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County staff outline $33.6 million two‑thirds bond plan, set public hearing for April
Summary
Forsyth County finance staff presented a package of proposed two‑thirds general obligation bonds totaling $33,635,000, explained the issuance schedule and said a public hearing is scheduled for April 10; the presentation will be taken up for formal vote at the board’s next meeting.
Lee Plunkett, deputy chief financial officer, briefed the Forsyth County Board of Commissioners on March 24 about a proposed sale of two‑thirds general obligation bonds to finance school maintenance, additional school capacity, community college projects, parks and recreation and county facilities.
Plunkett said the total proposed issuance is $33,635,000: $14,800,000 earmarked for a biannual capital maintenance program (schools, Scitech, parks and county buildings) and $18,800,000 designated for the schools’ additional capacity financing plan, currently identified for Ashley Elementary. He said the $18.8 million is the third of four issuances in the county’s capacity plan; a fourth issuance is planned in 2027. The combined multi‑issuance plan would total approximately $77.7 million toward additional school capacity, Plunkett said.
Plunkett described the requested board actions that will be on the regular meeting agenda: a findings resolution required by the Local Government Commission, individual bond orders for each purpose and a resolution calling a public hearing. The deputy CFO said the resolution would authorize staff to name professional advisers (the presentation cites Parker Poe as bond counsel and First Tryon as financial advisor) and to file the Local Government Commission (LGC) application. Plunkett said the county expects to submit the LGC application on April 1; public hearing notices would be published beginning April 3, the public hearing would be on April 10, and the LGC could act as early as May 6. The county would price the bonds May 20 and receive proceeds on June 11 if all approvals are obtained.
Commissioners asked for an itemized engagement estimate from bond counsel and discussed preliminary budget reserve figures and possible cost pressures on school construction projects. County staff said they can provide a breakdown of expected issuance costs and engagement estimates for counsel and advisors when requested. No formal board vote on the bond package was taken at the briefing; Plunkett said the listed actions are scheduled for the March 27 regular meeting and the April 10 public hearing will follow.
The briefing initiated the formal process required by the Local Government Bond Act for a public sale of two‑thirds general obligation bonds; staff recommended the board introduce the resolutions and bond orders at the upcoming meeting so the county can proceed with necessary filings and advertise the public hearing.
