Burnet County approves $5M bond for long-term projects
The Burnet County Commissioners Court unanimously approved a $5 million short-term bond to fund a list of long-term projects, including a new voting system and rights-of-way for the Wirtz Dam Bridge.
The money also will be used to fix courthouse basement leaks and convert a cafeteria at the Burnet County Jail into attorney/client visitation rooms. The bond will be paid off in four years and will lower the debt-service tax rate.
“From time to time, there are large-scale items that need to be accomplished but are too large to put in the county budget,” Burnet County Judge James Oakley said during the court’s regular meeting on Tuesday, Aug. 13. “We’ve had success with using short-term money for long-term projects.”
Four financial institutions bid on the $5 million bond. Regions Bank won with the lowest rate of 3.83 percent. Oakley pointed out that the county obtained a low rate because of its AA credit rating and debt-service ratio.
“Our debt-service ratio is in the lowest-bottom quartile of the state,” he said, adding that the $5 million bond will go into effect as a $7 million bond is paid off.
“Folks are concerned about debt, I get it,” he said. “We are in a very strong financial position. This is a tool necessary for dealing with growth issues. It is just what we have to do.”
The bond money can only be spent on the projects listed, which include:
- Rights-of-way and utility relocation for the Wirtz Dam Bridge—$1 million
- New election equipment—$900,000
- Attorney/client rooms at the jail—$615,000.
- Courthouse basement leak repair—$350,000
- Jail chillers for the AC system—$200,000
3 thoughts on “Burnet County approves $5M bond for long-term projects”
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New election equipment is not a growth issue, Burnet County was aware they needed to purchase new voting equipment several years ago; the courthouse basements leaks have been ongoing for years, not a growth issue that’s a maintenance issue; I doubt the chillers at the jail are suddenly a growth issue, that’s a maintenance issue.
Ms. Parker, All valid points: how does he get away with saying these are growth issues when they’re maintenance?
How interesting that the author was given financial information which wasn’t disclosed on the agenda, and was not provided to the public during the session.
Thank you for reporting the information so the public has some idea how our tax dollars will be spent.