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Commissioners approve reallocating unspent 2020/2022 installment financing to Rosewood Middle School project
Summary
The board approved amendments to 2020 and 2022 installment financing agreements with Truist Bank to repurpose roughly $3.85 million of unspent borrowing toward Rosewood Middle School construction, allowing the county to lock in previously issued low rates and reduce future borrowing costs.
The Wayne County Board of Commissioners voted to approve amendments to 2020 and 2022 installment financing agreements with Truist Bank, allowing the county to apply roughly $3.85 million in unspent proceeds from earlier borrowings to the Rosewood Middle School project.
County finance staff told the board that the original borrowings left unspent balances after project reimbursement amounts and design changes. Staff said the 2020 borrowing carried a 2.18% rate and 2022 borrowing a 2.99% rate; using the unspent proceeds for Rosewood will permit the county to lock those lower rates for part of next year’s planned borrowing and reduce future interest expense.
Staff said they had consulted bond counsel and Davenport (financial advisor) and that the Local Government Commission (LGC) staff had flagged the item as a miscellaneous action on the LGC’s June agenda; no new public hearing was required. The board approved the amended installment agreements and a correction (a typo in one document that referenced 'Rosewood Elementary' instead of 'Rosewood Middle').
Commissioners noted additional state grant money ($4.1 million) that the county expects to add to Rosewood; staff said the combination of grant funds and this reallocation probably pushes the timing of any new borrowing into the 2026 calendar year.
The amendment clarifies that the unspent borrowing will be used for Rosewood Middle School construction and coordinates with the county’s CIP strategy.
