County commissioners approved taking on
The county's financial consultant,
"There's the old adage that sometimes it's better lucky than smart," Henderson joked. "We were a little later getting into the marketplace than we expected to be, and that turned out to be a good thing."
Interest rates have fallen during the past three weeks.
Henderson initially estimated the county would get a 4.25 percent interest rate on the bonds but secured rates Monday of 3.15 percent, resulting in major savings over the debt's 20-year life span.
With interest on the
"We are nearly a full million less than was anticipated," Henderson said.
The additional debt will not result in a change in the total tax rate property owners pay.
The funds, which are expected to be in the county's bank account by the end of May, will be used to renovate the Hartman warehouse and the old firehouse, demolish buildings at the airport and to improve roads and drainage.
"We certainly could not have asked for it to be any better," Pozzi said.
(c)2014 Victoria Advocate (Victoria, Texas)
Visit Victoria Advocate (Victoria, Texas) at www.victoriaadvocate.com
Distributed by MCT Information Services