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Garner staff recommends preserving two‑thirds bond capacity to protect future project funding
Summary
Garner financial staff briefed council on a statutory two‑thirds general obligation bond mechanism that could provide roughly $1.9 million of additional borrowing capacity this fiscal year and recommended preserving that capacity without increasing the total spring bond sale.
Garner Financial Director David Beck and bond adviser Ted Cole of Davenport & Associates briefed the Garner Town Council on the town’s opportunity to use a two‑thirds general obligation bond mechanism available under North Carolina law.
Beck explained that the town’s 2021 voter‑approved general obligation (GO) bond authorization allows up to $69 million in obligations and that the town previously issued the first tranche in 2023 and plans a second sale in spring. Cole described the statutory two‑thirds process: because the town retired principal on prior GO bond issues in the prior fiscal year, the town can, in the current fiscal year, issue new GO debt up to two‑thirds…
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