Road Bonds Sale Approved
Posted/updated on: May 16, 2018 at 3:23 pm
TYLER – Smith County Commissioners Tuesday approved the sale of road bonds. And they were able to do it at a lower-than-expected interest rate after receiving a dozen competitive bids. Last November, county voters approved a $39.5 million bond package to improve county roads. Monday, Specialized Public Finance Inc. bid general obligation bonds, which will net the county $12 million towards the first phase of the three-year bond package. Fidelity Capital Markets submitted the winning bid at a fixed interest cost of 2.499%. The bonds are anticipated to increase the interest and sinking portion of the tax rate by 0.7 cents per $100 valuation.
