Clayton County board approves $495 million bond resolution, accepts Truist bid with May 31 closing deadline

The Clayton County Public Schools Board of Education voted unanimously May 5 to adopt a $495 million bond resolution intended to fund district capital projects and to lock a 5.13% interest rate from Truist Bank if the district closes on the issue on or before May 31.

The vote follows voter approval of a SPLOST continuation and the bond question in a March 18 referendum; school officials and financial advisers told the board that the Truist term was the lowest of four bids and that the 5.13% rate would rise to 5.16% if the district closes after May 31. The board added the bond resolution to the business agenda earlier in the meeting and then approved the resolution at the meeting’s end.

Board chair Charles White presided as financial staff and outside advisers outlined the timeline. Clayton County staff said bids were solicited in April and four responses were received; Truist’s 5.13% bid was presented as the most favorable. Financial adviser Ed Wall and district finance staff member (Miss Bivens) told the board the rate was guaranteed only if the district closed by May 31 and that market volatility could change available terms.

Wall said the bonds carry a 25-year term and will…