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Hays County court authorizes up to $240 million certificates of obligation for road projects; ratings affirmed

5873379 · September 30, 2025

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Summary

The commissioner's court voted unanimously to delegate issuance and sale of up to $240 million in combination tax and revenue certificates of obligation for road construction, right‑of‑way and related projects; financial advisers reported double‑A ratings from the major credit agencies.

Hays County Commissioners on Tuesday voted unanimously to authorize issuance and sale of up to $240 million in combination tax and revenue certificates of obligation to fund county roads and related right‑of‑way acquisitions tied to the 2024 road bond program.

County financial adviser Dan Wegmiller told the court that Moody’s, S&P and Fitch had affirmed the county’s existing AA+ ratings and that the sale will be structured within parameters set by the court. The agenda item estimated the debt would be supported by an offsetting pledged revenue stream from the county’s solid‑waste system and a property tax impact the county estimated would amount to roughly 2¢ per $100 of assessed value.

The order delegates authority to county staff to complete sale documents, approve an official statement for investors and set sale parameters within the approved limits. The court had previously published a notice of intent and sought bond ratings; Wegmiller said rating analysts noted the county’s strong financial position and well‑managed debt levels.

Commissioners discussed a drafting error in the agenda backup (a reference that mistakenly said "city" where the document should have said "county") and asked staff to correct it. County bond counsel confirmed the language should reflect the county, not a city.

The motion carried on a recorded roll call with all members voting yes. Court members said the funding is meant to accelerate roughly 30 road projects listed in the 2024 bond program and noted that some projects will include environmental reviews before construction.

No specific sale date was announced; staff said closing would follow delegated pricing and likely occur about three weeks after pricing, with proceeds flowing after closing.