Randall County OKs notice of intent to seek up to $9.9 million in certificates of obligation

The Randall County Commissioners Court on June 10 approved a resolution authorizing publication of a notice of intention to issue certificates of obligation not to exceed $9,900,000 to pay for improvements to the Randall County Justice Center and parking, county roads and bridges, flood control and storm drainage, and related materials and services.

The action begins the formal legal process that must precede borrowing. Jack McLaney of Samco Capital Markets, the county’s financial adviser, told the court “that is the first legal step in this very lengthy process,” and said the notice sets a sale date of Aug. 12; the county would only assume debt after reviewing bids and formally accepting them on that later date.

Why it matters: the proposed borrowing is sized so the county’s tax rate would not rise under the financing plan presented. McLaney and county staff said the financing schedule takes advantage of a scheduled drop in existing debt service beginning in fiscal 2026 and aims to preserve the county’s tax rate while funding multiple capital needs.

Details and next steps: the notice will be published for two consecutive weeks in the county paper and posted on the county website as required. McLaney said the county expects to seek an S&P rating in the interim and that the sale would proceed only if the bids match the financing plan. Commissioners discussed overall debt levels and were told current debt for the year is about $8.6 million and would fall to roughly $6.1 million in fiscal 2026 under the schedule shown to the court.

The court approved the notice of intention resolution on a voice vote, 4-0. The judge and commissioners who voted will consider bids and any final debt issuance at the Aug. 12 meeting.