for construction of multiple fire facilities and related equipment.  The twenty-year, fixed rate structure eliminated all interest rate risk for the ESDs, an important consideration given the long-term risk of increasing interest rates.

Travis County ESD No. 1 has been in operation since the 1980’s and ESD No. 7 is a new district that was created by the overwhelming support of voters in November 2016.  The community recognized the need for funding additional staff, new stations, ambulances and fire apparatus in order to reduce response times and respond to the growth in Northwest Travis County. The Board of Commissioners for both Travis County ESD No. 1 and Travis County ESD No.7 went to work in early 2017 to meet the mandate of the community.

With financing now in place, two new fire stations and a training facility have anticipated groundbreakings for early 2018 at two locations within the City of Lago Vista. The training tower and Station #103 will be located on the campus of Lago Vista High School, allowing the high school students to begin training their junior year to become an EMT, Firefighter or both. In addition, ESD No.7 is taking delivery on a new ambulance and fire truck within the next few weeks and ESD No.1 has also begun upgrading its equipment. To view photos of the ambulance, firestation plans, and other equipment, click here.

“Government Capital brought a tremendous amount of experience and expertise to the table,” stated ESD Administrator Donnie Norman.  “There are unique financing needs for startup ESDs and Government Capital developed a financing structure which met the needs of the ESDs and will allow us to significantly improve the service to the community.”

About Travis County Emergency Services Districts No. 1 and No.7 Travis County Emergency Services Districts No. 1 and No. 7 are located in Jonestown, Texas, serving the North Lake Travis area of Travis County including the cities of Lago Vista, Jonestown, and The Village of Point Venture – approximately 178 square miles. For more information: tcesd1.org

About Government Capital Corporation Government Capital Corporation is a leading public finance firm providing professional financial services to Emergency Service Districts and all other local governmental entities.  Since its founding in 1992, the company has successfully completed thousands of project financings in Texas and across the country. For more information: 800-883-1199, www.govcap.com

 

Filed Under: Emergency Services

Ferris EDC Closes on Two Tracts of Land

October 25, 2017 By Elise Kensinger

Ferris, Texas (October 24, 2017) –Ferris Economic Development Corporation (EDC) announced the successful funding of the City’s two tracts of land totaling 9.79 acres of South I-45 Highway frontage road. Plans for developing the land are well underway with ventures for retail, dining and shopping.

Ferris EDC chose Government Capital Corporation to provide a 20 year term loan, secured by the EDC’s sales tax revenues. The loan was structured so that the EDC could have the most flexibility to work with the developer to maximize sales tax generation capabilities.

Sean Overeynder, Executive Director of Ferris EDC stated, “We had a very tight timeline to meet and Government Capital Corporation went above and beyond to help us move the project forward quickly. Their process is straightforward and they have excellent customer service.”

“Congratulations to the Ferris EDC for their vision and procurement of land in such an excellent location for development. The I45 corridor will continue to grow and be a significant contributor to sales tax revenues for Ferris for years to come,” stated Kevin Lerner, Senior Vice President of Government Capital Corporation.

About Ferris Economic Development Corporation
Ferris Economic Development Corporation is located in Ferris, Texas, on Interstate Highway 45, 20 miles south of downtown Dallas and serves approximately 2,600 residents. Because Ferris had four brick plants operating during the 1950s, the community gained its nicknames “Brick Capital of the Nation” and “The City that Bricked the World.” There are approximately 76,000 + consumers within a 17 minute trade area of Ferris. For more information: www.ferristexas.gov/economicdevelopment

About Government Capital Corporation
Government Capital Corporation is a leading public finance firm providing professional financial services to Economic Development Corporations and all other local governmental entities. Since its founding in 1992, the company has successfully completed thousands of project financings in Texas and across the country. For more information: 800-883-1199, www.govcap.com

Filed Under: Land

IS TRUMP’S TAX REFORM A THREAT TO MUNICIPAL BORROWING COSTS?

October 16, 2017 By Elise Kensinger

IS TRUMP’S TAX REFORM A THREAT TO MUNICIPAL BORROWING COSTS?
The recent release of the Trump Administration’s tax proposal has led to speculation about what these changes could mean for municipal borrowing costs. The proposal still needs to be reconciled in and approved by both houses of Congress before the new tax reform is officially enacted. The advertised plan of cutting taxes to spur economic growth sounds great to many and could be the essential cure for our economy’s current lackluster growth rate of around 1.80%.
However, what’s not being advertised, but is very much at the forefront of the municipal finance world is the almost immediate increase in municipal borrowing costs that will occur if the decreased tax rates become reality. To illustrate, a municipal lender or bondholder in the 35% effective tax bracket that purchases a tax-exempt municipal bond or other form of tax-exempt indebtedness yielding 2.50% receives a tax equivalent yield of 3.85 (2.50%/(100%-35%)). To say it another way, the lender would have to invest its funds in a taxable instrument at 3.85% to achieve the same 2.50% after-tax yield. So, let’s take a look at what happens if President Trump’s tax reduction plans come to fruition and the municipal lender is now subject to a lower tax rate of 25%. The lender would now need a 2.89% to maintain the same tax equivalent yield of 3.85% (3.85% * (100%-25%)). In a $3.8 Trillion municipal bond market, this potential 15.6% increase in tax-exempt borrowing costs should not be overlooked.
Setting aside President Trump’s tax agenda, let’s review what’s been on the Federal Reserve Bank’s agenda over this past quarter. As planned, the Federal Reserve did not increase the Federal Funds Rate in their most recent Open Market Committee meeting. However, Chairwoman Yellen, along with 75% of the Committee members are still forecasting an increase of 0.25% for their upcoming December meeting. They believe the U.S. economy is still on good solid footing, even though growth and inflation continue to lag their expectations. Accordingly, the general consensus among the Committee is that they will raise the Fed Funds Rate three times in 2018.

In summary, the U.S. economy remains headed in a positive direction. Despite the horrifying and disruptive impacts of the recent hurricanes and tropical storms, economic growth prospects are good and the proposed tax cuts could provide a nice tail wind. Municipalities will continue to participate in and contribute to the growth of our economy, but will likely see their borrowing costs go up heading into 2018.

Written by: Zac Saldi of Government Capital Corporation

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Filed Under: Muni-Market Bulletin

4 New Pumper/Tanker Trucks in Quitman, Louisiana

September 28, 2017 By Elise Kensinger

QUITMAN FIRE PROTECTION DISTRICT NO. 1 ORDERS FOUR NEW TRUCKS

Quitman, Louisiana (September 25, 2017) ‐ The Quitman Fire Protection District No. 1 announced the order of four 3,000-gallon pumper/tanker trucks manufactured by Fouts Bros Fire Equipment of Smyrna, GA. The 2018 model year trucks are new additions to the District’s fleet of emergency service vehicles. The first of the new apparatus will be placed in service in October with three following early next year. The new apparatus will be housed at each of the District’s four stations. The District paid cash for one truck and was able to order an additional three identical units by utilizing a tax-exempt lease purchase structure with a ten-year repayment term.

“We have used Government Capital Corporation for two previous financings. The lease purchase financing process is painlessly easy. Marti Sauls and D.C. Greer are easy to work with and bend over backwards to help. I am relieved that I have trucks ordered and money in the bank to pay for them. I’ve been very pleased. GCC is my first choice.” stated Philip Brown, Fire Chief for the District.

D.C. Greer, Vice President of Government Capital Corporation, stated “It has been truly an honor to work with the Quitman Fire Protection District over the years. Their outstanding leadership and organization makes our job much easier.”

About Quitman Fire Protection District No. 1
Quitman Fire District No. 1 is located in the Northern portion of Jackson Parish in northeast Louisiana. The service area encompasses the Quitman city limits and surrounding area with a population of approximately 2,500. The District responds to an average of 160-180 calls annually and currently operates out of two stations. The main Central station is located downtown Quitman, Station 2 is in Clay, and Station 3 is currently under construction on Beech Springs Road in Quitman. A fourth station is planned for the Ansley area.

About Government Capital Corporation
Government Capital Corporation is a leading public finance firm providing professional financial services to Fire Protection Districts and all other local governmental entities. Since its founding in 1992, the company has successfully completed thousands of project financings in Louisiana and across the country. For more information: (800) 883‐1199, www.govcap.com.

Filed Under: Emergency Services

Clarendon EDC and City Partner on Two Projects

September 14, 2017 By Elise Kensinger

Clarendon Economic Development Corporation and City of Clarendon Partner on Two Projects for Future Generations

Clarendon, Texas (September 12, 2017) – Clarendon Economic Development Corporation (EDC) and the City of Clarendon announced the successful funding of the City’s water recreation and the Mulkey multi-purpose facility projects. These two projects will help revitalize downtown Clarendon.

The historic Mulkey Theatre built in 1946 will be renovated to bring it back to not only a working movie theatre, but also give it new life as a performance hall, conference center and the City’s official Visitors’ Center. The EDC and City plan to establish Mulkey Theatre as a distinctive place for civic meetings, educational conferences, and performing and visual arts.

Government Capital Corporation was selected to provide a 20 year term loan, secured by the EDC’s sales tax revenues. David Dockery, City Manager, stated, “Government Capital Corporation made the process smooth. They walked us through each step of the process and responded quickly to our questions and needs. These projects are for the community of Clarendon and will benefit future generations to come.”

“I applaud the EDC Board, the City Council, and the City administration on their vision of revitalizing the Mulkey Theatre and the new pool project. These two projects will not only infuse more pride in Clarendon, but also benefit the city’s economic growth due to people coming to visit, shop and play,” said Drew Whitington, Client Services Representative of Government Capital.

 About Clarendon Economic Development Corporation and the City of Clarendon
Clarendon Economic Development Corporation is located in Clarendon, Texas, on U.S. Highway 287 in the Texas Panhandle, 60 miles East of Amarillo. Clarendon is the Donley County seat which serves approximately 2,000 residents. The Clarendon EDC has a Type B status, allowing them to fund developing industries, while cultivating their community and improving the quality of life in Clarendon. For more information: www.clarendontx.com/cedc

About Government Capital Corporation
Government Capital Corporation is a leading public finance firm providing professional financial services to Economic Development Corporations and all other local governmental entities.  Since its founding in 1992, the company has successfully completed thousands of project financings in Texas and across the country. For more information: 800-883-1199, www.govcap.com

 

Filed Under: Facilities

Blachly School District No. 90 Repositions for Growth

September 14, 2017 By Elise Kensinger

Blachly, Oregon (September 5, 2017) – Blachly School District No. 90 is in the process of moving their football field to make room near their main campus for two new, fully equipped modular classrooms to accommodate the district’s growth.  Installing the classrooms close to the main campus will ensure the safety of both their students and staff, while the addition of the classrooms will keep their teachers from rotating rooms.

Land has been cleared for the field and concrete poured for the foundation of the ADA compliant classrooms of which the district is anticipating an opening date of October 2017. Government Capital Corporation (GCC) was chosen to finance the project that includes the construction of facilities and equipment. GCC partnered with attorney James Shannon of Mersereau Shannon LLP (www.mershanlaw.com), who provided the attorney opinion, legal counsel and all necessary documents.

Ms. Pat Rufo, Business Manager of Blachly School District No. 90 stated, “This project was streamlined with the expertise and experience of our financing partner, Government Capital Corporation. I highly recommend Government Capital Corporation.”

Jana Offutt, Client Services Representative for Government Capital Corporation said, “Congratulations to Pat and the team at Blachly School District No. 90 for their ingenuity to apply such a unique physical plan and financing structure to provide a win for the students, staff and the district.”   

About Blachly School District No. 90
Blachly School District No. 90 is located in Blachly, Oregon, in the coastal range of Lane County.
Opening in Fall 2010 as Triangle Lake Charter School, they received the outstanding rating by the State of Oregon. Of 16 surrounding schools, they have the highest test scores in language arts and mathematics and the second highest in science. For more information: www.blachly.k12.or.us

About Government Capital Corporation
Government Capital Corporation is a leading public finance firm providing professional financial services to school districts and all other local governmental entities.  Since its founding in 1992, the company has successfully completed thousands of project financings across the country. For more information: 800-883-1199, www.govcap.com

Filed Under: Education

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