review of texas school district bond elections, cdbpii ...€¦ · edgewood isd - $10,000,000 van...

Review of Texas School District Bond Elections,C D b P i i d B d C iCurrent Debt Position and Bond Capacity

Tuesday, September 23, 2014y, p ,Broker/Dealer Services and Securities offered by BOSC, Inc., an SEC registered investment adviser, a registered broker/dealer, member FINRA/SIPC. SEC registration does not imply a certain level of skill ortraining. Insurance offered by BOSC Agency, Inc., an affiliated agency. Investments and insurance are not insured by FDIC, are not deposits or other obligations of, and are not guaranteed by, any bank or bankaffiliate. Investments are subject to risks, including possible loss of principal amount invested.

School District Bond Elections – Summary of May 10, 2014 Results

Approximately $5.5 billion (88.6%) of the proposed $6.2 billion of Texas school district bonds wereapproved by voters on May 10, 2014 and 75.6% of all propositions were approved by voters.

Texas School District Bond Election Results –May 2014 – By Dollar Amount of Election

Texas School District Bond Election Results –May 2014 – By Number of Propositions

$707,391,80111.37%11.37%

21 Propositions24.42%

$5,513,840,49988.63%

65 Propositions75.58%

1

Approved Failed Approved Failed

Source: The Municipal Advisory Council of Texas and Various Other Sources including, District/County Records and Various Websites.

Historical Texas School District Bond Election Results

Since year 2008, there have been 706 bond elections held by Texas school districts and $31.7 billionof bonds have been approved by voters to provide the capital improvements desired in localcommunities.

Historical Texas School District Bond Election Results – Years 2008 Through May 2014g y

No. Of Dollar Amount Dollar Amount Approved Dollar Amount FailedYear Elections Of Bond Elections Dollar Amount Percentage Dollar Amount Percentage

2008 131 $ 9,960,307,101 $ 8,686,683,101 87.2% $ 1,273,624,000 12.8% 2009 79 2,447,569,995 1,597,039,995 65.3% 850,530,000 34.7%2010 110 4,584,668,000 3,231,587,000 70.5% 1,353,081,000 29.5% 2011 94 3,943,308,215 3,302,979,215 83.8% 640,329,000 16.2% 2012 70 3,729,657,339 3,410,612,339 91.4% 319,045,000 8.6% 2013 144 7,387,300,049 5,428,117,049 73.5% 1,959,183,000 26.5%

May 2014 78 6,221,232,300 5,513,840,499 88.6% 707,391,801 11.4%

Totals 706 $38,274,042,999 $31,170,859,198 81.4% $7,103,183,801 18.6%

Pleasanton ISD’s last successful bond election on May 12, 2007 totaled $8,500,000.

2Source: The Municipal Advisory Council of Texas, The Bond Review Board and Various Other Sources.

Listing of November 4, 2014 Texas School District Bond Elections

Listing of November 4, 2014 Bond Elections – Total Dollar Amount of $3,959,961,124(A)

Aledo ISD $61 500 000 George West ISD $19 795 000 Aledo ISD - $61,500,000 George West ISD - $19,795,000 Archer City ISD - $17,750,000 Grandfalls-Royalty ISD - $12,200,000 Birdville ISD - $163,200,000 Hamshire-Fannett ISD - $19,500,000 Brazosport ISD - $175,000,000 Katy ISD - $748,120,000 Bridge City ISD - $25,000,000 Kaufman ISD - $57,500,000 Bryan ISD - $132,000,000 Keller ISD - $169,500,000 Burnet CISD - $26,750,000 Lamar CISD - $240,600,000 Coolidge ISD - $1,000,000 Lexington ISD - $7,000,000g g Corpus Christi ISD - $100,000,000 Pasadena ISD - $175,550,000 Corsicana ISD - $49,673,624 Port Arthur ISD - $195,000,000 Crane ISD - $5,000,000 Richland Springs ISD - $2,860,000 Crockett County Consolidated CSD - $3 000 000 San Elizario ISD - $28 000 000 Crockett County Consolidated CSD $3,000,000 San Elizario ISD $28,000,000 Dayton ISD - $87,820,000 Somerville ISD - $12,500,000 Del Valle ISD - $134,040,000 Texarkana ISD - $29,900,000 Duncanville ISD - $102,545,000 Three Rivers ISD - $7,145,000 E B d ISD $17 897 500 V Al ISD $6 900 000 East Bernard ISD - $17,897,500 Van Alstyne ISD - $6,900,000 Edgewood ISD - $10,000,000 Van Vleck ISD - $42,715,000 El Campo ISD - $12,000,000 Webb CISD - $14,300,000 Fort Bend ISD - $484,000,000 Wildorado ISD - $13,000,000

3Source: The Municipal Advisory Council of Texas and TexasISD.com.

Garland ISD - $455,500,000 Wylie ISD - $94,200,000 (A) As of September 19, 2014.

Listing of Successful Region 13 & 20 Texas School District Bond Elections Over $15 Million – Since Year 2007$

ESC Regions 13 & 20 Texas School Districts – 54 S f l B d El ti O $15 Milli Si Y 2007 T t li $7 431 620 60154 Successful Bond Elections Over $15 Million Since Year 2007 Totaling $7,431,620,601

No. Issuer Election Date Bonds Approved No. Issuer Election Date Bonds Approved 1 Northside ISD May 10, 2014 $ 648,340,000 28 San Marcos CISD May 11, 2013 $ 76,980,000 2 Leander ISD November 6, 2007 559,000,000 29 Lockhart ISD May 10, 2014 63,915,000 3 Northside ISD May 8, 2010 535,142,000 30 Floresville ISD May 12, 2007 63,000,000 N y , , , y , , ,4 San Antonio ISD November 2, 2010 515,000,000 31 Hays CISD May 10, 2014 59,091,500 5 Austin ISD May 11, 2013 489,731,000 32 South San Antonio ISD May 8, 2010 58,000,000 6 North East ISD November 8, 2011 399,410,000 33 Eanes ISD May 14, 2011 54,000,000 7 Austin ISD May 10, 2008 343,717,819 34 East Central ISD May 10, 2008 49,800,000 8 Round Rock ISD May 10, 2014 299,000,000 35 Medina Valley ISD May 12, 2007 48,400,000 9 Round Rock ISD November 4, 2008 293,940,000 36 New Braunfels ISD November 2, 2010 45,255,000 d N v b , , , N w N v b , , ,10 Pflugerville ISD May 10, 2014 287,000,000 37 Carrizo Springs CISD November 8, 2011 45,000,000 11 Comal ISD May 10, 2008 205,850,000 38 Alamo Heights ISD May 8, 2010 44,000,000 12 Southwest ISD November 6, 2012 165,000,000 39 Elgin ISD May 12, 2007 43,980,000 13 Lake Travis ISD November 8, 2011 158,455,000 40 Taylor ISD November 4, 2008 43,000,000 14 Georgetown ISD November 2, 2010 137,300,000 41 Jarrell ISD May 10, 2008 42,000,000 15 Hutto ISD May 10, 2008 128,500,000 42 Giddings ISD May 12, 2007 38,000,000 y , , , g y , , ,16 Manor ISD May 10, 2014 124,900,000 43 Seguin ISD May 10, 2008 35,488,282 17 Manor ISD May 12, 2007 111,530,000 44 La Vernia ISD May 12, 2007 34,700,000 18 Del Valle ISD May 12, 2007 105,800,000 45 Wimberley ISD November 6, 2007 34,000,000 19 Boerne ISD May 11, 2013 99,480,000 46 Llano ISD May 10, 2014 33,425,000 20 Bastrop ISD May 12, 2007 97,600,000 47 Harlandale ISD May 9, 2009 30,245,000 21 Dripping Springs ISD November 6, 2007 96,170,000 48 Lago Vista ISD November 8, 2011 29,600,000 pp g p g g22 Dripping Springs ISD May 10, 2014 92,410,000 49 Wimberley ISD May 11, 2013 25,400,000 23 Schertz-Cibolo-Univ. City ISD May 11, 2013 92,000,000 50 Dilley ISD May 11, 2013 25,000,000 24 Hays CISD May 10, 2008 86,700,000 51 Gonzales ISD November 5, 2013 24,985,000 25 Liberty Hill ISD November 2, 2010 85,580,000 52 Poteet ISD May 12, 2012 23,500,000 26 Seguin ISD November 5, 2013 83,300,000 53 Southwest ISD May 10, 2008 22,000,000 27 Judson ISD May 11, 2013 83,000,000 54 Cotulla ISD May 12, 2007 15,000,000

4Source: The Municipal Advisory Council of Texas, The Bond Review Board and Texas Education Agency.

Debt Factors – State Law – “50.0 Cent Bond Test”

Two separate tax rates comprise Pleasanton Independent School District’s (the “District”) total tax rate:

Maintenance & Operations (“M&O”) Tax Rate: Used to pay for the “day-to-day” operationalexpenses of a school district including teacher salaries, educational programs, supplies, utilities,etc.

Interest & Sinking Fund (“I&S”) Tax Rate: Used solely to pay the annual debt servicerequirements of bonds approved by voters through a bond election.

Pursuant to State law, the District may only issue new bonds to the degree it can demonstrateits I&S tax rate will not exceed 50.0 cents.

Historical Trend of Texas School District I&S Tax RatesYears 2001/02 – 2013/14

229

150

200

250

SDs

30.0 Cents or Higher40.0 Cents or Higher45.0 Cents or Higher

100

613437

550

100

No.

of I 50.0 Cent Maximum Rate

5Source: Texas Comptroller of Public Accounts – Property Tax Assistance Division.

3452202001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

Historical Tax Rates

District’s Historical Tax Rates

$1.5550

$1 60

$1.70

$1.80

The District’s total tax rate has declined by

$0.0550

$0.0550

$1.4250

$1.40

$1.50

$1.60 The District’s total tax rate has declined by 42.5 cents or 27.3% over the last 9-years.

$

$1.1500 $1.1500 $1.1500 $1.1500 $1.1400 $1.1300 $1.1300 $1.1300$1.20

$1.30

Tax

Rat

e

$1.5000

$1.3700 $0.1100 $0.1100 $0.1100 $0.1100 $0.1000 $0.0900 $0.0900 $0.0900

$1.00

$1.10

$1.0400 $1.0400 $1.0400 $1.0400 $1.0400 $1.0400 $1.0400 $1.0400

$0.80

$0.90

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014-15

6

Maintenance & Operations Tax Rate Interest & Sinking Fund Tax Rate

Historical Taxes for a $96,621 Taxable Home Value

Historical Taxes – For a $96,621 Average Taxable Home Value

$1,502.46$1,750

$2,000

Based upon a constant taxable home value, a homeowner’s school property taxes have declined

b $410 64 27 3% h l 9$53.14

$53.14

$1,376.85

$1,111.14 $1,111.14 $1,111.14 $1,111.14 $1,101.48 $1,091.82 $1,091.82 $1,091.82$1,250

$1,500by $410.64 or 27.3% over the last 9-years.

$1 449 32

$106.28 $106.28 $106.28 $106.28 $96.62 $86.96 $86.96 $86.96

$750

$1,000

Tax

es

$1,449.32$1,323.71

$1,004.86 $1,004.86 $1,004.86 $1,004.86 $1,004.86 $1,004.86 $1,004.86 $1,004.86

$250

$500

$0

$250

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15

7

Maintenance & Operations Taxes Interest & Sinking Fund Taxes

Debt Factors –Dollar Amount and Structure of District’s Existing Bonds

$1,800,000

$2,000,000

g

The District’s existing bonds are repaid over an 23-year Includes a $600,000

$1,400,000

$1,600,000

ents

p yperiod and annual bond

payments are scheduled to decline in future years.

,prepayment of the Series 2006 Bonds resulting in an interest

cost savings of $415,860.

$800 000

$1,000,000

$1,200,000

al B

ond

Pay

me

$400,000

$600,000

$800,000

An

nu

a

$0

$200,000

/15

/16

/17

/18

/19

/20

/21

/22

/23

/24

/25

/26

/27

/28

/29

/30

/31

/32

/33

/34

/35

/36

/37

2014

/

2015

/

2016

/

2017

/

2018

/

2019

/

2020

/

2021

/

2022

/

2023

/

2024

/

2025

/

2026

/

2027

/

2028

/

2029

/

2030

/

2031

/

2032

/

2033

/

2034

/

2035

/

2036

/

Unlimited Tax Refunding Bonds, Series 2006 Unlimited Tax School Building Bonds, Series 2007__________N D b i fl f S b 1 h h A 31

8

Note: Debt service payments reflect payments from September 1 through August 31.

The District has a total principal amount of existing bonds equal to $16,065,000.

Debt Factors – Taxable Assessed Valuation

The value of the District’s tax base is the primary factor impacting the cost of a new bond programand the District’s bond capacity – As this determines the annual revenues generated from the District’sI&SI&S tax rate.

The District’s current taxable assessed valuation is $2,214,939,469 for fiscal year 2014/15.

Historical Increases/Decreases in Taxable Assessed ValuationsYears 2008/09 – 2014/15

$800,000,000$666,845,048

$455 621 501$600,000,000

$700,000,000

$ , ,

$305,536,137

$455,621,501

$300,000,000

$400,000,000

$500,000,000

Dol

lar

Incr

ease

$169,216,862

$21,824,870 $32,457,739

$103,094,435

$100,000,000

$200,000,000

$ , ,

D

9Source: District records.

$02008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15

Percentage of Taxes Paid Within District – Year 2014/15

Oil, Gas & Minerals, 26 9%26.9% Business,

Commercial, Industrial, Utilities,

Other, 47.9%

Vacant Lots, Acreage, Farm &

Ranch IImprovements,

9.6%

Single & Multi-Family Residential,

15.6%

10

Approximately 74.8% of the District’s property taxes are funded from Commercial, Business andOil, Gas and Mineral properties and 15.6% are funded from residential properties.

Debt Factors – State Funding Assistance

State Funding Received or Pledged for Payment of Bonds

Due to the District’s recent increase in taxable value and the corresponding increase in theDistrict’s “Wealth Per Student,” beginning in year 2014/15 the District will not qualify forany State funding assistance for the repayment of bonds.

State funding is provided to guarantee $35 per Refined Average Daily Attendance(“RADA”) for each penny of tax effort. The District is projected to generate $54.19 perRADA beginning in year 2014/15.g g y /

Based upon an assumed RADA of 3,250, should the District’s taxable assessed valuationdecline below $1.138 billion, the District would begin receiving State funding assistance forthe repayment of bonds.

11

Debt Factors – Interest Rates

The Bond Buyer 20-Bond Index – A Tax-Exempt General Obligation Bond Yield IndexJanuary 1, 2000 To The PresentJ y ,

5 75

6.00

6.25 6.09%

5 00

5.25

5.50

5.75

%)

Average = 4.61%4.17%

4.25

4.50

4.75

5.00

Yie

ld (

%

3.50

3.75

4.00

4.25

3.27%

Fixed interest rates are currently 0.44% below the historical average.

3.25 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

12

Based upon the $45.0 million bond sale repaid over a 30-year period, an interest rate difference of0.25% changes the District’s interest cost by approximately $2,075,000.

Preliminary Tax Rate Impact Analysis

The Preliminary Tax Rate Impact Analysis is based upon the assumptions summarized herein. To theextent the District’s actual results differ from the assumptions herein the financial impact to the Districtextent the District s actual results differ from the assumptions herein, the financial impact to the Districtwill correspondingly change.

Determine the projected tax rate increase required to support a $45.0 million bond program assuming:

Scenarios Presented

Scenario 1: The bond program is repaid in 10-years (i.e. a final maturity of August 15, 2025);

S i 2 Th b d i id i 15 (i fi l i f A 15 2030) d Scenario 2: The bond program is repaid in 15-years (i.e. a final maturity of August 15, 2030); and

Scenario 3: The bond program is repaid in 30-years (i.e. a final maturity of August 15, 2045).

13

Preliminary Tax Rate Impact Analysis (Continued)

Assumptions

The District’s I&S tax rate is 9.0 cents in year 2014/15.

Any I&S tax rate increase associated with the bond program occurs in year 2015/16.y p g y /

The new bond program is sold at an interest rate of 5.00%. Current market rates are approximately4.00%.

Bonds are structured to allow the District to prepay the bonds prior to scheduled maturity, withoutpenalty.

Di i ill i S i f h f b d District will not receive any State assistance for the repayment of bonds.

Tax collection rate of 96.0%.

14


Historical and Assumed Taxable Valuations(Net of Frozen Levy)( y)

69 69

$2,000,000,000

$2,250,000,000

68 2,21

4,93

9,46

2,21

4,93

9,46

0 0 0

$1,500,000,000

$1,750,000,000

atio

n

20 $1,7

59,3

17,9

6 $2 $2

1,70

0,00

0,00

0

1,70

0,00

0,00

1,70

0,00

0,00

0,00

0,00

0

,000

,000

,000

,000

,000

,000

,000

,000

0

$1,000,000,000

$1,250,000,000

e A

sses

sed

Val

ua

609

2,34

8

36,7

83

1,09

2,47

2,92 $ $1 $1 $1

$1,5

00

$1,5

00,

$1,5

00,

$1,5

00,

$1,5

00,

,200

,000

,000

$500,000,000

$750,000,000Tax

able

$651

,384

,6

$683

,842

$786

,93 $1 $1

$0

$250,000,000

15

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 &Thereafter

Source: District records.


Projected I&S Tax Rate Increases For A $45.0 Million Bond Program

35 0 Cents

40.0 Cents

35.7 Cents

28 7 C

30.0 Cents

35.0 Cents

reas

e

28.7 Cents

20.0 Cents

25.0 Cents

ax R

ate

Incr

19.2 Cents

10.0 Cents

15.0 Cents

I&S

Ta

0.0 Cents

5.0 Cents

Scenario 1 10 Year Repayment Scenario 2 15 Year Repayment Scenario 3 30 Year Repayment

16

Scenario 1 - 10 Year Repayment(44.7 Cent I&S Tax Rate)




Projected Annual I&S Tax Increase For $96,621 Average Taxable Home Value

$350

$400

e $344.94

$277.30$250

$300

ax I

ncr

ease

$185.51$150

$200

nu

al I

&S

Ta

$0

$50

$100

An

n

Note: The State Property Tax Code allows for school property taxes on an individual homestead to be “frozen” at the age of 65. If you are 65 years of age or older

$0Scenario 1 - 10 Year Repayment -35.7 Cent I&S Tax Rate Increase

(44.7 Cent I&S Tax Rate)

Scenario 2 - 15 Year Repayment -28.7 Cent I&S Tax Rate Increase




17

p y p p y g y y gand you have filed for the “Over 65 Homestead Exemption”, there is a ceiling on the amount of school taxes to be paid – The only exception is if improvements aremade to a home. As such, a tax increase from a new bond program cannot increase the applicable tax ceiling of a taxpayer that has qualified for the “Over 65Homestead Exemption.”

Note: Taxes are net of the $15,000 Residential Homestead Exemption.


Projected Monthly I&S Tax Increase For $96,621 Average Taxable Home Value

$30

$35

e

$28.75

$23.11$20

$25

Tax

In

crea

se

$23.11

$15.46$10

$15

$

nth

ly I

&S

T

$0

$5

$10

Mon

Note: The State Property Tax Code allows for school property taxes on an individual homestead to be “frozen” at the age of 65. If you are 65 years of age or older

$0Scenario 1 - 10 Year Repayment -35.7 Cent I&S Tax Rate Increase






18

p y p p y g y y gand you have filed for the “Over 65 Homestead Exemption”, there is a ceiling on the amount of school taxes to be paid – The only exception is if improvements aremade to a home. As such, a tax increase from a new bond program cannot increase the applicable tax ceiling of a taxpayer that has qualified for the “Over 65Homestead Exemption.”

Note: Taxes are net of the $15,000 Residential Homestead Exemption.


District’s Maximum Bond Capacity at 50.0 Cents for Various Repayment Periods

$90 000 000

$100,000,000For a bond program repaid over a 30-

year period, each 1.0 cent tax rate

$90,630,000

$70,000,000

$80,000,000

$90,000,000

reas

e

year period, each 1.0 cent tax rate increase generates approximately

$2.09 million of bond capacity.

$51,420,000

$63,705,000

$40 000 000

$50,000,000

$60,000,000

ax R

ate

Incr

$51,420,000

$20,000,000

$30,000,000

$40,000,000

I&S

Ta

$0

$10,000,000

Scenario 1 - 10 Year Repayment Scenario 2 - 15 Year Repayment Scenario 3 - 30 Year Repayment

19

p y(50.0 Cent I&S Tax Rate)



Preliminary Bond Election Timetable – May 9, 2015

Financing Team Members

PISD Pl I d d S h l Di i IPISD --- Pleasanton Independent School District – IssuerBOSC --- BOSC, Inc. – Financial Advisor BC --- Bond Counsel

Preliminary Bond Election Timetable – May 9, 2015

Date Action Responsibility

On or Prior to February 27, 2015(A) Board Meeting – Board of Trustees Calls the Bond Election PISD, BOSC, BC

April 9 – 29, 2015 Publish Notice of Election PISD, BC

Prior to April 20, 2015 Post Notice of Election PISD, BC

April 27 – May 5, 2015 Early Voting Period PISD

M 9 2015 B nd El ti n PISD BOSCMay 9, 2015 Bond Election PISD, BOSC

May 12 – 20, 2015 Board Meeting – Canvass Election Results PISD, BOSC

June 11 – 19, 2015 30-Day Contest Period Ends N/A

July / August 2015 Bond Sale PISD, BOSC, BCJ y / g , ,

August / September 2015 Bond Closing (District Receives Bond Proceeds) PISD, BOSC, BC

(A) For bond elections held on the May uniform election date, State law requires a bond election to be called by the Board of Trustees at least 71 days prior to the date of the election and the Department of Justice requires 60 days for approval of election procedures. Sh ld h Di i d i i D f J i l i h b i i f “E l V i ” (i h 12th d b f

20

Should the District desire to receive Department of Justice approval prior to the beginning of “Early Voting” (i.e. the 12th day before the election), the District must call the election at least 75 days prior to the election date (i.e. February 23, 2015).

Next Steps

How can we be of service…?21

ow can we be o se v ce…?

BOSC, Inc. –Specialized Texas School District Finance Professionals

Joshua M. McLaughlinManaging Director, Co-Director of Texas Public Finance

William J. GumbertHead of Municipal (Tier I) Sales, Trading and UnderwritingManaging Director, Co-Director of Texas Public Finance

p

333 West Campbell Road, Suite 350 │ Richardson, Texas 75080E-Mail: [email protected]: 214.576.0878 │ Mobile: 972.897.0503 │ Fax: 214.576.0890

Securities offered by BOSC, Inc., Registered Investment Advisor, a registered Broker/Dealer, Member FINRA/SIPC

333 West Campbell Road, Suite 350 │ Richardson, Texas 75080E-Mail: [email protected]: 214.576.0880 │ Mobile: 214.212.3153│ Fax: 214.576.0890


Mik J ll D C h BMike JollyInvestment Banker, Texas Public Finance

333 West Campbell Road, Suite 350 │ Richardson, Texas 75080E-Mail: [email protected] t 512 868 1980 │ M bil 512 751 0479│ F 214 576 0890

Dr. Cathy BryceInvestment Banker, Texas Public Finance

333 West Campbell Road, Suite 350 │ Richardson, Texas 75080E-Mail: [email protected] bil 214 477 5972 │ F 214 576 0890

Omar GarciaInvestment Banker, Texas Public Finance

Alison M. LongInvestment Banker, Texas Public Finance

Direct: 512.868.1980 │ Mobile: 512.751.0479│ Fax: 214.576.0890


Mobile: 214.477.5972 │ Fax: 214.576.0890






Ryan O’HaraManaging Director, Texas Public Finance

John RobuckInvestment Banker, Texas Public Finance

22

1401 McKinney Street, Suite 1000 │ Houston, Texas 77010E-Mail: [email protected]: 713.289.5898 │ Mobile: 713.584.5788 │ Fax: 713.354.0258


1401 McKinney Street, Suite 1000 │ Houston, Texas 77010E-Mail: [email protected]: 713.289.5897 │ Mobile: 281.610.8335 │ Fax: 713.354.0257


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