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Frio County authorizes $15 million Certificates of Obligation Series 2024; court signs financing order
Summary
Frio County Commissioners Court approved an order authorizing the issuance of $15 million in Certificates of Obligation Series 2024 after bond advisors reported competitive underwriting and a true interest cost near 3.78%; funds are expected to be delivered Oct. 29 pending closing.
Frio County’s commissioners on Oct. 29 authorized the issuance of Frio County Certificates of Obligation Series 2024, approving the legal documents and related sale terms that bond advisers said will generate about $15 million in project funds.
County Auditor Crystal Marquez presented the order and supporting documents, and a bond advisor summarized the day’s pricing, saying the true interest cost is approximately 3.78 percent and that three underwriting firms submitted competitive bids. The advisor said market movement required final pricing on the day of sale and that projected delivery and receipt of proceeds is Oct. 29, contingent on full court approval and final closing paperwork.
The adviser said the county drew strong investor interest, with bids exceeding the offering amount, and that bond insurance was used to lower costs by approximately $51,000. Marquez and the adviser told commissioners the annual debt service through the 20-year term will fall below earlier budget estimates and is within amounts the county previously budgeted.
Commissioners asked procedural questions about closing logistics and the judge’s authority to sign bond documents; the court voted to approve the issuance and the related order. The authorization enables the judge to execute the necessary closing documents and for the county to accept the net proceeds allocated to the identified projects.
Next steps: officials said bond-closing documents will be executed promptly and county staff will coordinate receipt of funds and the administrative steps for project disbursements.
