Midland County Commissioners Court met on Tuesday, February 6, and received an update on the county’s proposed certificate of obligation (CO) non-voter-approved bond for the $170 million new jail project.
Hilltop Securities, a municipal investment bank, has been advising the county on this matter.
According to George Williford, a representative from Hilltop, the county currently holds a AAA credit rating from Fitch Ratings and a AA+ rating by Standard and Poor’s (S&P).
Williford informed the commissioners that calls between the county and Hilltop with Fitch and S&P are set for February 8. These calls will help the rating agencies facilitate an evaluation of the county.
Hilltop anticipates receiving the assessment results by February 16.
A decision on whether to proceed with the CO is scheduled for February 20, contingent upon a supermajority vote from the court or four out of five commissioners. If approved, funds could be expected by April, depending on market conditions.
Property tax increase estimates were provided by Williford, projecting approximately $87 per year for a 20-year repayment period on a $350,000 valued property based on the county’s current taxable value. A 15-year repayment plan would entail an estimated annual increase of $103, while previous discussions indicated a 10-year repayment would lead to a yearly rise of about $130.
Williford recommended a 15- or 20-year repayment period, citing the high annual debt service of a 10-year plan. Commissioner Anderson inquired about the feasibility of a 10-year repayment, to which Williford emphasized the flexibility offered by lengthier repayment periods, especially in possiblefuture economic downturns. Previous meetings revealed that a 10-year repayment would cost $40 million in interest, 15 years at $65 million, and 20 years at $95 million.
The commissioners ensued in a discussion about hiring a Medical Examiner (ME ), with District Attorney Laura Nodolf outlining the responsibilities an ME would assume, such as determining the necessity for autopsies and signing death certificates. While acknowledging the potential benefits, Nodolf underscored the importance of finding the right candidate for the position. The commissioners opted to table this matter until the next meeting, pending additional insights from Judge Johnson, who had to leave the meeting early.
The issue of security policies at the Horseshoe Area was revisited, with concerns raised about the financial burden imposed on event organizers. County Attorney Russell Malm suggested exploring policy modifications to accommodate exceptions based on event type and attendance while maintaining objectivity. The commissioners agreed to grant discretion to Horseshoe Director Ken Olson until the February 20 meeting, when he will present a revised policy for approval.
Additional agenda items included a presentation by United Way on their Project Blueprint program that aims to enhance diversity on non-profit boards. The participation cost is $25, and Midlanders can apply for the next session in August 2024 at uwmidland.org.
The Midland County 4-H club shared about their upcoming Kid’s Day event in May for Midland and Greenwood ISD students to learn more about agriculture that impacts us daily while getting hands-on experiences.
The next meeting of the Midland County Commissioners Court is scheduled for Tuesday, February 20, at 9 a.m. in the Commissioners Courtroom at the Midland County Courthouse.