Sys First Tier Rev Ref Bonds Ser 2023A
$439,795,000 of principal outstanding at the end of fiscal year 2025.
Terms
- Par amount
- $439,795,000
- Final maturity
- 7/1/2042
- New money / refunding
- New money Not reportedRefunding $439,795,000
- Closing date
- 11/9/2023
- Purpose
- Refunding
- Sale
- Negotiated
- Pledge
- Revenue supported
- Fiscal year issued
- 2024
Changes in BRB's data
No changes since this site began recording on October 6, 2026.
Source: BRB data loads; as of 10/17/2026.
Finance team
Download CSV| Role? | Firm? | Fees paid? |
|---|---|---|
| Underwriter | Globic Advisors | $17,551 |
| Financial advisor | Estrada Hinojosa & Co Inc | No amount reported |
| Financial advisor | Hilltop Securities Inc | $352,703 |
| Financial advisor | RSI Group LLC | No amount reported |
| Bond counsel | Locke Lord LLP | $331,426 |
| Bond counsel | McCall Parkhurst & Horton LLP | No amount reported |
| Disclosure counsel | Locke Lord LLP | No amount reported |
| Disclosure counsel | McCall Parkhurst & Horton LLP | $339,676 |
| Underwriter's counsel | West & Associates LLP | No amount reported Paid by the underwriter |
| Underwriter's counsel | Winstead PC | $228,570 Paid by the underwriter |
| Other counsel | Locke Lord LLP | $60,952 |
| Rating agency | Moodys | $140,951 |
| Rating agency | S&P | $114,723 |
| Paying agent, trustee and escrow | Public Finance Partners LLC | $5,333 |
| Paying agent, trustee and escrow | US Bank | $3,352 |
| Printing, disclosure and data services | Garza Business Services Inc | $4,876 |
| Engineers, accountants and other consultants | Crowe LLP | $9,524 |
| Other costs | Barclays Capital Inc | $210,630 |
| Other costs | CDM Smith Inc | $118,611 |
From the costs of issuance reported to BRB. A firm that was not paid a reported fee is not listed.
Debt outstanding by fiscal year
Fiscal years 2024 to 2025
- Principal
- Interest
| Fiscal year? | Principal? | Interest? | Total debt service? |
|---|---|---|---|
| Fiscal year2025 | Principal$439,795,000 | Interest$62,178,875 | Total debt service$501,973,875 |
| Fiscal year2024 | Principal$439,795,000 | Interest$84,168,625 | Total debt service$523,963,625 |
Costs of issuance
Download CSVOne-time costs to the issuer: $3,183,639, or $7.24 per $1,000 of par.
Shown below but not added: $228,570 paid by the underwriter.
5 rows report no amount.
| Cost? | Paid to? | Type? | Amount? | Per $1,000? |
|---|---|---|---|---|
| CostBond counsel 2 fees | 10.4% of the issuer's costs | Subtotal $331,426 | Per $1,000$0.75 | |
| Similar issues: median $1.13 per $1,000 | ||||
| CostCo-bond counsel | Paid toLocke Lord LLP | TypeOne time | Amount$331,426.24 | Per $1,000$0.75 |
| CostCo-bond counsel | Paid toMcCall Parkhurst & Horton LLP | TypeOne time | AmountNot reported | Per $1,000Not reported |
| CostDisclosure counsel 2 fees | 10.7% of the issuer's costs | Subtotal $339,676 | Per $1,000$0.77 | |
| CostCo-disclosure counsel | Paid toLocke Lord LLP | TypeOne time | AmountNot reported | Per $1,000Not reported |
| CostCo-disclosure counsel | Paid toMcCall Parkhurst & Horton LLP | TypeOne time | Amount$339,675.70 | Per $1,000$0.77 |
| CostFinancial advisor 3 fees | 11.1% of the issuer's costs | Subtotal $352,703 | Per $1,000$0.80 | |
| Similar issues: median $0.75 per $1,000 | ||||
| CostCo-financial advisor | Paid toEstrada Hinojosa & Co Inc | TypeOne time | AmountNot reported | Per $1,000Not reported |
| CostCo-financial advisor | Paid toHilltop Securities Inc | TypeOne time | Amount$352,703.23 | Per $1,000$0.80 |
| CostCo-financial advisor | Paid toRSI Group LLC | TypeOne time | AmountNot reported | Per $1,000Not reported |
| CostUnderwriter 3 fees | 46.5% of the issuer's costs | Subtotal $1,481,381 | Per $1,000$3.37 | |
| Similar issues: median $4.00 per $1,000 | ||||
| CostRemarketing agent | Paid toGlobic Advisors | TypeOne time | Amount$17,551.28 | Per $1,000$0.04 |
| CostUnderwriter's spread: expenses | Paid toNot reported | TypeOne time | Amount$73,687.66 | Per $1,000$0.17 |
| CostUnderwriter's spread: takedown | Paid toNot reported | TypeOne time | Amount$1,390,142.50 | Per $1,000$3.16 |
| CostUnderwriter's counsel 2 fees | Subtotal $228,570 | Per $1,000Not added | ||
| CostCo-underwriter's counsel | Paid toWest & Associates LLP | TypeOne time | AmountNot reported | Per $1,000Not reported |
| CostUnderwriter's counsel Counted as: Paid by the underwriter: shown, not added | Paid toWinstead PC | TypeOne time | Amount$228,569.82 | Per $1,000$0.52 |
| CostRating agency 2 fees | 8.0% of the issuer's costs | Subtotal $255,674 | Per $1,000$0.58 | |
| Similar issues: median $0.44 per $1,000 | ||||
| CostRating agency | Paid toMoodys | TypeOne time | Amount$140,951.39 | Per $1,000$0.32 |
| CostRating agency | Paid toS&P | TypeOne time | Amount$114,723.00 | Per $1,000$0.26 |
| CostOther 8 fees | 13.3% of the issuer's costs | Subtotal $422,778 | Per $1,000$0.96 | |
| Similar issues: median $0.66 per $1,000 | ||||
| CostAccountant CPA | Paid toCrowe LLP | TypeOne time | Amount$9,523.74 | Per $1,000$0.02 |
| CostAttorney General review | Paid toNot reported | TypeOne time | Amount$9,500.00 | Per $1,000$0.02 |
| CostEscrow verification | Paid toPublic Finance Partners LLC | TypeOne time | Amount$5,333.30 | Per $1,000$0.01 |
| CostIssuer counsel | Paid toLocke Lord LLP | TypeOne time | Amount$60,951.95 | Per $1,000$0.14 |
| CostOther costs | Paid toBarclays Capital Inc | TypeOne time | Amount$210,630.00 | Per $1,000$0.48 |
| CostOther costs | Paid toCDM Smith Inc | TypeOne time | Amount$118,610.97 | Per $1,000$0.27 |
| CostPaying agent and registrar | Paid toUS Bank | TypeOne time | Amount$3,352.36 | Per $1,000$0.01 |
| CostPrinting | Paid toGarza Business Services Inc | TypeOne time | Amount$4,876.16 | Per $1,000$0.01 |
| CostTotal, 22 fees | Amount$3,412,209 | Per $1,000 | ||
| CostCosts to the issuer | Amount$3,183,639 | Per $1,000$7.24 | ||
Bond counsel 2 fees10.4%$331,426$0.75 per $1,000Similar issues: median $1.13 per $1,000
- Cost
- Co-bond counsel
- Paid to
- Locke Lord LLP
- Type
- One time
- Amount
- $331,426.24
- Per $1,000
- $0.75
- Cost
- Co-bond counsel
- Paid to
- McCall Parkhurst & Horton LLP
- Type
- One time
- Amount
- Not reported
- Per $1,000
- Not reported
Disclosure counsel 2 fees10.7%$339,676$0.77 per $1,000
- Cost
- Co-disclosure counsel
- Paid to
- Locke Lord LLP
- Type
- One time
- Amount
- Not reported
- Per $1,000
- Not reported
- Cost
- Co-disclosure counsel
- Paid to
- McCall Parkhurst & Horton LLP
- Type
- One time
- Amount
- $339,675.70
- Per $1,000
- $0.77
Financial advisor 3 fees11.1%$352,703$0.80 per $1,000Similar issues: median $0.75 per $1,000
- Cost
- Co-financial advisor
- Paid to
- Estrada Hinojosa & Co Inc
- Type
- One time
- Amount
- Not reported
- Per $1,000
- Not reported
- Cost
- Co-financial advisor
- Paid to
- Hilltop Securities Inc
- Type
- One time
- Amount
- $352,703.23
- Per $1,000
- $0.80
- Cost
- Co-financial advisor
- Paid to
- RSI Group LLC
- Type
- One time
- Amount
- Not reported
- Per $1,000
- Not reported
Underwriter 3 fees46.5%$1,481,381$3.37 per $1,000Similar issues: median $4.00 per $1,000
- Cost
- Remarketing agent
- Paid to
- Globic Advisors
- Type
- One time
- Amount
- $17,551.28
- Per $1,000
- $0.04
- Cost
- Underwriter's spread: expenses
- Paid to
- Not reported
- Type
- One time
- Amount
- $73,687.66
- Per $1,000
- $0.17
- Cost
- Underwriter's spread: takedown
- Paid to
- Not reported
- Type
- One time
- Amount
- $1,390,142.50
- Per $1,000
- $3.16
Underwriter's counsel 2 fees$228,570Not added
- Cost
- Co-underwriter's counsel
- Paid to
- West & Associates LLP
- Type
- One time
- Amount
- Not reported
- Per $1,000
- Not reported
- Cost
- Underwriter's counsel
Counted as: Paid by the underwriter: shown, not added - Paid to
- Winstead PC
- Type
- One time
- Amount
- $228,569.82
- Per $1,000
- $0.52
Rating agency 2 fees8.0%$255,674$0.58 per $1,000Similar issues: median $0.44 per $1,000
- Cost
- Rating agency
- Paid to
- Moodys
- Type
- One time
- Amount
- $140,951.39
- Per $1,000
- $0.32
- Cost
- Rating agency
- Paid to
- S&P
- Type
- One time
- Amount
- $114,723.00
- Per $1,000
- $0.26
Other 8 fees13.3%$422,778$0.96 per $1,000Similar issues: median $0.66 per $1,000
- Cost
- Accountant CPA
- Paid to
- Crowe LLP
- Type
- One time
- Amount
- $9,523.74
- Per $1,000
- $0.02
- Cost
- Attorney General review
- Paid to
- Not reported
- Type
- One time
- Amount
- $9,500.00
- Per $1,000
- $0.02
- Cost
- Escrow verification
- Paid to
- Public Finance Partners LLC
- Type
- One time
- Amount
- $5,333.30
- Per $1,000
- $0.01
- Cost
- Issuer counsel
- Paid to
- Locke Lord LLP
- Type
- One time
- Amount
- $60,951.95
- Per $1,000
- $0.14
- Cost
- Other costs
- Paid to
- Barclays Capital Inc
- Type
- One time
- Amount
- $210,630.00
- Per $1,000
- $0.48
- Cost
- Other costs
- Paid to
- CDM Smith Inc
- Type
- One time
- Amount
- $118,610.97
- Per $1,000
- $0.27
- Cost
- Paying agent and registrar
- Paid to
- US Bank
- Type
- One time
- Amount
- $3,352.36
- Per $1,000
- $0.01
- Cost
- Printing
- Paid to
- Garza Business Services Inc
- Type
- One time
- Amount
- $4,876.16
- Per $1,000
- $0.01
- Total, 22 fees
- $3,412,209
- Costs to the issuer
- $3,183,639$7.24 per $1,000
Per $1,000 is computed here from each amount and the par. Subtotals and totals are rounded to the whole dollar.
How these costs are counted
- Net spread counted once. Takedown, management fee, spread expenses and underwriting risk make up the underwriter's spread. Where an issue reports an amount for any of them, its row for the underwriter's net spread (the same spread as one figure) is shown as a cross-check and not added.
- Paid by the underwriter: shown, not added to the issuer's costs. Rows BRB's table marks as paid by the underwriter (whether the underwriter paid the fee) are shown and count in the fees paid to that firm and role, but not in the issuer's one-time costs, per-$1,000 figures or medians.
- The issuer's one-time costs add every other one-time row: not annual fees, not rows paid by the underwriter, not the cross-check. Per $1,000 of par divides them by the issue's par and multiplies by 1,000 (computed here).
- Missing, zero and negative amounts. A row with no amount shows "Not reported" and is added to nothing. A reported $0 counts as $0, in sums and medians. A negative amount is added as reported; where a role's or firm's one-time costs on an issue come to less than $0, that issue is left out of the medians.
- Similar issues. The median per $1,000 of par for that group across other issues by the same type of issuer, with the same pledge, sold the same way, a par half to twice this one's and a fiscal year within 3 years, shown when at least 5 report it.
- Per $1,000 on each row is computed here from its amount and the par, not taken from BRB's rounded figure.
EMMA links are added as each issue is matched.
Source: Local Issuance Fee By Year (updated by the publisher 10/6/2026); Debt Outstanding By Issuance Local By Year (updated by the publisher 9/9/2026). Loaded here 10/17/2026.
Texas fiscal years run September 1 to August 31.
Issuer names are shown as published, without source footnote letters.
Figures are as reported to the agency and have not been independently verified.