“I just want to make sure that the public knows that we're defeasing, [or retiring the bond without a bond redemption or implementing an open market buy-back], which means getting it off our debt,” Precinct 3 Commissioner Valerie Covey said.
The payment will go toward Williamson County's outstanding unlimited $54 million Tax Road Bonds, Series 2015, and $34 million Combination Tax and Revenue Certificates of Obligation, Series 2015.
For several years, the court has included funds in the budget to pay down debt, and this amount was included in the fiscal year 2021-22 budget.
According to Covey, the commissioners court has made payments on top of what is required for a number of years.
“I think it's the right thing to do, using any extra tax dollars that we can to pay off the debt as quickly as possible, saving us money. And I believe this saves us about $12 million in interest over the life of the bonds, so we can see how impactful it can be,” Covey said.