Commissioners authorize pricing of tax‑note financing to cover capital projects and equipment

Coryell County Commissioners voted to authorize staff to obtain pricing for a tax‑note financing package to cover capital improvements and equipment costs, including replacement air‑handlers at the sheriff’s office.

The court heard a proposal prepared by Specialized Public Finance and discussed an estimate of total funding presented in staff materials. County staff and the county attorney warned the court that some acquisitions — notably the tax office building discussed in prior meetings — may require a separate, self‑supporting issuance because they do not clearly qualify under Chapter 26 of the Texas Tax Code for tax‑supported debt treatment. County Attorney Julia Houston told the court that, depending on the purchaser and structure, bank counsel fees and other issuance costs could affect the final fee estimate.

Why it matters: Financing will allow the county to reimburse allowable prior expenditures, fund upcoming capital work and proceed without drawing down all cash reserves. Staff said the single‑issuance path would be the most efficient for cost of issuance and overall effective interest rate; separate needs could require two issuances and higher fees.

Court action and next steps: The court’s motion authorized the county’s financial advisor to price out the proposed debt and return term sheets to the court. Staff said they expect to receive a term sheet and pricing and to return to the court with a recommended financing plan; the earliest date to receive funds, if the schedule proceeds as planned, would be in June. County Attorney Houston cautioned that the timetable was aggressive but feasible.

Ending: Commissioners approved pursuing pricing; staff will solicit market terms, calculate final issuance fees and present a financing recommendation for formal approval at a future meeting.