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County approves $8.5M debt issue
Bond counsel Thomas M. Pollan of Bickerstaff Heath Delgado Acosta LLP witnesses as Wilson County Judge Marvin Quinney signs documents authorizing the issuance of $8.5 million in certificates of obligation during the Jan. 27 meeting of the Wilson County Commissioners Court. WILLIAM J. GIBBS JR./Reprints at wilsoncountynews.com
Wilson County NewsJanuary 29, 2014 3,283 views 1 comment
Wilson County will close on the sale of $8.5 million in certificates of obligation Feb. 20, following a unanimous vote Jan. 27 by the Wilson County Commissioners Court. Voters approved the issuance of the debt -- which will fund renovation and stabilization of the Wilson County Courthouse and renovations to the Wilson County Courthouse Annex III -- in a November 2013 election.
According to the county’s financial advisor, Robert Henderson of RBC Capital Markets, recent uncertainty in the national economy --coupled with a continued trend of unemployed workers leaving the work force -- has caused a decline in the stock market. This, along with a recent increase in the county’s bond rating from A- to A has led to Wilson County being able to borrow the funds at a 3.306 interest rate -- considerably less than the initial estimate of 4 percent. He said this translates into a difference of 10-12 basis points, making the bonds more attractive to brokers and those in charge of nationally managed funds.
The 20-year notes can be called for the par value of $8,215,000 after just 10 years. At that time, the county either can refinance or pay off the remaining balance without any penalty.
The commissioners’ vote came after they reconvened their regular 9 a.m. meeting, which they recessed until 3 p.m. For more about the earlier portion of the meeting, read the Feb. 5 edition of the Wilson County News.
In attendance: Wilson County Judge Marvin Quinney and commissioners Paul Pfeil, Ricky Morales, and Larry Wiley; County Auditor Tom Dupnick, Sheriff Joe D. Tackitt Jr., Assistant County Attorney Katherine Chapman, County Clerk Eva Martinez, County Treasurer Jan Hartl, financial advisor Robert Henderson of RBC Capital Markets, and bond counsel Thomas M. Pollan of Bickerstaff Heath Delgado Acosta, LLP.
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