Funding moves closer as Aransas County allocates additional $1,750,000 to restore Cedar Bayou

From the Rockport Pilot:

Aransas County commissioners tooK action Monday, Sept. 24, which will save the county on its debt service payments, will not increase the debt service tax rate, and will enable the court to set aside more funds for the dredging of Cedar Bayou.

The court approved an order authorizing the issuance of approximately $7,145,000 in limited tax refunding bonds, series 2012. These bonds will refinance the county’s 2003 certificates of obligation (CO) which will result in a savings of $1,276,978.13 over the life of the bonds.

Financial Advisor Bob Henderson explained the refinanced bonds will be structured the same as the original bonds. Those, however, were based on a 4.67 percent interest rate. The refinanced bonds will be at a 1.91 percent interest rate, resulting in a savings of $107,000 to $108,000 per year.

Those COs were issued for the construction of the Aransas County Detention Center and are financed by the County and City of Rockport. The County pays 85.9 percent of the payment and the City, 14.1 percent.

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