By Lisa Treiber-Walter —
“Biting the bullet,” Gillespie County Commissioners have authorized the issuance of general obligation bonds not to exceed $15 million for construction of a new county jail.
By accepting an offer Monday afternoon, May 13, county officials capitalized on an interest rate of 3.173262 percent — a rate that is better than what planners originally expected.
“We’re excited” about the deal the county received, said Gillespie’s financial advisor, Robert (Bob) Henderson, managing director of RBC Capital Markets of San Antonio.
“We are looking at a transaction that is better than what we told the voters to expect” earlier last fall, Henderson said.
Aided by an “excellent” credit rating of “AA/Stable” from Standard Poors, the county will face a debt service amount of $1,021,485 as opposed to the originally estimated higher $1,035,000, said Larry Crump, county auditor.