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Richmond County OKs 12-month $2.25M revenue anticipation note with First Citizens
Summary
The Board approved a 12-month revenue anticipation note (RAN) of up to $2.25 million with First Citizens Bank at a 3.82% interest rate to cover cash-flow timing and reimbursable project expenses; the resolution passed on a roll-call vote.
The Richmond County Board of Supervisors voted to adopt a resolution authorizing a 12-month revenue anticipation note of up to $2,250,000 with First Citizens Bank.
Sam Stewart of Davenport Company, the county's financial adviser, presented the results of an RFP process that sought proposals from four banks and compared 6‑ and 12‑month options and two principal sizes. "They…
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