Maverick County Commissioners Court approves to refinance $22.795 Million of Bonds

By: Jose G. Landa, Eagle Pass Business Journal, Inc. Copyright 2015

Maverick County Commissioners Court unanimously approved two agenda items at their Monday, July 13, 2015 meeting which calls for the County to seek refinancing of several bonds and anticipation notes totaling $22,795,000 in order to take advantage of lower interest rates currently available and to save County taxpayers significant savings on the interest owed on these $22,795,00.

Agenda Item No. 26 called for the discussion and possible action of an Order authorizing the issuance of Maverick County, Texas Limited Tax Refunding Bonds, Series 2015-A, levying a tax in payment thereof, authorizing the redemption of prior to maturity of certain outstanding obligations, and providing for the award and sale of said obligations in accordance to certain parameters.

Maverick County Financial Advisor Raul Villasenor of First Southwest Capital of San Antonio, Texas and new County Bond Counsel William “Bill” Avila, also of San Antonio, Texas, noted that the County can refinance the 2004 Combined Revenue Tax and Certificate of Obligation Series for the amount of $2,990,000 and the 2011 Certificate of Obligations Series for the amount of $940,000, totaling $3,930,000, under these Limited Tax Refunding Bonds, Series 2015-A, to take advantage of lower interest rates available today in the market compared to the high interest rates these obligations have as a result of market conditions at those times.

Commissioners Court approved unanimously Agenda Item No. 26 to seek refinancing of the two bonds and certificates of obligations totaling $3,930,000 by issuing a new Series 2015-A Limited Tax Refunding Bonds.

Agenda Itme No. 27 called for the discussion and possible action of an Order authorizing the issuance of Maverick County, Texas Limited Tax Refunding Bonds, Series 2015-B, levying a tax payment thereof, authorizing the redemption of prior to maturity of certain outstanding obligations, and providing for the award and sale of said obligation in accordance with certain parameters.

Villanueva and Avila noted that the County can refinance the 2009 Limited Tax and Revenue Certificate of Obligations Series for the total amount of $4,905,000 and the 2009 Limited Tax and Revenue Bonds Series for the total amount of $13,960,000, totaling $18,865,000 combined.  Villanueva and Avila again noted that the County would save significant interest payments due to the lower interest rates available today than in 2009.

Commissioners Court accepted the advice of Villanueva and Avila to seek refinancing and save County taxpayers a large amount of interest payments for these 2009 bonds and certificates of obligations.

Villanueva and Avila will immediately begin working on the necessary procedures and legal paperwork to issue and refinance these debts as the Maverick County, Texas Limited Tax Refunding Bonds, Series 2015-A and Series 2015-B Series, respectively.