County bond split saves $1.25 million

Following a budget workshop, Judge Hurley reconvened the meeting of Commissioners’ Court. The county, he announced, received six bids (via the internet) on a $5 million Bond and Certificates of Obligation 2018. The low bid was awarded to Hilltop Securities at an interest rate of 2.92 percent. The low interest rate will save $286,000 over the life of the loans, Hurley explained.

The loan will be broken up into three bonds which will save the county $1,250,000 over what was budgeted, Hurley stated. Commissioners unanimously approved the bid.

Proceeds from the bond will be used for Capital Improvement Projects: jail and courthouse annex and Atascosa County Justice of the Peace building. Ad valorem taxes have been spent on the county’s Justice Center, Jail Expansion and Remodel, Animal Control Center and County Tax Office Improvements. These funds could be put back into the general fund, he noted.

The funds should arrive by August 21. Attorney Carey Troell brought legal documents for Judge Hurley to sign, authorizing the issuance of Revenue Certificates of Obligation.

Leave a Reply

Your email address will not be published. Required fields are marked *