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Commission delegates authority to finance officer and manager to approve bond reimbursement resolutions
Summary
The Board approved a resolution authorizing the finance officer and county manager to approve reimbursement resolutions required by IRS rules for certain capital projects prior to bond issuance, intended to streamline pre-issuance administrative steps.
The Buncombe County Board of Commissioners on May 20 approved a resolution delegating authority to the county finance officer and county manager to approve reimbursement resolutions for capital project pre-construction costs that will later be reimbursed from bond proceeds.
Finance Director Melissa Moore explained the need: certain pre-construction expenditures must be incurred before a project’s formal bond issuance, and IRS rules require a…
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