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Caldwell County adopts resolution to defease portion of 2014 refunding bonds, authorizes redemption
Summary
The court adopted Resolution 26‑2024 to defease and call for redemption of certain outstanding limited-tax refunding bonds (series 2014), authorizing county officials to determine the principal amount (not less than $360,000) to be redeemed depending on available funds and to pay related professional fees.
County staff summarized Resolution 26‑2024 and read key recitals explaining that Caldwell County previously issued limited-tax refunding bonds (series 2014) with an original principal amount of $8,555,000 and current outstanding principal of $4,665,000, maturing in part between 2025 and 2032. The proposed resolution calls for the defeasance and redemption of a portion of the bonds (not less than $360,000) on a redemption date to be determined by county officials and authorizes the county judge, county clerk, and county auditor to give required notice and execute documents necessary to effect the redemption.
The resolution directs county officials to transfer lawfully available funds to the paying agent/registrar on or before the redemption date and authorizes payment from county funds of professional fees for bond counsel and financial advisors. The court moved, seconded, and unanimously approved Resolution 26‑2024.
The resolution states its intent to reduce aggregate debt-service requirements in years following the redemption date and delegates authority to county financial officers to set the final principal amount to be redeemed consistent with available funds and legal requirements.
