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Denton County approves parameter order to refund 2017 permanent improvement bonds
Summary
Commissioners approved a parameter order to refund 2017 Denton County permanent improvement refunding bonds, a move described by county advisers as intended to save taxpayer dollars and not to raise the tax rate; final sale will proceed only if market conditions meet specified parameters.
Denton County Commissioners Court on May 19 approved a parameter order to refund a series of 2017 permanent improvement refunding bonds, delegating authority to staff to set final sale terms within defined market parameters.
Michael Martin, municipal finance representative with Hilltop Securities, told the court the plan would target maturities in 2027, 2028, 2030 and 2031 and that pricing is tentatively scheduled for next week if market conditions are favorable. “If the market is not behaving in our interest, we will delay,” Martin said.
County staff framed the action as a cost-saving measure. The court was told the refunding “will not increase the tax rate” and that the order is a parametric authorization to allow staff and advisers to act promptly should market conditions produce savings.
Commissioners emphasized prudence: if the bonds cannot be sold within the stated parameters the county will hold off. The court moved and seconded the resolution and voted to approve the parameter order; commissioners instructed staff to monitor market movement and return if the sale parameters change.
The vote authorizes the county to proceed with a refunding sale under the approved parameters but does not finalize the sale or alter the county’s tax rate. Final issuance, pricing and any additions to the pool of refunded maturities will be announced if and when staff exercises the delegated authority.
