LEC bonds to be reissued

By Melinda L. Lucas

After clarifying a few details with Vince Viaille of Specialized Public Finance Inc. of Dallas, Shackelford County commissioners voted unanimously to begin the process of refunding the bonds for the Shackelford County Law Enforcement Center.

The bonds for the LEC were originally issued in 2011 at interest rates ranging from 4.6 to 5.45 percent. Because current rates are well under two percent, the county’s savings would be substantial, and the final maturity date of 2031 would not change.

Viaille said Monday that at the current interest rate of 1.25 percent that day, the county’s net savings would be in the neighborhood of $68,000 a year, or over $736,000 over the course of the next 11 years.

“We don’t know where interest rates will be when we are ready to pull the trigger on this deal, but the savings should still be substantial,” said Viaille.

He added that there would be no additional cost to the county even if the issuance of new bonds wasn’t consummated.

Viaille was the financial advisor when the LEC bonds were originally issued in 2011.

As part of the motion by Steve Riley, county judge Robert Skelton was authorized to sign the necessary paperwork.

Library Game Room

At the request of members of the Retired Teachers Association, the game room at the county library will be named in honor of the late Louise Shelton, a 104-year-old local resident who played dominoes weekly at the library until just recently.

After the commissioners approved the request, RTA officer Gayla Leech said that the association will place a plaque designating the room’s new name.