Thanks for the Vote of Confidence!
Commissioner Tommy Adkisson
November 13, 2003
That's right: thanks for the vote of confidence! That voter know that we are growing and in need of the proposals is reflected in the victory for the bonds. Now the implementation and stewardship process begins.
First Multipurpose County Bond Issue
It bears mentioning that Bexar County has not conducted a bond referendum since 1993. That bond issue was for jail facilities. This recent bond issue was Bexar County's only bond issue to be a multipurpose proposal including:
- Juvenile Probation, Adult Probation and County Jail Improvements.
- Road and Bridge Improvements.
- Parks and Recreation Improvements, and
- Emergency Operations Center to be located at Brooks CityBase and a Senior Citizens Multipurpose Facilities Improvements.
Attractive Aspects to Bond Issue
Due to disciplined financial management, the County's bond rating is very high. This is reflected in our rating by Standard and Poors as a county with a Double A rating. Another bond rating service, Moody's says we have earned a Double A rating and yet another, Fitch, awards us with a Double A Plus rating! This means our creditworthiness is high enough to gain the best of interest rates on Wall Street.
What' more, interest rates have rarely been more attractive for a bond issue. We don't know when rates will rise but the fact that they have been so low for so relatively long suggests that we needed to "strike while the iron is hot".
Another positive feature of the County Bond Proposal is that it requires no ad valorem (property) tax rate increase. This is because we will simply replace retiring debt with the new issuances under this bond issue.
Yet another positive feature in the bonds approved on November 4 is the fact that the County will own, not rent the adult probation offices and thereby save around $670,000 annually.
Of significance too, is the fact that some of the proposals will in certain instances receive city, state and other agencies' matching dollars.
The County's Bond Package will also provide for 39 separate projects countywide. This one is for 99.2 million dollars.
I look forward to keeping you posted on the progress. A Committee of Ten will sit in review of the County's bond packages, two to be appointed by each member of the Court. Our challenge is to complete each project as represented and in a timely manner so that any future inflation does not erode the money necessary for each given project.