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Sampson County board authorizes refinancing of 2015 school debt, adopts continuing disclosure policy
Summary
The board adopted a resolution approving refunding limited obligation bonds (Series 2015) with authorization to issue up to $25.5 million and approved a continuing disclosure policy to meet SEC expectations for municipal issuers.
Sampson County commissioners voted to approve a resolution authorizing refunding limited obligation bonds related to the Series 2015 financing that funded construction and equipment for Union High School and Midway High School. Finance staff said the refinancing structure contemplates issuance of refunding limited obligation bonds in an amount not to exceed $25,500,000 to achieve debt service savings and to amend related installment financing agreements.
Finance Director Melissa Burton explained the board would also need to approve a continuing disclosure policy. The policy formalizes ongoing financial and event‑driven reporting obligations to investors and is aligned with Securities and Exchange Commission guidance and electronic municipal market requirements. The board approved both the refinancing resolution and the continuing disclosure policy by motion.
Staff said the actions authorize county officials to complete refinancing steps, execute necessary legal documents and take other actions required to deliver the refunding bonds. No specific underwriter, interest‑rate assumption or anticipated savings figure was presented at the meeting; staff said those details would be finalized in subsequent financing documents and presented to the board as available.
Next steps: County staff to finalize and execute documents for issuance, post required disclosures on the EMMA platform and return with final transaction terms for the board’s record.
