Polk County Enterprise - Local News
Stories Added - Sunday, April 20, 2008
Copyright 2008 - Polk County Publishing Company
Commissioners to discuss possible funding for future improvements to county roads, bridges
Polk County Enterprise - April 2008
LIVINGSTON — County commissioners will hear a debt analysis from its fi nancial advisor to discuss funding options for future road and bridge improvements. During the court’s April 8 meeting, Jim Gilley with Coastal Securities presented commissioners with a fi nancing capacity analysis for $2 million, $5 million bond projects to fund road and bridge work. Gilley’s presentation was based on the 2007 net taxable assessed value of $2,112,044,852 and assumes a growth rate of 1 percent for the next fi ve years and no growth beyond that. Possible scenarios Gilley presented included issuing $2 million in road work certifi cates of obligation at an estimated interest rate of 4.1 percent, but issuing them in staggered amounts as each phase of the road improvement projects could be tackled. Gilley estimated issuing $85,485 during 2008, $485,485 the second year and $600,000-plus in years three four and fi ve.
Other scenarios included issuing $7.5 million and $10 million staggered over fi ve years. Debt service on the $2 million option would require an estimated interest and sinking tax rate 16.92 cents per $100 to service the county’s total debt the fi rst year, and 17.95 cents the second year. The I&S rate needed to retire the debt would then drop each year as other debts are retired. Jail Expansion Commissioners will also consider approval of an order awarding a contract for construction manager at risk for the jail expansion project.
The matter has been tabled from previous meetings. Consent Agenda Consent agenda items on Tuesday’s agenda include: • Approval of the County Clerk’s request for an interlocal agreement with Goodrich ISD for use of certain election equipment and services. • Approval of listing of capital purchases previously approved for payment from fund balance and to be reimbursed by fi scal year 2008 year-end reimbursement resolution. • Consider approval of Precinct 1 request to advertise for bids for headwall repair on Creekridge Drive in Goodrich North Subdivision. • Consider approval of Sheriff’s Department request to submit tobacco compliance grant application to the state comptroller. • Consider offers to purchase tax foreclosed properties in Chesswood subdivision #1 and Reily’s Village #1. The meeting will begin at 10 a.m. in the Commissioner’s Courtroom on the third fl oor of the Polk County Courthouse.