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Grayson County court authorizes plan to issue up to $5 million in tax notes to finance equipment and reimbursements
Summary
Financial advisor outlined market timing, a probable six-year note, and an estimated interest cost below 4%; court authorized staff to proceed with offering documents, rating and sale schedule.
Grayson County Commissioners Court approved a plan to proceed with issuing tax-exempt tax notes to fund multiple county projects, including equipment purchases for precincts, a land purchase and reimbursements tied to adult probation costs.
Dave Gordon, the county’s financial advisor from Pastrata Hanahosa, told the court the county plans to issue roughly $5 million in tax notes with a six-year final maturity. Gordon estimated an interest rate “around 3.8%” (described as south of 4%) subject to market conditions. He described a schedule that would seek a rating (S&P) around April 24, receive competitive bids on May 12, return to the court for final approval on May 13 and close June 11 if markets allow.
Gordon said tax notes do not require an election and carry no statutory notice requirement for issuance. He also noted recent market volatility that could change the sale method. The court authorized staff to continue to finalize the preliminary official statement and pursue the planned competitive sale; Commissioner Wright moved, Commissioner Arthur seconded, and the motion carried.
