HCDE has a blended component unit, the Harris County Department of Education Public Facility Corporation (PFC Capital Projects Fund) for which it is financially accountable.
Debt service requirements of general obligation bonds are payable solely from future revenues consisting of school contracts.
HCDE has never defaulted on any bond principal or interest payment. Effective interest rates range from 3.50% to 5.75%. There are a number of limitations and restrictions contained in the bond indenture. Management has indicated that HCDE is in compliance with all significant limitations and restrictions.
HCDE does not have a debt service rate. HCDE has a maximum maintenance tax rate of $0.01 and the current tax rates are available on the Tax Transparency webpage.
Public Facility Corporation Bonds
After January 2015, the PFC is not subject to a continuing disclosure undertaking pursuant to USSEC Rule 15c2-12 with respect to any of its outstanding indebtedness.