TYLER, Texas (KETK) — Smith County commissioners on Tuesday accepted a bid of $7.75 million in its latest sale of bonds to fund road improvements.
The county will use the money to pay for road work as part of the bond package passed in 2017.
The county received a “lower than expected” interest rate on the bonds which saved the county money.
The county has a AA+ bond rating from Standard & Poor’s Rating Services. The AA+ rating means the county is financially strong.
“It’s a very good financial rating,” Steven Adams, managing director of Specialized Public Finance told commissioners.
“It is good to see that the county’s strong financial position and conservative approach to budgeting and spending has resulted in a AA+ bond rating and the ability to save tax payers even more money by selling bonds at such an incredibly low rate,” Smith County Judge Nathaniel Moran said.
Since Smith County voters approved a $39.5 million road bond package, more than 170 miles of roadway have been improved.
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