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Commissioners approve reimbursement resolution to enable up to $175 million certificate of obligation for new jail project
Summary
Liberty County approved a reimbursement resolution allowing the county to reimburse prior expenditures and to issue a certificate of obligation not to exceed $175 million to fund land acquisition and construction of a new county jail; staff said the approach is consistent with prior projects.
The Liberty County Commissioners Court on Sept. 24 approved a reimbursement resolution and certificate-of-obligation plan enabling the county to reimburse itself for expenses tied to planning, land acquisition and initial costs for a new Liberty County Jail and related facilities.
County counsel and finance staff described the resolution as a standard financing tool used on prior construction projects. Staff said the resolution covers purchase of approximately 36 acres for the jail site, surveys, architectural costs and other pre-issuance expenditures that the county will repay from certificate of obligation proceeds when issued. Counsel said the county has worked with outside counsel at Bickerstaff on the documentation and presented the resolution for court approval.
The court moved and seconded the measure and approved it with aye votes. County staff did not provide a schedule for the certificate sale at the meeting; the resolution authorizes reimbursement and sets the maximum not to exceed $175,000,000. Staff said further steps will include coordinating final financing documents with bond counsel and returning to the court with issuance and sale details.
