Published: August 11, 2008 10:10 am         

County’s bond rating upgraded

WEATHERFORD — Parker County’s continued growth and financial management led Standard and Poor’s Rating Service to upgrade the county’s general obligation bonds and tax notes from an A+ rating to an AA- rating this week.

Parker County Judge Mark Riley commended his court, elected officials and department heads and the office of Parker County Auditor Mike Rhoten for their work in strengthening the county’s finances.

“This rating increase will certainly save taxpayer dollars in the event the transportation bond election we will hold in November passes,” Riley said.

Echoing Riley, Nick Bulaich, vice president of First Southwest Company, congratulated the county on the new.

“For every $1 million borrowed, the total benefit would be approximately $8,700, based upon 20 year level debt service,” Bulaich said. “Recently, we have observed many issuers selling on their own credit; therefore the increase in rating for the county has come at a good time. Also, a result of the rating increase is that the market will be more receptive to future County bond issues.”

Rhoten said his office maintains a strict enforcement of the statutory laws governing finances.

“The county auditor is charged with protecting the integrity of the county’s financial administration through a dual control system of checks and balances and cooperation with a multitude of elected officials, appointed officials and various department heads,” Rhoten said.

While the county’s growth has helped financially, it has created a strain on the existing roadway system throughout the county.

Riley said the influx of population to Parker County means the county has to be proactive and aggressive with transportation improvement projects.

“With the growth we are experiencing, transportation problems will only get worse and that is why we have to take action now,” Riley said. “The commissioners court has been fully supportive on this with approving the hiring of our transportation engineering firm, Freese and Nichols. That has allowed us to move forward on the transportation bond program that we plan to bring to the voters this fall. There are transportation projects that are needed in all areas of the county. TxDOT and the North Central Texas Council of Governments have some specific areas they want to work on, such as the Weatherford Loop and infrastructure in the Aledo area, but we also want to address problems and needs that are in other areas of the county as well.”

Engineers with Freese and Nichols are currently working with a citizens committee and the Parker County Commissioners Court on selecting road projects for the bond package.

Transportation is not the only pressing issue facing the growing county, according to Riley.

     

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