The Dimmit County Special Meeting held on August 16, 2024, at the Dimmit County Courthouse focused primarily on financial planning related to the issuance of bonds for upcoming projects. The meeting began with a presentation detailing an estimated bond amount of $5,650,000, which includes a provision for costs associated with issuance.

The financial advisor outlined that the county anticipates issuing these bonds with a two-year payment schedule, where the first year will consist of interest-only payments, followed by principal payments in the second year. An estimated interest rate of 4% was discussed, although the final rate will be determined after bids are received from banks on September 6, 2024. The financial team expressed optimism that interest rates may decrease by that time, potentially resulting in a lower rate than currently projected.

Key dates were highlighted during the meeting, including the presentation of bid results to the Commissioner’s Court on September 9, 2024, and the scheduled closing of the bond sale on October 10, 2024. The financial advisor emphasized the importance of these dates in the overall financing plan.

A discussion ensued regarding the differences between certificates of obligation (COs) and tax notes. The financial advisor explained that tax notes allow for a quicker issuance process, eliminating the need for a 45-day notice period typically required for COs. This change is expected to expedite the county's access to funds for necessary projects.

The meeting concluded with no further questions from attendees, marking a clear path forward for Dimmit County's financial strategy as it prepares for the upcoming bond issuance. The next steps will involve finalizing the interest rates and terms based on the bids received, ensuring that the county can effectively manage its debt obligations moving forward.