This is a MuniPro demonstration of a redesigned Texas Bond Review Board website. It is not the official BRB site: nothing filed here reaches BRB, and the email addresses shown are BRB's own.

The official site is brb.texas.gov.

Mustang Special UD

Rev Ref & Impr Bonds Ser 2020

$28,570,000 of principal outstanding at the end of fiscal year 2025.

Terms

Par amount
$31,135,000
Final maturity
3/1/2051
New money / refunding
New money $30,450,000Refunding $685,000
Closing date
12/22/2020
Purpose
Water and sewer
Sale
Competitive
Pledge
Revenue supported
Fiscal year issued
2021

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
Firms and fees reported for this issue, by role
Role?Firm?Fees paid?
Financial advisor Specialized Public Finance Inc $96,657
Bond counsel McCall Parkhurst & Horton LLP $44,042
Rating agency S&P $28,500
Paying agent, trustee and escrow UMB Bank NA $10,900
Printing, disclosure and data services Financial Printing Resources Inc $1,000
Printing, disclosure and data services Ipreo LLC $1,200
Other costs BOKF NA $300

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 2021 to 2025

Download CSV
  • Principal
  • Interest
Principal and interest outstanding at each fiscal year end
Principal, interest and debt service outstanding at each reporting date
Fiscal year?Principal?Interest?Total debt service?
Fiscal year2025Principal$28,570,000Interest$6,322,531Total debt service$34,892,531
Fiscal year2024Principal$29,800,000Interest$6,935,856Total debt service$36,735,856
Fiscal year2023Principal$31,000,000Interest$7,573,481Total debt service$38,573,481
Fiscal year2022Principal$31,060,000Interest$8,223,706Total debt service$39,283,706
Fiscal year2021Principal$31,135,000Interest$8,875,281Total debt service$40,010,281

Costs of issuance

Download CSV

One-time costs to the issuer: $540,398, or $17.36 per $1,000 of par.

Each cost of issuance by role, who was paid and how much, with each role's subtotal of the issuer's one-time costs
Cost?Paid to?Type?Amount?Per $1,000?
CostBond counsel 1 fee8.1% of the issuer's costsSubtotal $44,042Per $1,000$1.41
Similar issues: median $4.09 per $1,000
CostBond counselPaid toMcCall Parkhurst & Horton LLPTypeOne timeAmount$44,042.37Per $1,000$1.41
CostFinancial advisor 1 fee17.9% of the issuer's costsSubtotal $96,657Per $1,000$3.10
Similar issues: median $3.80 per $1,000
CostFinancial advisorPaid toSpecialized Public Finance IncTypeOne timeAmount$96,656.88Per $1,000$3.10
CostUnderwriter 3 fees63.7% of the issuer's costsSubtotal $344,298Per $1,000$11.06
Similar issues: median $13.43 per $1,000
CostUnderwriter's spread: expensesPaid toNot reportedTypeOne timeAmount$193,030.70Per $1,000$6.20
CostUnderwriter's spread: management feePaid toNot reportedTypeOne timeAmount$23,067.58Per $1,000$0.74
CostUnderwriter's spread: takedownPaid toNot reportedTypeOne timeAmount$128,200.01Per $1,000$4.12
CostRating agency 1 fee5.3% of the issuer's costsSubtotal $28,500Per $1,000$0.92
Similar issues: median $1.30 per $1,000
CostRating agencyPaid toS&PTypeOne timeAmount$28,500.00Per $1,000$0.92
CostOther 7 fees5.0% of the issuer's costsSubtotal $26,900Per $1,000$0.86
Similar issues: median $1.03 per $1,000
CostAttorney General reviewPaid toNot reportedTypeOne timeAmount$9,500.00Per $1,000$0.31
CostEscrow agentPaid toUMB Bank NATypeOne timeAmount$400.00Per $1,000$0.01
CostIssuer feePaid toBOKF NATypeOne timeAmount$300.00Per $1,000$0.01
CostOther costsPaid toNot reportedTypeOne timeAmount$4,000.00Per $1,000$0.13
CostPaying agent and registrarPaid toUMB Bank NATypeOne timeAmount$10,500.00Per $1,000$0.34
CostPrintingPaid toFinancial Printing Resources IncTypeOne timeAmount$1,000.00Per $1,000$0.03
CostPrintingPaid toIpreo LLCTypeOne timeAmount$1,200.00Per $1,000$0.04
CostTotal, 13 feesAmount$540,398Per $1,000
CostCosts to the issuerAmount$540,398Per $1,000$17.36
Bond counsel 1 fee8.1%$44,042$1.41 per $1,000Similar issues: median $4.09 per $1,000
Financial advisor 1 fee17.9%$96,657$3.10 per $1,000Similar issues: median $3.80 per $1,000
Underwriter 3 fees63.7%$344,298$11.06 per $1,000Similar issues: median $13.43 per $1,000
Rating agency 1 fee5.3%$28,500$0.92 per $1,000Similar issues: median $1.30 per $1,000
Other 7 fees5.0%$26,900$0.86 per $1,000Similar issues: median $1.03 per $1,000
Total, 13 fees
$540,398
Costs to the issuer
$540,398$17.36 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.