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County sells first round of 2008 road bonds

SUBMITTED REPORT

The Hays County Commissioners Court on Tuesday authorized the sale of the first bonds to fund road improvements Hays County voters approved in November.

Voters agreed to a total of $207 million to improve road safety and mobility throughout the county, with some $133 million expected to be reimbursed by the Texas Department of Transportation through its Pass-Through Projects program.

“This is actually a good time to issue that debt,” said Hays County Auditor Bill Herzog. “Interest rates are low – we got interest rates ranging from about 4.07 to 4.55 percent which were lower than projected – and the weakened economy is continuing to hold down construction costs, so from those standpoints our timing could make this a better deal for taxpayers than they expected during the bond election.”

Nearly $50 million in bonds were issued to be used for cash-flow expenses for Pass-Through Finance Projects, which are projects that will be reimbursed up to $133 million by TxDOT. Those activities include:

Approximately $10 million in bonds were issued to cash-flow expenses for the Priority Road Projects that were deteRanch-to-Market Rdined by the County following public meetings with citizens. They include:

In addition to the voter-approved bonds, funding in the amount of almost $8 million was issued for improvements to Dacy Lane in Precinct 1. Hays County joins Seton Hospital and the City of Kyle in funding those improvements.

— FROM HAYS COUNTY/LAUREEN CHERNOW