Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Newton County approves update to SPLOST bond banking arrangements (Georgia Fund 1)
Summary
Finance Director Britney White told commissioners the Georgia Fund 1 resolution updates banking information for Regions Bank and enables drawdowns to fund pre‑collection SPLOST projects; the board approved the resolution after brief questions about mechanics and use of funds.
The board approved a resolution authorizing changes to the county’s SPLOST bond banking instructions for Georgia Fund 1, Finance Director Britney White said at the Jan. 20 meeting.
White explained that the 2023 SPLOST resolution authorized bonding a portion of proceeds so projects could begin before collections started; Georgia Fund 1 is the holding vehicle for those bond proceeds and the current item updates Regions Bank account information to reflect a bank change. White said drawdowns are requested by requisition to Regions, which then transfers funds into the county account to pay project costs.
Commissioners asked practical questions about whether funds are being used to pay down accounts or to fund projects; White confirmed the drawdowns are being used to fund projects already under way that began before collections were received. Commissioner Henderson sought clarification that the drawdowns fund projects rather than simply pay down the account; White confirmed they fund projects. After clarification, the board moved and approved the resolution.
The resolution passed by voice vote at the meeting; the chair announced the approval.
