County completes sale of Certificate of Obligation for Jail and Sheriff’s Office
BELLVILLE — Austin County moved a big step toward renovation of the jail and Sheriff’s Office by completing the sale of a Certificate of Obligation in the amount of $9.5 million during Commissioners Court on Monday morning. The bid process began at 9:30 a.m. and signed bid offers were in hand shortly after 11 a.m.
James F. Gilley, Jr. with U.S. Capital Advisors was present at Court to collect the bids and make his recommendation to commissioners.
Gilley recommended the Court accept the proposal from Raymond James for the issuance of Austin County, Texas Certificates of Obligation. The total sale amount was approximately $9,670,000. That purchase amount pays the fees involved in the sale and leaves $9.5 million for Austin County to use in the construction project.
The actual amount of principle the county will have to repay and pay interest on is $9,085,000. The interest rate is 2.820773 for the 20-year certificates.
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