County Adds another $50,000,000 in Debt

By Gloria Way

  Chambers County Commissioners Court is a huge fan of Certificates of Obligation (CO). COs have been used to fund county projects without having to go to a vote of the taxpayers. Since 2021, the County has authorized close to $90,000,000 in COs to fund projects ranging from roads and bridges to libraries to sports complexes, etc.

  This past Tuesday, Chambers County Court held a special called meeting to “discuss and consider Approval of a Resolution authorizing the publication of a Notice of Intention to Issue “Chambers County, Texas Combination Tax and Revenue Certificates of Obligation, Series 2025”. The Court will convene on Tuesday, September 23^rd, to officially consider the Cos and take action to authorize issuance of the Cos”.  Total amount of funds is $50,000,000.00.

  The Commissioners made it clear that these Cos will be used only to fund for drainage and road and bridge projects.

  The good news is that the tax rate will not go up. The bad news is that the County is adding $50,000,000 to its current tax burden of $169,280,000. The current and combined principal and interest required to pay all outstanding debt obligations of the County on time and in full is $254,003,588.00. The maximum principal amount of the Certificates of Obligation to be authorized is $50,000,000.00. The estimated combined principal and interest required to pay the certificates to be authorized on time and in full is approximately $96,987,993.00. The estimated interest rate for the certificates to be authorized is 5.023507%.  The maximum maturity date of the certificates to be authorized is March 1, 2064.

  The County provided a list of priority projects for the COs. Priority 1 Projects are:

• (Pct 1) Gravel upgrade – $2.5 million upgrading the gravel/rock roadway in the county to chip seal roadways
• (Pct 1) Belton Lane Drainage – $10 million for planning and implementing an approximate 10-acre pond for flooding along Belton Lane, airport roadway and lane 1, 2, and 3 roadways
• (Pct 2) Project Hazel Court – $500,000 for public roadway to provide access to public necessity and safety
• (Pct 2) Painted Pony Ditch – $500,00 for the ditch has major erosion and drainage concerns needing to be corrected
• (Pct 2) Project Katie – $1 million for 15-acre pond with accompanying drainage structures
• (Pct 2) Majestic Drive Detention – $300,000 for detention pond improvements including adding a wet bottom with water feature
• (Pct 3) Old Irish Farm Road – $300,000 for rehabbing the roadway and fixing issues
• (Pct 3) Hatcherville to Cedar Bayou – $500,000 for improving the drainage ditch from Hatcherville to Cedar Bayou
• (Pct 3) Woodland Live Oak Access – $500,00 for obtain easement and construction of structures and ditches
• (Pct 3) I-10 ramp reversals – $3.5 million for engineering for ramp reversals
• (Pct 1) Bayer Road – $1.5 million for roadway improvements and repairs
• (Pct 4) Chambers Parkway East – $12 million for from SH 99 to FM 3180 including Legends Bay, Hackberry Gully and Chambers Parkway detention basin
• (Pct 4) Kilgore Parkway – $6 million for detention expansion for Chambers Parkway
• Chip Seal Roads – $2 million for various roadways countywide
• Crack Seal Roads – $500,000 for various roadways countywide
• Joint Seal Roads – $500,000 for various roadways countywide
• Drainage and Roadway Improvements – $4 million for drainage improvements countywide.

 Priority 2 Projects are:

• (Pct 2) 3180 McAdams Drainage – $10 million for drainage project identified by the FIF to help a large area with drainage and flooding concerns
• (Pct 4) Skylane Gully Improvements – $5 million expanding and adding improvements to the Sky Lane Gully.

  The total outstanding debt obligation per capita with an estimated 51,288 residents in Chambers County is $3,654.50.