The Courier of Montgomery County reports that although Montgomery County commissioners are concerned the funds won’t come fast enough to address growing mobility issues, they will place a $480 million bond on the May 3rd ballot.
The county’s investment advisor with BOK Financial Securities, John Robuck, said that although the commissioners first looked at a $450 million bond, raising that to $480 million won’t require a tax increase.
The first sale of bonds, if approved by voters, would total $180 million to be split between commissioners.
Precinct #2 Commissioner Charlie Riley said, however, he would quickly deplete his allocation and wait until October for an additional bond sale to move forward with more projects. At Tuesday’s court meeting he said, “I am worried about some of us getting our money spent ahead of other people.”
Once funding is available, Precinct #4 Commissioner Matt Gray says he has several projects ready to begin construction. He said he could “spend $120 million in a sitting. He said they are “so behind in infrastructure.”
Not needing as much of the funds “right off” is how Precinct #3 Commissioner Ritch Wheeler stood on the bond matter. He said he wanted the others to get their projects underway.
Robuck passed along that another round of bonds could come up as early as June.
Budget Officer Amanda Carter said the county would utilize the funds in a way to make sure projects were not left unfinished and having to wait on another bond sale.
Carter said, they were not going to tell them “’you have to stop on your project.’” She said they would give them “plenty of notice” and would be “working with John to get that next issuance.”
A list of projects has not been released by commissioners. In June, however, in addition to many road projects needed, commissioners talked about possible propositions for a new animal shelter and $13 million for a new tax office.
It was back in 2015 that the county last put a road bond on the ballot. Voters voted against a May bond at that time but okayed a $280 million package in November of 2015.
The public can submit questions regarding the road bond at 25@mctx.org.
