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Onslow County adopts preliminary resolution to seek LGC approval for up to $30 million in new debt for capital projects
Summary
County staff presented a preliminary resolution to apply to the North Carolina Local Government Commission to issue debt for three new projects (Bear Creek fire station, a multi‑purpose building and Morton buildings) totaling about $30 million; commissioners voted to approve the preliminary resolution.
Onslow County staff presented a preliminary resolution May 19 asking the Board of Commissioners to authorize an application to the North Carolina Local Government Commission (LGC) to issue debt for capital projects totaling roughly $30 million.
Chief Financial Officer Kevin Patterson said the requested new‑money financing would support three capital projects: the Bear Creek fire station, a multi‑purpose building and acquisition/upfit of Morton Buildings. Patterson also said the county is tracking two refinancing opportunities from 2015 bonds and expects roughly $1.5 million in savings from a refinancing under consideration; the advertised not‑to‑exceed amount was previously higher but would be reduced.
The board opened a public hearing with no speakers signed up and approved the preliminary resolution by motion and second.
Ending: County staff said the final financing amount will be adjusted before submitting to the LGC and that the preliminary resolution authorizes the county to begin the required application process.
