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Forsyth County to consider $33.635 million in general obligation bond orders at April 10 public hearing
Summary
Deputy CFO Lee Plunkett briefed the board on four bond orders totaling $33,635,000 for schools, Forsyth Tech, parks and recreation, and county capital maintenance; the county has filed the application with the Local Government Commission, which staff said was accepted.
Deputy Chief Financial Officer Lee Plunkett told the Forsyth County Board of Commissioners that four bond orders totaling $33,635,000 will be before the board for public hearings and votes at the April 10 meeting. The orders cover general obligation bonds for schools, Forsyth Tech capital maintenance, parks and recreation, and general county capital maintenance.
Plunkett said the schools portion is $27,335,000, of which $8,500,000 is for the biennial capital maintenance program and $18,800,000 is for additional capacity in the county's multi-year funding plan that extends from the 2023 sale through 2027. The other allocations he listed were $2,300,000 for Forsyth Technical Community College capital maintenance, $2,000,000 for parks and recreation and $2,000,000 for general county capital maintenance, which together sum to the $33,635,000 figure staff provided.
Plunkett said the primary purposes of the bond orders are to confirm that an application to the North Carolina Local Government Commission (LGC) has been filed and accepted and to authorize the issuance of bonds including amounts, purposes and the county's pledge of taxing authority as security. He told the board the county had received a letter that the LGC filing had been accepted and that the orders are planned for publication on April 17 and would take effect 30 days after publication if adopted.
Plunkett also previewed a sale resolution that would authorize the LGC to competitively sell the bonds and permit designated county officers to execute closing documents; he said the resolution specifies transactional details including numbering of bond series, account openings for proceeds and payment start dates (June 1). "The sale resolution is the final approval from you all as a board before the LGC sells these bonds for the county," he said.
No formal vote took place during the briefing; staff said each bond order would be up for approval after its public hearing on April 10 and that the sale resolution would follow the hearings. The briefing did not include a final vote tally or adoption; Plunkett answered commissioners' questions and offered to respond to members at the April 10 meeting.
Background: Staff characterized the sale as a competitive sale by the LGC and said proceeds would be tracked and accounted for in separate accounts per the sale resolution. The briefing did not include bond pricing or final sale terms.
