County intends $4.7 million debt service
Submitted by highlander1 on
By Alexandria Randolph
HIGHLAND LAKES NEWSPAPERS
Burnet County Commissioners unanimously made preliminary approval of $4.7 million in debt service for infrastructure improvement projects last week.
Commissioners initially began the discussion in early May after storms that brought to light the need for improved drainage at several low water crossings in the county.
Burnet County Judge James Oakley said in May that issuing the additional debt service on top of the 20 year bonds used to purchase the county jail would level the amount the county would pay semiannually on the debt by adding smaller, short-term payments to fill in gaps caused by fluctuations in the current debt service payments.
“This is the amount available without raising the debt service tax rate,” Oakley said in commissioners court Tuesday, June 28.
The debt, which totals $4,685,000, will be paid over a seven year term.
Oakley said the annual county road budget is limited to doing maintenance work on infrastructure, but these bonds would allow for larger improvements.
Commissioners unanimously made preliminary approval during the meeting, with final approval anticipated at the July 26 commissioner's court meeting.
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