Duplin County commissioners on Sept. 2 authorized staff and municipal-finance advisors to explore refunding the county’s 2016 limited-obligation bonds, which financed school projects. The board voted unanimously to engage the advisors' services to pursue bank bids or a public bond sale; the engagement would not proceed to financing without a subsequent board approval of specific terms.

Ty Wilford of Davenport, appearing electronically, told the board the 2016 bonds were callable after 10 years and that the county could lower interest costs by refunding the debt. He said a preliminary, point-in-time estimate showed roughly $1,400,000 in potential savings over the remaining term after financing costs. Wilford and county staff said the advisors would first explore bank-market bids, which could be quicker and less expensive; if bank bids were not favorable, the advisors would pursue a public bond sale.

Wilford emphasized that refunding is voluntary and that the county could choose to keep the bonds outstanding for the original 20-year term. He also stated that the advisors would not charge the county if the effort produced no favorable financing. Commissioners asked whether the estimate assumes current rates and Wilford confirmed the savings estimate is based on current market rates and already factors in the costs of refunding.

Action taken was limited to approving the engagement to pursue options; any refinancing would return to the board with firm rates, the chosen structure, and a recommendation for approval.