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Dimmit County court approves $5.615 million tax note at 3.61% to refinance debt
Summary
The Dimmit County Commissioners Court approved a $5.615 million short-term tax note to refinance existing debt, with the two‑year note carrying a 3.61% interest rate; county staff said funds are expected in October and the order was signed by the court.
The Dimmit County Commissioners Court voted to approve a $5,615,000 tax note intended to refinance parts of the county’s outstanding debt, the court recorded during its regular meeting. The financing was presented to the court as a two‑year note with an interest rate of 3.61%.
Court staff presented figures showing the county’s existing debt at about $22,500,000 and described a plan to buy $5,615,000 in tax notes with a small payoff in fiscal year 2025 and the balance in fiscal year 2026. An unidentified presenter representing the financing team said the 3.61% rate came in lower than earlier estimates and was “better than what we expected.”
Judge opened the floor for a motion to approve the financing order; Commissioner Alonso Carmona moved to approve and Commissioner Jose Uranda seconded. The court voted to approve the order and staff were instructed to obtain signatures and forward the documents to the county clerk for processing.
Court materials identified parties involved in the transaction as Dimmit County (issuer), a financial advisor, a placement agent (FHN Financial), and Webster Bank as paying agent. The presenter told the court that if approved at this meeting, the county would receive funds in October (a Thursday), and legal counsel confirmed the order text incorporated the negotiated terms.
The motion carried without a recorded roll-call naming each commissioner’s vote on the record beyond the standard “Aye” responses.
The court did not schedule further public hearings on the note; staff said they would complete the required signatures and processing to receive funds in October.
