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EasyDNNNews

Williamson County to Save More Than $20 Million on Interest Payments

20 August 2020
Author: Connie Odom
Number of views: 2691
0 Comments

The Williamson County Commissioners Court approved authorizing a debt defeasance, or paying down debt, in the amount of $42 million in principle and interest. This was included in the County’s FY20 budget. The debt defeasance will result in a savings of approximately $20,264,667 in interest payments. Williamson County issues debt to finance long-term capital projects, such as roads, parks, and buildings. Approximately 84% of the county’s debt is from voter-approved road and park bonds.

For nearly 20 years, Williamson County has saved more than $135.6 million in interest through its efforts to pay off debt early and refinancing.

“Paying down debt early has been a priority of the Commissioners Court for several years. I have been a strong advocate of making this part of our annual budget process in order to save the taxpayers millions of dollars,” said Commissioner Valerie Covey, Precinct 3.

The Williamson County Commissioners Court is allocating $25 million in its FY 2021 budget for debt defeasance.

In January 2020, Williamson County’s AAA bond rating was reaffirmed by both Fitch Ratings and Standard & Poor’s Ratings Service. To view copies of the county’s financial reports, go to http://wilco.mygovcenter.com/financial-reports.

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