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County establishes debt-service and project funds tied to new bond
Summary
Floyd County commissioners voted to create a debt-service collection fund and a project fund to hold proceeds for a new general-obligation bond by adopting Ordinances FCO 2025-26 and FCO 2025-27, actions presented by County Auditor Diana Topping.
County Auditor Diana Topping presented two ordinances to support a planned general-obligation bond and asked the commissioners to establish (1) a debt service collection fund for property-tax-collected debt service and (2) a project fund to hold and track bond proceeds. The measures were introduced as FCO 2025-26 (debt-service fund, Fund 4602) and FCO 2025-27 (project fund, Fund 4503).
Topping said the funds will be used to make payments on the new bond and to hold project monies; she thanked staff for work on a call with S&P. Commissioners moved, seconded and approved both ordinances by unanimous consent.
Why it matters: Establishing dedicated funds is a routine but necessary step to manage proceeds and debt-service payments for capital borrowing. The ordinances formally create accounting structures for the bond.
What happens next: With funds established, county finance staff will proceed with accounting and administration tied to the county's planned bond financing.
