Nueces County Commissioners last week approved the refinancing of $8.3 million in Certificates of Obligation issued in 2001 and 2002 that would provide savings of more that $300,000 for taxpayers.
The decision was made during the commissioners' July 28 meeting and was approved in a 5-0 vote.
It allows for the county to refinance the 2001 Series bonds, issued at $7 million to pay for road work and renovations at various county buildings, to a new interest rate of .85 percent. The 2002 Series bonds, which paid for work at the Richard M. Borchard Regional Fairgrounds and county road improvements, will have a new interest rate of 1.2 percent.
Both bonds will be paid off by 2022, according to a report presented to commissioners at the meeting.
The refinancing will provide savings to taxpayers of about $334,000 over the repayment period, according to the report.
In other county business:
County leaders took no action regarding a proposed $1.50 increase in the Child Safety Fund Fee that would have provided additional funds for crossing guards at area school districts. Precinct 1 Commissioner Mike Pusley expressed concern about what the fee increase could mean for small business owners, who would have to pay the fee whenever they registered new vehicles within the county.
"I'm sorry, but I'm not going to be able to support this," he said, adding that the burden for small business owners with multiple company vehicles would be too much, given the current state of the economy.
The proposal did not go to a vote, as the item died for lack of a motion.
The Calallen Independent School District was given the go-ahead to purchase a 3.58-acre plat of land adjacent to the district's middle school for $5,000. The property had been up for sale during a recent tax resale auction, but had no bidders, county leaders said.
The district has no firm plans for the land, said CISD Purchasing Specialist Bill Monroe, though there are tentative plans to use the property to expand the bus barn.
Commissioners unanimously accepted a notice of substantial completion for a $385,000 hangar expansion project at the Nueces County Airport in Robstown. The work, which was completed in May, involved the addition of four new hangars at the airport and was funded primarily by the county, with $185,000 of the project's total cost being paid by the federal government through the Texas Department of Transportation.