Sunday, July 21, 2024

County approves tax note for upcoming construction

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The Coryell County Commissioners Court approved a seven-year tax note on Feb. 14 that will pay for the construction of a new justice center and also for the expansion of the Coryell County Jail.

The county will receive $6.7 million in funds on March 15 to go along with an additional $7 million already set aside for the county in order to complete the projects.

Paul Jason with Specialized Public Finance said notices were sent to 50-60 banks nationwide, starting with local banks, asking about their terms for the seven-year loan.

"Webster Bank out of Connecticut had the best rate at 3.6% (interest)," Jason said. "The call date is Feb. 15, 2026, so you wouldn't be able to pay it off before that. There was a Houston bank that offered a higher rate, but with that you would be able to pay it off at any time."

Jason said Specialized Public Finance recommends the county select the bank with the lowest bid, adding that it would save the county $51,000 over the seven-year term of the loan.

The first payment of the loan is scheduled for Feb. 15, 2024, with the last scheduled payment to be made on Feb. 15, 2030.

"I'm happy with the rate we got," Jason said. "The rates were at about 4% and have come down, so I'm extremely happy with that."

The commissioners’ court unanimously voted to authorize Specialized Public Finance to proceed with Webster Bank on the tax note series.