PARKER COUNTY —
Parker County commissioners Monday authorized the sale of $18.9 million in Texas Unlimited Tax Road bonds with an effective interest rate of 3.1 percent, a record or near-record low. The series 2013 bonds are the last of the $80 million issue approved by voters in 2008. The first bonds — worth $60 million — were issued in 2009.
“We are near the end of our projects, and we’re near the end of our money, and we need the balance of $20 million to finish out,” Judge Mark Riley explained to those in attendance. “This will primarily go to the (Interstate 20) interchange with the Western Loop. Construction will start on that after the first of the year.”
George Williford, of First Southwest Company in Dallas, said underwriters for Southwest Securities and Raymond James/Morgan Keegan wrapped up the bond sale Thursday morning.
Williford noted that financial rating agencies both affirmed the county’s good existing bond ratings of AA- with Standard and Poor’s and AA with Fitch.
“The full $20 million will be money that you will receive at closing for project purposes,” he told the court. “The reason that the issue side is smaller is that the way the yields versus coupons for the bonds were set, you received a premium of $1.3 million, which makes up the difference, as well as covers the cost additions associated with the bond issues.”
Williford gave commissioners a bond summary book that showed 3.1 percent as the true interest cost, which Williford called the indicative or effective rate.
The bond issue will cost the county $409,000 in interest this fiscal year, according to the book, which also shows debt service ramping up from about $808,500 in 2014 to $1,280,000 by 2022, then stabilizing for the rest of the 25-year period. The total debt service comes to about $30 million.
Williford said the effective rate for the $60 million 2009 bond issue, also structured with a 25-year repayment, is 5.08 percent.
“This shows you how favorable the market is ... last week, the new rates were as low as literally we’ve seen them ... there was an article that said that the tax-exempt interest rates were at 47-year, literally, an all-time low. So it’s a very good time — if you have to be financing an issue in debt — a good time to be doing that.”
After the vote to approve the sale, Riley reminded the court that the county would receive partial reimbursement for the interchange project.
“We have a pass-through agreement with the Texas Department of Transportation that one year after completing the interchange with the Western Loop we’ll begin receiving money back from TxDOT — about $650,000 to $690,000 over a 12- to 15-year period — obviously it’s a traffic count issue. That’s part of the overall plan to know what money is available (from the bonds).”
The bridge connecting I-20 with the partially constructed Ric Williamson Memorial Highway, or Western Loop, is one of five phases for the 5.6-mile project connecting FM 51, FM 920, U.S. Highway 180, and Ranger Highway around the west side of Weatherford.
The county is designing, building and inspecting the bridge and will be reimbursed by TxDOT according to the number of vehicles passing through the interchange.
Local News
Court approves final sale of transportation bonds
- Local News
-
-
PET OF THE WEEK: Overlooked Labrador hoping for new home
Meet Hydro. She is a 1-year-old Lab.
-
Jehovah’s Witnesses convention begins Friday in FW
FORT WORTH – People may often hear the expression, “What is Truth?” but rarely hear “God’s Word Is Truth.”
-
POLICE BLOTTER: Thefts, burglary dot police blotter
Following are offenses, investigations and calls for service reported by the Weatherford Police Department between 6 a.m. Monday and 6 a.m. Tuesday:
-
POLICE BLOTTER: Weatherford police log busy weekend of calls
Following are investigations, offenses and calls for service reported by the Weatherford Police Department for the period 6 a.m. Friday to 6 a.m. Monday:
-
Shetland pony's neglect, abuse leads to two arrests
Parker County Sheriff’s Office Criminal Investigation Division is investigating an animal cruelty case involving a pony.
-
ASK A MASTER GARDENER: There are ways to deal with moles
Moles dig tunnels under the surface of the soil in search of food, particularly grubs and mole crickets.
-
POLICE BLOTTER: Three arrested for public intoxication
Here are Weatherford Police Department offenses and calls for service for the period 6 a.m. Thursday to 6 a.m. Friday:
-
ESD public hearing set for Tuesday in Annetta
ANNETTA – A public hearing is set for Tuesday evening at Annetta City Hall concerning a petition by the Annettas seeking annexation into Emergency Services District No. 3.
-
Local ham radio operators to put on public demonstration June 22-23
The fastest way to turn a crisis into a total disaster is to lose communications. From the earthquake and tsunami in Japan to the tornadoes in Granbury and Cleburne, ham radio has provided the most reliable communication networks in the first critical hours of these events.
-
Man arrested on charges he threatened, assaulted woman
Parker County Sheriff’s deputies arrested a Weatherford man after responding Friday morning to an assault call on Mesquite Trail in Western Lake Estates.
- More Local News Headlines
-
Ex-Hit Man's Past Is a Shock to Some Neighbors
Fans: Gandofini 'Put New Jersey on the Map'
Does Future of Human Race Depend on Kansas Mine?
Reining in 'Bad News' Sports Parents
James Gandolfini Dies at Age 51
Fmr. TWA Flight 800 Investigators Want New Probe
Raw: Heat, Spurs Back on Court Ahead of Game 7
Dolce and Gabbana Convicted of Tax Evasion
Paris, Prince Depositions Used in Jackson Trial
Coiffed Cattle Get Their Close-up
In Berlin, Obama Channels Cold War Activism
Police at Patriots Tight End's Home for 2nd Day
Fed Suggests Bond Purchases Could Slow
AP: DOJ Broke Own Rules Seizing Phone Records
Raw: Baby White Rhino Debuts at Australian Zoo
Time Lapse: Rebuilding Bridge Post-collapse
Ohio Woman Accuses 3 of Holding Her Captive
Hunt for Ex-Teamster Boss Hoffa's Remains Ends
