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Council opens SPLOST 6 money-market account for amphitheater and new city hall debt service

Holly Springs mayor and council

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Summary

Holly Springs authorized opening a money market account at South State Bank to reserve SPLOST 6 funds for intergovernmental projects including an amphitheater and debt service on a new city hall; staff said the account would earn about 3.5% interest.

Holly Springs mayor and council voted Sept. 15 to authorize opening a money market account at South State Bank to reserve SPLOST 6 funds intended for intergovernmental projects and debt service.

"This resolution… is to open up a money market with, for Spla 6 funds," Speaker 7 said, describing the account as a reserve for stated projects in the Intergovernmental Agreement with Cherokee County dated July 28, 2022. Speaker 7 said uses could include the amphitheater and debt service on the new city hall and estimated the account would earn about 3.5% interest.

Council moved and approved the resolution 5–0. The action establishes a dedicated short-term investment vehicle for SPLOST 6 receipts and earmarks interest earnings for the listed projects. Staff did not provide a projected account balance at the meeting.

City staff said the account is intended to hold SPLOST 6 funds specifically earmarked by the intergovernmental agreement; further budget or project-level approvals would be required before expenditures are made from the account.