Municipalities take on debt for various public purposes, typically by selling bonds. Usually the proceeds pay for capital projects and long-term capital improvement programs. These can range from the construction of buildings, infrastructure, and park improvements to the installation of public utility distribution and collection systems. In borrowing money, cities offer future tax collections and/or utility revenues as security for the debt. The governing bodies of cities appropriate funds in their operating budgets to repay all municipal debt.
In accordance with state law, the City of Sealy has undertaken efforts to increase transparency in the area of debt obligations. In 2015, the 84th Legislature passed HB 1378 to increase the transparency of local government debt. Under Local Government Code § 140.008, political subdivisions, including counties, cities, school districts, junior college districts, special purpose districts, and other subdivisions of state government must annually compile their debt obligation data from the preceding fiscal year and either (1) report it to the Comptroller of Public Accounts for posting or (2) post the information on their own websites. The City has opted to publish this information on this page.
The City of Sealy has also taken steps to go above and beyond legal requirements by incorporating additional documentation on this page to qualify for a Debt Obligations Transparency Star. The Comptroller of Public Accounts created the Transparency Stars program in March 2016 to recognize those entities that have made efforts to open their books to the public and present information in a user-friendly, understandable format. The City has already received stars in the areas of Traditional Finances and Debt Obligations under the program.
Before commencing a discussion of the City's debt obligations, it may be advantageous to define some terminology related to municipal debt. If you would like to review this terminology, please click on the "Glossary of Terms" heading below to open that section.
Bond Election History
As of September 30, 2016
*Due to the age of the authorization, the City does not expect to issue any additional bonds from the election.
To navigate through the report on screen, hover your mouse pointer over the presentation below and click on the right and left arrows that appear.
City of Sealy Bond Election Pledge
In an effort to introduce more transparency into local spending and debt obligations, the City of Sealy pledges to post details about the City's bond and debt information on the City's website no later than one business day after the public notice of the bond election. This information will include details about the bond package(s) up for vote and current outstanding debt obligations including bonds, certificates of obligation, and other debt, and the date of the election.
The City of Sealy further pledges to notify the Comptroller's office via email to Transparency@cpa.state.tx.us when the bond election information has been posted to the City's website. The email will include a link to the bond election information.
415 Main Street
Sealy, TX 77474-2232
PO Box 517
Sealy, TX 77474-0517
Phone: (979) 885-3511
Fax: (979) 885-3513
The City of Sealy will strive to assure the highest quality of life for those who choose to live, work, and play here while protecting the City's economic well-being for current and future generations.
The City of Sealy is dedicated to preserving our history of excellence while continually investing in our future of progress.
Copyright © City of Sealy,Texas. 2016. All rights reserved. | Website Policies and Disclaimer