LEC bonds refinanced at savings of $800,000+

By Melinda L. Lucas

Shackelford County taxpayers will save more than $800,000 over the next 11 years after county commissioners finalized new bonds for the Law Enforcement Center during Tuesday’s regular meeting.

Vince Viaille, managing director for Specialized Public Finance, reviewed the bidding process, stating that BNY Mellon Capital Markets submitted the winning bid at a true interest cost of 0.89 percent, resulting in a savings of $842,569 as a result of the refinancing.

The existing bonds hold interest rates between 4.6 and 5.45 percent, with a final maturity date in 2031.

“In November, we estimated a savings of $736,900, and we have a final aggregate savings of $842,569,” said Viaille. “You’ve ended up with a really good result.”

The commissioners started looking at refinancing the LEC bonds several months ago at the recommendation of county treasurer Tammy Brown, with closing now scheduled for Feb. 17.

“We need to thank Vince  and his firm along with our treasurer for having the vision to see that this would work,” said county judge Robert Skelton. “This is an amazing deal that will save our taxpayers hundreds of thousands of dollars.”

Other Business

•Lance Thomas, who was present along with several other ranchers and land managers, asked the court to consider adopting a prescribed burn criteria that will go into effect when a county burn ban is in place. The commissioners tabled action until county attorney Rollin Rauschl can review the document.

•Credit cards were approved for Rauschl and constable Xavier Perez.

•The court okayed a Technology Access Project Resolution designating county sheriff Edward Miller as the grant  official.

•Members of the Shackelford County Historical Committee were appointed for the 2021-2022 term, as presented by Skelton.