Aransas County commissioners, at their regular meeting Monday, Sept. 14, unanimously approved Order #O-17-2020 authorizing the issuance of Aransas County, Texas Flood Control Tax Refunding Bonds, Series 2020, as well as other matters related to that refunding (refinancing) of debt.
“This is the refunding we brought up when we talked about the bonds for the courthouse?” asked Commissioner Wendy Laubach.
It was noted that is correct.
RBC Capital Markets’ Dustin Traylor said the county will realize significant savings by refunding the 2011 flood control bonds.
“The county will realize $440,000 in savings over the life of the certificates of obligation (due to refunding),” said Traylor.
He added the county had to realize a minimum savings of 5%, but that total is actually between 11% and 12%.
The terms set out in the original bonds (i.e. – maturity, or what it can be used for), other than the interest rate, can’t be altered.
“This order is good for six months from today … so we can shop for the best price,” said Traylor.