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BASTROP — Commissioners this month took the first formal step toward issuing up to $65 million in debt to fund a series of capital projects, including a major expansion of the Bastrop County Jail.
At their Feb. 9 meeting, Commissioners Court approved a notice of intent to issue certificates of obligation, which would allow the county to borrow up to $65 million and fund major public projects without holding a bond election. If approved in April, provided the county follows required public notice and waiting periods, the move would fund improvements to county facilities and roads, and help upgrade emergency systems and public safety infrastructure.
County Judge Gregory Klaus said the jail expansion is a primary driver behind the proposal, which calls for adding 300 beds.
“When I first became county judge three years ago, we were making over $1.2 million housing federal prisoners,” Klaus said. “We’re wanting to add on to the jail so we can possibly get some more money coming into the county.”
Commissioners said the additional beds could allow the county to generate income again and avoid having to pay neighboring counties to house its own inmates.
“We don’t want to be in the position, which will happen if we don’t expand, of paying our neighbors to house our own prisoners,” Commissioner Clara Beckett said.
The debt would be repaid through property taxes, according to the court. Financial estimates assume a 20-year repayment term with a borrowing rate of about 4.5% and first payment due in 2027.
County leaders cited the county’s growing tax base, stable budget performance and conservative financial management as strengths.
“This is a significant transaction and we want to get it the attention that it deserves,” said Blake Roberts, a financial advisor to the county.
Commissioners are expected to consider final authorization in the coming months.
