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Sampson County approves refunding structure for 2015 limited obligation bonds and adopts continuing disclosure policy
Summary
The board adopted a resolution authorizing refunding of Series 2015 limited obligation bonds and approved a continuing disclosure policy to meet SEC-style ongoing reporting requirements; the proposed Series 2025 refunding amount was not to exceed $25.5 million.
SAMPSON COUNTY, N.C. — Sampson County commissioners approved a resolution authorizing a refunding structure tied to limited obligation bonds originally issued in 2015 and adopted a continuing disclosure policy intended to provide investors with annual and event-driven financial information.
Melissa Lisonbee, speaking for finance staff, summarized the request and asked the board to authorize amendment No. 1 to a 2017 installment financing contract with the Sampson Area Development Corporation and to proceed with documents necessary to issue a refunding limited obligation bond series 2025 not to exceed $25,500,000. "This resolution authorizes the county to refinance its installment payment obligations related to refunding limited obligation bond series 2015," Lisonbee said.
Lisonbee also presented a continuing disclosure policy modeled on Securities and Exchange Commission guidance that would require annual financial reporting and event-based postings on the Electronic Municipal Market Access (EMMA) website. The board moved to approve both actions; motions carried with votes announced as in favor.
The transcript does not include a roll-call vote or a detailed sale timetable; staff said adopting the policy and authorizing the legal documents were necessary to complete the refinancing and bond issuance process.
The board’s actions authorize staff to execute related legal documents and take necessary steps to complete the refinancing but do not record the final sale terms at this meeting.
