Forsyth commissioners to allocate $1.77 million net bond premium across county, schools and Forsyth Tech

Deputy Chief Financial Officer Lee Plunkett told the Forsyth County commissioners on Sept. 22 that the county’s 2025 general obligation bond sale produced $2,120,000 in premium and, after final cost-of-issuance adjustments, left $1,767,000 available for allocation.

Plunkett said the board’s May 8 resolution prescribed a percentage split of 65% for county purposes, 30% for the public-school system and 5% for Forsyth Tech. Applying those percentages, Plunkett said, yields approximately $1,148,000 for the county, about $530,000 for schools and $88,000 for Forsyth Tech. He said the amendments before the board would “true up” the county and education capital project ordinances to reflect those final allocations.

Plunkett outlined how the shares would be recorded: the county indicated it would place $89,741.99 into a county capital reserve to be allocated to a CIP project later; Forsyth Tech requested its share be placed in its capital‑maintenance program; and school officials requested the full school share be added to a budget reserve for an account labeled “Ashley.” Plunkett said that, combined with an earlier par‑amount set aside for the same purpose, the Ashley reserve would total $19,365,000 after this allocation.

Commissioners asked whether the cost‑of‑issuance treatment or IRS rules limited how the funds could be used. Plunkett replied that premium is treated as bond proceeds under IRS rules and therefore must be used consistent with those restrictions. A commissioner asked whether schools could release the reserve back for other capital maintenance if Ashley did not need it; Plunkett said the schools would return to the board to request any such reallocation.

The amendments are on the Sept. 25 consent agenda for formal consideration by the board.