Williamson County commissioners cancelled $17 million in unused bond authorization for Somerset Hills Road District No. 4 at a Sept. 29 road district meeting.
What it means: The unanimously approved vote will lower the district's overall debt cap from $70 million to $53 million. Internal audits show that the reduced debt can still fund the eligible road reimbursements, Precinct 3 commissioner Valerie Covey said.
Additionally, road district tax dollars will not fund any additional lanes or future expansion costs along Ronald Reagan Boulevard between Williams Drive and Hwy. 195.
"I believe this is the right thing to do for the road district," Covey said.
The history: The county created Somerset Hills Road District No. 4 in 2008 to finance and reimburse costs for public roads within the Somerset Hills area, according to county documents. Voters approved the purpose and the maximum amount of bonds the district may issue the same year.
The road district capped its tax rate at $0.29 per $100 valuation since its inception, according to county documents.