Finance Corporation approves plan to finance Advanced Manufacturing Training Center and Cleveland High classroom addition

The Johnston County Finance Corporation met in a special session following the county commission meeting and adopted a resolution approving a plan of finance to support a portion of the Advanced Manufacturing Training Center in Four Oaks and a classroom addition at Cleveland High School.

County staff opened a public hearing on the proposed financing, which the published notice described as an installment financing contract with the Johnston County Finance Corporation in an aggregate principal amount up to $30,000,000 and stated the proceeds would be used to pay some or all of the costs of acquiring, constructing, renovating and equipping public school or community college facilities in Johnston County.

The notice read at the hearing referenced a state statute in the public notice language. The public hearing record was closed at the end of commenters’ time and the Finance Corporation then considered a resolution authorizing the financing plan and related documents. Chad McLamb presented the financing plan on behalf of staff and asked the corporation to adopt the resolution.

A member of the corporation moved to adopt the resolution; a second was received and the resolution was approved by voice vote. The resolution authorizes execution of the documents necessary to proceed with installment financing, subjects to the terms stated in the plan and staff’s final documents.

The county manager and staff said they expected interest from multiple bidders and noted that bond rating information had been prepared in advance of a planned sale. The meeting record shows the corporation approved moving forward with the financing plan but does not include final pricing or bond sale details, which staff said would be provided as they are finalized.