‹ Harris County Improvement District No. 14 · All districts' issues
question
Bonds
$10,000,000
1 conflict question
money moved
Obtain the original records of the bond election that authorized HCID 14's water, sewer and drainage bonds.
Voter authorization comes from the election itself (Spec. Dist. Local Laws Code §3882.212(b)); the Bond Review Board memo and the official statements only report it.
The board action behind it
2025-11-18: Awarded sale of $10,000,000 Series 2025A Unlimited Tax Bonds to SAMCO Capital Markets (net effective interest rate 4.762553%; insured by Build America Mutual); adopted Bond Resolution, Paying Agent/Registrar Agreement with BONY, Official Statement, and related closing authorizations
What else happened at that meeting
The Board sold the $10,000,000 Series 2025A Unlimited Tax Bonds to SAMCO Capital Markets at a net effective interest rate of 4.762553% and the $8,000,000 Series 2025B bonds to Crews & Associates, Inc. at 4.687051%, and adopted the related bond resolutions. It engaged Forvis Mazars, LLP to audit fiscal year 2025, adopted operating and joint facilities budgets for the fiscal year ending November 30, 2026, and completed its annual investment policy review with no changes. The Board awarded the Dunham Pointe Recreation Center Park, Section 15 Park, and Section 18 Park landscape contract to HD Outdoor Construction, LLC for $1,866,175.97 and approved six pay estimates. The operator reported that a price index adjustment raises a stated rate from $3.01 to $3.17 per month per residence starting with the December 2025 billing cycle.The law and guidance in force on 2025-11-18
| Bonds sold to the bid with the lowest net effective interest rate §49.183: Same text in force then and now§375.091: Same text in force then and now | Shown | Awarded to SAMCO at 4.762553%, the lowest NEIR per the attached bid summary (p.2). |
| Attorney General approval and Comptroller registration §375.205: Same text in force then and now§49.184: Same text in force then and now | Shown | Transcript submission to the AG authorized (p.3). |
| TCEQ approval of water, sewer and drainage bonds §375.208: Same text in force then and now§49.181: Same text in force then and now | Not shown in the record | The TCEQ order approving bond application no. 4 is not mentioned; BGE gave an update on the TCEQ inspection (p.3). |
| Developer interest no higher than the bonds' net effective interest rate 30 TAC §293.50
§293.50: Same text in force then and now |
Question | 2025A includes $1,716,537 of estimated developer interest; the rate used is not in the minutes. |
| Voter authorization Spec. Dist. Local Laws Code §3882.212(b)
§3882.212(b): Same text in force then and now |
Reported: original not on file | Reported, not yet confirmed from the originals: the Bond Review Board memo (September 16, 2025) refers to voter-approved but unissued bonds, and the November 2025 official statement (Authority for Issuance, HCID14_Series2025A_FOS_SAMCO.pdf, PDF p.11) reports $302,650,000 of water, sewer and drainage bonds authorized at bond elections. The election order, returns and canvass order are not on file. |
Who's involved
SAMCO Capital Markets, Inc. (purchaser/underwriter (lowest NEIR))
Build America Mutual (bond insurer)
The Bank of New York Mellon Trust Company, N.A. (paying agent/registrar)
Masterson Advisors LLC (financial advisor)
Allen Boone Humphries Robinson LLP (ABHR) (general counsel)
Dunham Pointe Development LLC (developer)
Possible conflicts
Masterson Advisors LLC: Recommended the sale; its $170,000 fiscal agent fee is paid from 2025A proceeds. (Use and Distribution of Bond Proceeds, Nov 2025 official statement (HCID14_Series2025A_FOS_SAMCO.pdf, PDF p.17))
Cost to the district
$10,000,000 New debt. Uses: internal water, sewer and drainage $4,051,268; lakes and landscape $1,675,644; HCID 13-titled items $234,390; engineering $1,054,888; developer interest $1,716,537; operating advances $422,895; issuance $1,104,378; less $260,000 surplus funds. · Debt service through maturity (schedule in the Official Statement)Money or costs moved
HCID 14 taxpayers (bonds) → Dunham Pointe Development LLC Most proceeds reimburse the developer (see December 16, 2025 entry).
HCID 14 → HCID 13 (titled facilities): $234,390 Lift Station No. 1 masonry fencing and Phase 1 Detention Outfall.
Why the board approved it
Recorded: “Ms. Shelton (Masterson) reviewed the bid summary and recommended SAMCO's bid with the lowest NEIR.”
The competitive-sale basis is recorded. The number of bids is in an attachment not included in the posted minutes.