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Williamson County reports two bond issues, education-impact fees and steady privilege-tax receipts
Summary
County finance staff told commissioners the county sold a $56.33 million general obligation bond and a $20.785 million county district bond in December, resized borrowing and noted education impact fees and privilege-tax revenues remain steady.
County finance staff reported to the Williamson County Commission on Jan. 13 that the county issued two bond series in December and provided updates on revenue sources that support capital projects.
The county sold a general obligation bond for $56,330,000 and a county district bond for $20,785,000. Finance staff said both bonds were sold at a premium, which reduced the net amount the county needed to borrow. The general obligation issue included $20 million tied to the “JJ project,” though County staff noted the larger project authorization allows issuance in multiple series and the recent sale included only $20 million of that authorization.
Officials explained that bond authorizations previously approved by the commission were for “not to exceed” amounts and that issuance timing and sizing can vary with project cash needs. Staff said the county generally intends to issue debt once annually unless an unforeseen need arises.
On impact fees and taxes, finance staff reported the education impact fee produced a little more than $1.5 million in November, bringing the total available for allocation to approximately $86.3 million. Privilege-tax collections for November were reported at $897,254.50, slightly below recent months but described as holding steady from averages near $1 million.
Commissioners asked about interest rates and debt-service impacts. Staff reported true-interest costs of about 3.6378% on the general obligation bonds and about 3.628% on the county district bonds. Staff said principal payments for the new debt begin later in the fiscal year and that the net increase in outstanding debt from the recent issuance was described in staff calculations.
Commissioners also asked whether additional bond issuance was planned for the current year; staff said there was no current intent to issue further debt but that the county would reassess if unexpected needs arose.
The finance briefing concluded with a note that final debt-service impacts will be more visible in the next fiscal-year budget and that staff would bring associated resolutions later in the year to reconcile interest and principal flows with the budget.
