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Dare County reduces next bond issue size after interest income and project savings from Phase 1 projects
Summary
Commissioners approved two capital project ordinance amendments reflecting $14,060 in additional interest income and roughly $442,266 in project savings from Phase 1 (2023) LOPS projects, lowering the anticipated next bond issue by about $620,000.
Dare County commissioners adopted two capital project ordinance amendments that reallocated interest income and savings from completed Phase 1 projects to reduce the size of an upcoming bond issuance.
Finance staff told the board the Phase 1 projects (including the Mid‑Flight Southern Shores EMS station and related work) generated $14,060 in additional interest income and about $442,266 in project savings. Officials said the county will reduce the next bond issue (Phase 3) by about $620,270, drawing $270,000 from interest income and approximately $442,000 from savings on completed projects.
Commissioners adopted the ordinance amendments by unanimous voice vote. County staff said minor follow‑up adjustments may be presented as final costs are reconciled, but the board approved using the interest and savings to offset borrowing needs for the next phase.
