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Wake County authorizes up to $304.5 million in limited-obligation bonds to refinance school BANs and fund Cary EMS
Summary
The Wake County Board of Commissioners on Feb. 17 held a public hearing and adopted a resolution authorizing up to $304.5 million in 2025 limited-obligation bonds to refinance amounts under a 2021 bond anticipation note for schools and to provide debt funds for the Cary Main EMS station. The board approved the action unanimously.
The Wake County Board of Commissioners on Feb. 17 adopted a resolution authorizing the issuance of 2025 limited-obligation bonds (LOBs) not to exceed $304,500,000 to refinance drawn and undrawn amounts under a 2021 bond anticipation note for school projects and to provide debt proceeds for construction of the Cary Main EMS station.
Todd Taylor, the county’s director of debt and capital strategy, told the board the 2025 LOBs comprise two components. Series A will "take out the current accumulated draw balance of the 2021 ban and convert it to permanent debt, as well as issue the remaining undrawn amount as new money," and Series B will provide the debt proceeds needed to construct Cary Main EMS.
Taylor said the county has used a draw-program (bond anticipation note, or BAN) strategy since 2016 for large capital programs such as schools and Wake Tech. He told the board the 2021 BAN with…
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