County Commissioners Approve Sale of Road Bonds

TYLER – Smith County Commissioners have approved the second year of a $39.5 million bond package. The county received eight bids on the bonds, with BOK Financial Securities, Inc. submitting the winning bid at an interest cost of 1.837%. In November 2017, Smith County voters approved the bond package to improve county roads. More than 50 miles of road improvements have been completed in the first year. Steven Adams, managing director of Specialized Public Finance Inc., said once the documents are signed by county officials, they will go the Attorney General for approval. He expected to close on the sale on June 11.

So far in year one of Phase I, through April, Smith County has spent $9,915,575 in road projects paid for by bond funds. This includes 42.127 miles of asphalt overlay projects completed by Smith County Road and Bridge crews for about $3,784,797. Contracted projects include 8.75 miles of road improvements completed for $2,350,778; and 15.97 miles under construction, with the anticipated completion this summer, for $3,780,000. According to Smith County Engineer Frank Davis, the county also has several engineering design contracts for future road improvements that are funded in the first year’s bond program.