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Financial adviser: Garner has capacity for remaining 2021 GO bonds; larger borrowings depend on new revenue
Summary
Davenport presented Garner's debt profile and scenarios showing the town can likely issue the remaining $19.1M of 2021 authorized general obligation bonds within current policies; larger packages would require explicit new revenue (penny-level tax commitments) to remain affordable.
Ted Cole of Davenport told the Garner Town Council on Feb. 3 that the town has strong credit characteristics and room to manage the remaining 2021 general obligation authorization but should weigh affordability before issuing additional debt.
Cole said Standard & Poor's rates Garner AAA and Moody's rates it Aa1, and that the town's debt outstanding is about $84 million, mostly general obligation debt. Key ratios presented included a 10-year payout of roughly 63% and a debt-to-assessed-value near 0.86%, both comfortably inside council…
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