County commissioners unanimously approved the issuance of $225 million in bonds to fund transportation projects at their May 24 meeting. This debt is the first to be issued as part of the $400 million bond package approved by voters in November.
The bond package is aimed at addressing the population growth and the stress on the county’s infrastructure, according to officials.
The debt is scheduled to be repaid over 25 years, according to county documents. The county’s property tax rate will not change, according to County Administrator G.K. Maenius.
According to discussions last year as part of the bond election, some of the money will be used for countywide initiatives and partnerships that are more regional in nature. Another portion will fund specific projects pitched by individual cities. A third chunk of funds will be divided among the four county commissioners and the county judge to be used at their discretion.
“We are already working with our municipal partners on projects that have been outlined and recommended to the court,” Maenius told commissioners.
Interlocal agreements for those projects are being drafted and will come before the Commissioners Court for final approval, he said.