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Waller County sells $10 million tax notes at 2.87%; RW Baird low bidder
Summary
The court authorized sale of $10 million in tax notes to RW Baird at a 2.87% interest rate for a seven-year note. County financial adviser cited an AA credit rating and said proceeds will fund courthouse finish-out, land purchases and other capital needs.
Waller County Commissioners on Aug. 20 authorized the sale of $10,000,000 in tax notes, selecting RW Baird as the winning bidder with a true interest cost of 2.87% on a seven-year note.
Ben Rosenberg of U.S. Capital Advisors, the county's financial adviser, told the court the county received multiple competitive bids and earned a double-A credit rating. Rosenberg said the sale was marketed broadly and attracted five actual bids; the low bid from R.W. Baird produced the favorable interest rate for the county’s short-term borrowing.
Rosenberg summarized that proceeds will go to a list of capital needs previously discussed by the court, including finishing the courthouse third-floor buildout, design and land purchases for Precinct 2 and 3 projects, and a vehicle-maintenance facility for the sheriff. He noted that the first debt service payment will be due in February of the following year, so no immediate budget-year payment is required.
County counsel and bond counsel were present to complete required documents. After discussion, a motion to proceed with the sale to RW Baird passed on a voice vote with no recorded opposition.
Financial details presented on the record: $10 million principal; seven-year term; low bid from R.W. Baird at 2.87%; county’s preliminary credit rating double-A; first debt service due February following the sale. County staff said the proceeds will be allocated to capital projects identified in earlier budget planning.
