State Water Implementation Revenue Fund For Texas Rev Bonds, Ser 2018B (Master Trust)
$1,488,600,000 of principal outstanding at the end of fiscal year 2025.
Terms
- Par amount
- $1,672,210,000
- Final maturity
- 10/15/2053
- New money / refunding
- New money $1,672,210,000Refunding Not reported
- Closing date
- 10/11/2018
- Purpose
- Water and sewer
- Sale
- Negotiated
- Pledge
- Revenue supported
- Fiscal year issued
- 2019
- Program
- TWDB SWIRFT Bonds
Changes in BRB's data
No changes since this site began recording on October 6, 2026.
Source: BRB data loads; as of 10/18/2026.
Finance team
Download CSV| Role? | Firm? | Fees paid? |
|---|---|---|
| Financial advisor | Hilltop Securities Inc | $252,994 |
| Bond counsel | McCall Parkhurst & Horton LLP | $153,013 |
| Disclosure counsel | Bracewell LLP | $34,330 |
| Underwriter's counsel | Orrick Herrington & Sutcliffe LLP | $58,750 Paid by the underwriter |
| Rating agency | Fitch | $132,415 |
| Rating agency | S&P | $195,091 |
| Paying agent, trustee and escrow | Bank of New York Mellon Trust Co | $52,667 |
| Printing, disclosure and data services | Hilltop Securities Inc | $7,356 |
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 2019 to 2025
- Principal
- Interest
| Fiscal year? | Period? | Principal? | Interest? | Total debt service? |
|---|---|---|---|---|
| Fiscal year2025 | PeriodYear end | Principal$1,488,600,000 | Interest$1,009,431,295 | Total debt service$2,498,031,295 |
| Fiscal year2025 | PeriodPeriod 1 | Principal$1,505,965,000 | Interest$1,043,817,416 | Total debt service$2,549,782,416 |
| Fiscal year2024 | PeriodYear end | Principal$1,524,380,000 | Interest$1,078,663,913 | Total debt service$2,603,043,913 |
| Fiscal year2024 | PeriodPeriod 1 | Principal$1,540,930,000 | Interest$1,113,923,109 | Total debt service$2,654,853,109 |
| Fiscal year2023 | PeriodYear end | Principal$1,557,945,000 | Interest$1,149,607,680 | Total debt service$2,707,552,680 |
| Fiscal year2023 | PeriodPeriod 1 | Principal$1,573,380,000 | Interest$1,185,633,751 | Total debt service$2,759,013,751 |
| Fiscal year2022 | PeriodYear end | Principal$1,589,280,000 | Interest$1,222,047,748 | Total debt service$2,811,327,748 |
| Fiscal year2022 | PeriodPeriod 1 | Principal$1,604,015,000 | Interest$1,258,827,519 | Total debt service$2,862,842,519 |
| Fiscal year2021 | PeriodYear end | Principal$1,619,180,000 | Interest$1,295,978,765 | Total debt service$2,915,158,765 |
| Fiscal year2021 | PeriodPeriod 1 | Principal$1,633,155,000 | Interest$1,333,431,055 | Total debt service$2,966,586,055 |
| Fiscal year2020 | PeriodYear end | Principal$1,647,665,000 | Interest$1,371,100,995 | Total debt service$3,018,765,995 |
| Fiscal year2020 | PeriodPeriod 1 | Principal$1,652,910,000 | Interest$1,408,823,385 | Total debt service$3,061,733,385 |
| Fiscal year2019 | PeriodYear end | Principal$1,666,210,000 | Interest$1,446,811,775 | Total debt service$3,113,021,775 |
| Fiscal year2019 | PeriodPeriod 1 | Principal$1,672,210,000 | Interest$1,485,767,018 | Total debt service$3,157,977,018 |
State issues are reported twice each fiscal year. "Year end" is the balance at the end of the fiscal year (reporting period 2), which the chart and the totals on this site use; "Period 1" is the earlier report in the same year. Where BRB reports a year end in more than one row, the chart and the totals add them.
Costs of issuance
Download CSVOne-time costs to the issuer: $6,051,023, or $3.62 per $1,000 of par.
Shown below but not added: $58,750 paid by the underwriter.
| Cost? | Paid to? | Type? | Amount? | Per $1,000? |
|---|---|---|---|---|
| CostBond counsel 1 fee | 2.5% of the issuer's costs | Subtotal $153,013 | Per $1,000$0.09 | |
| CostBond counsel | Paid toMcCall Parkhurst & Horton LLP | TypeOne time | Amount$153,013.00 | Per $1,000$0.09 |
| CostDisclosure counsel 1 fee | 0.6% of the issuer's costs | Subtotal $34,330 | Per $1,000$0.02 | |
| CostDisclosure counsel | Paid toBracewell LLP | TypeOne time | Amount$34,330.00 | Per $1,000$0.02 |
| CostFinancial advisor 1 fee | 4.2% of the issuer's costs | Subtotal $252,994 | Per $1,000$0.15 | |
| CostFinancial advisor | Paid toHilltop Securities Inc | TypeOne time | Amount$252,994.00 | Per $1,000$0.15 |
| CostUnderwriter 2 fees | 86.0% of the issuer's costs | Subtotal $5,205,688 | Per $1,000$3.11 | |
| CostUnderwriter's spread: expenses | Paid toNot reported | TypeOne time | Amount$327,116.00 | Per $1,000$0.20 |
| CostUnderwriter's spread: takedown | Paid toNot reported | TypeOne time | Amount$4,878,572.00 | Per $1,000$2.92 |
| CostUnderwriter's counsel 1 fee | Subtotal $58,750 | Per $1,000Not added | ||
| CostUnderwriter's counsel Counted as: Paid by the underwriter: shown, not added | Paid toOrrick Herrington & Sutcliffe LLP | TypeOne time | Amount$58,749.62 | Per $1,000$0.04 |
| CostRating agency 2 fees | 5.4% of the issuer's costs | Subtotal $327,506 | Per $1,000$0.20 | |
| CostRating agency | Paid toFitch | TypeOne time | Amount$132,415.00 | Per $1,000$0.08 |
| CostRating agency | Paid toS&P | TypeOne time | Amount$195,091.00 | Per $1,000$0.12 |
| CostOther 4 fees | 1.3% of the issuer's costs | Subtotal $77,492 | Per $1,000$0.05 | |
| CostAttorney General review | Paid toNot reported | TypeOne time | Amount$9,500.00 | Per $1,000$0.01 |
| CostOther costs | Paid toNot reported | TypeOne time | Amount$7,969.00 | Per $1,000Under $0.01 |
| CostPrinting | Paid toHilltop Securities Inc | TypeOne time | Amount$7,356.00 | Per $1,000Under $0.01 |
| CostTrustee | Paid toBank of New York Mellon Trust Co | TypeOne time | Amount$52,667.00 | Per $1,000$0.03 |
| CostTotal, 12 fees | Amount$6,109,773 | Per $1,000 | ||
| CostCosts to the issuer | Amount$6,051,023 | Per $1,000$3.62 | ||
Bond counsel 1 fee2.5%$153,013$0.09 per $1,000
- Cost
- Bond counsel
- Paid to
- McCall Parkhurst & Horton LLP
- Type
- One time
- Amount
- $153,013.00
- Per $1,000
- $0.09
Disclosure counsel 1 fee0.6%$34,330$0.02 per $1,000
- Cost
- Disclosure counsel
- Paid to
- Bracewell LLP
- Type
- One time
- Amount
- $34,330.00
- Per $1,000
- $0.02
Financial advisor 1 fee4.2%$252,994$0.15 per $1,000
- Cost
- Financial advisor
- Paid to
- Hilltop Securities Inc
- Type
- One time
- Amount
- $252,994.00
- Per $1,000
- $0.15
Underwriter 2 fees86.0%$5,205,688$3.11 per $1,000
- Cost
- Underwriter's spread: expenses
- Paid to
- Not reported
- Type
- One time
- Amount
- $327,116.00
- Per $1,000
- $0.20
- Cost
- Underwriter's spread: takedown
- Paid to
- Not reported
- Type
- One time
- Amount
- $4,878,572.00
- Per $1,000
- $2.92
Underwriter's counsel 1 fee$58,750Not added
- Cost
- Underwriter's counsel
Counted as: Paid by the underwriter: shown, not added - Paid to
- Orrick Herrington & Sutcliffe LLP
- Type
- One time
- Amount
- $58,749.62
- Per $1,000
- $0.04
Rating agency 2 fees5.4%$327,506$0.20 per $1,000
- Cost
- Rating agency
- Paid to
- Fitch
- Type
- One time
- Amount
- $132,415.00
- Per $1,000
- $0.08
- Cost
- Rating agency
- Paid to
- S&P
- Type
- One time
- Amount
- $195,091.00
- Per $1,000
- $0.12
Other 4 fees1.3%$77,492$0.05 per $1,000
- Cost
- Attorney General review
- Paid to
- Not reported
- Type
- One time
- Amount
- $9,500.00
- Per $1,000
- $0.01
- Cost
- Other costs
- Paid to
- Not reported
- Type
- One time
- Amount
- $7,969.00
- Per $1,000
- Under $0.01
- Cost
- Printing
- Paid to
- Hilltop Securities Inc
- Type
- One time
- Amount
- $7,356.00
- Per $1,000
- Under $0.01
- Cost
- Trustee
- Paid to
- Bank of New York Mellon Trust Co
- Type
- One time
- Amount
- $52,667.00
- Per $1,000
- $0.03
- Total, 12 fees
- $6,109,773
- Costs to the issuer
- $6,051,023$3.62 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: State Issuance Fee By Year (updated by the publisher 8/27/2026); Debt Outstanding By Issuance State By Year (updated by the publisher 10/6/2026). Loaded here 10/18/2026.
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.