Commissioners Okay Debt Package For County

Staff Writer

CANTON—Van Zandt County Commissioners took a long-awaited step in making county road improvements with passage Thursday of $6.375 million in certificates of obligation.

Of that amount, $6 million is specified for county road repairs and improvements. Another $250,000 will be used for construction of a county office and court building in Wills Point, and the remainder will cover issuance fees for the 15-year debt package.

Mike Brown of Government Capital Securities told the commissioners’ court that the county received a locked-in interest rate of 3.39 percent.

"That was lower than the estimated 3.44 rate, which saved you another $31,000 in interest," he said.

Brown later added that the county’s positive factors in its financial data, such as its tax base and low level of current debt, likely contributed to getting the lower financing rate.

Although glad to move forward with the decision, there was a general feeling among commissioners that it would have had a bigger impact if it had been done years ago.

"I wish we could have done this when it was $23 a barrel for oil. It’s up to about $60 now. The budget’s about the same, so (the money) is doing about one-third the work now," Precinct 1 Commissioner Ricky LaPrade said.

Precinct 3 Commissioner Kelles Miller added that he had not seen a comprehensive county road financing package since 1949.

"We could sit here another 20 years and just get deeper in a hole. You’ve got to start somewhere," Miller said. "You have to have a plan to move on with it or you’ll never get anything created."

Four citizens from the Elm Grove area in southwestern Van Zandt County attended the court session to voice their approval for the action. David Sutter said he wholeheartedly backed the court’s decision.

"I am delighted to see the progress our county officials have made in addressing this need for making repairs to our deteriorated county road system," he said in reading written comments to the court.

Andy Flowers later added that he wanted to see the commissioners’ court plan for future road needs as the county continues to grow in population.

"I almost wished it had been $20 or $25 million to do all that really needs to be done with all the new growth," Flowers said.

He urged commissioners to establish a system to count traffic on county roads to determine future repair and improvement needs, and to clean out more ditches along county roads.

"A lot of the road bed is being lost because of water running over it," he said.

Brown said funds should be available on April 30, following approval by the Texas Attorney General. The county will have three years from that date to spend the funds.