Williamson County approves sale of road and park bonds, a tax‑anticipation note and delegates possible refunding

Williamson County Commissioners Court voted unanimously to authorize the sale of several debt instruments to fund roads, parks and right‑of‑way purchases and to permit staff to seek a refunding if market conditions meet a minimum savings threshold.

County Auditor Julie Kiley told the court the board plans to sell $150 million of the voter‑approved 2023 road bond authorization and $30 million of $59 million in park bond authorization approved in November 2023. Kiley described an additional tax‑anticipation note for right‑of‑way acquisition described in discussion as “around $70–80 million” and a potential refunding “in the neighborhood of $35 million,” with final sizes to be set when the county goes to market.

“I have with me Bart Fowler of McCall Park Hurston Horton,” Kiley said, and she walked commissioners through the different debt types: long‑term bond sales tied to voter authorizations, a seven‑year tax‑anticipation note for right‑of‑way, and a potential refunding delegation to act if a market opportunity produces sufficient savings.

Commissioners and staff clarified totals during discussion. Kiley said the county has previously sold roughly $141 million of the 2023 road bond authorization and is selling additional tranches as needed for cash‑flow. She said the county recently received a draft reaffirmation of its AAA rating from S&P and expected comments from Fitch the following day.

Judge Snell and commissioners stressed the county is trying to manage cash flow so it does not issue all authorized debt at once and flagged the need to reduce right‑of‑way acquisition costs, including pursuing agreements to limit utility easement purchases in corridor projects.

The court approved the four related agenda items (items 47–50) by voice vote. Motion: Commissioner Covey; second: Commissioner Cook. Outcome: passed 5–0.

How this matters: The sales will provide financing for road and park projects approved by voters in 2023 and short‑term cash for right‑of‑way. The tax‑anticipation note is a seven‑year instrument intended to bridge payments for land acquisition; any refunding will proceed only if it yields a minimum of 2% net present‑value savings, per staff comments.

Procedural details and follow‑up: County staff will finalize transaction sizes and proceed to market next Wednesday; the court delegated authority to accept final terms that meet staff’s parameters. Commissioners asked staff to continue pursuing legal and intergovernmental steps to limit future right‑of‑way costs, including agreements with utilities and neighboring jurisdictions.