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Williamson County approves three road-district bond deals and sets tax rates for five districts
Summary
County commissioners received a report on three road-district bond sales and voted unanimously to approve the bond items and to set or reduce tax rates for five road districts; Avery Ranch Road District was paid off and will be dissolved.
Williamson County Commissioners Court approved three road-district bond deals and set proposed tax rates for five road districts during a brief Oct. 25 road-district session.
The county auditor and the court’s financial advisor reported that the three bond offerings sold at interest rates that met the county’s debt-service targets and that the deals were sized without assuming additional tax-base growth. "We were in the market yesterday with 3 road district bond deals," Gary Kimball, with Specialized Public Finance, told the court. Kimball reported interest rates of about 4.99 percent, 4.98 percent and 4.96 percent on the three deals and said, "We hit all of our annual debt service targets." Julie Kiley, the county auditor, was present for the presentation.
The court voted unanimously, 5-0, to approve the bond items listed as agenda items 3, 4 and 5. Commissioners and staff emphasized that the financings reimburse completed road improvements and are sized to fit existing district tax-rate caps rather than to rely on future growth. As Kimball summarized, "As a reminder, each of these deals is sized based on no additional tax based growth."
In separate, recorded roll-call votes the court also set or confirmed proposed tax rates for five road districts. The court approved a 15-cent tax-rate cap for Avery Center Road District No. 1; two Somerset Hills Road District rates at 29 cents each; a reduced Northwoods Road District No. 1 rate of 0.172 cents; and a reduced Pearson Place Road District rate of 0.049 (units as stated in the meeting record). All of those motions passed unanimously, 5-0, on record votes.
During the session, staff noted that Avery Ranch Road District was not assigned a tax rate because the district was paid off the prior week; staff said they will return with an item to dissolve that district and complete a closeout audit this winter. The court adjourned the road-district portion of the meeting at 10:09 a.m. and returned to the commissioners’ court agenda.
