Colleton County holds first reading on up-to-$15M general-obligation bond; executive session set to refine terms
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Summary
Council gave first reading to an ordinance authorizing up to $15 million in general-obligation bonds to maintain county operations and capital projects, and entered executive session to receive legal and financial advice; second reading and a public hearing were scheduled to finalize amounts.
Colleton County Council held a first reading on Feb. 9 of an ordinance to authorize general-obligation bonds with an aggregate principal not to exceed $15,000,000.
County administration said the reading was intended to start the statutory process: bond counsel and the county’s financial advisor will refine the exact borrowing amount before second reading, a public hearing and final approval. The administration framed the borrowing as a tool to maintain services — including emergency response and public safety — while the county’s economic-development efforts continue to generate new revenue.
Council then voted to move into executive session to receive legal advice related to the proposed bonds and the millage levy; the meeting record indicates the executive session covered both bond counsel advice and an unrelated pending litigation matter. After returning from executive session, council recorded that legal advice had been received; no public vote to adopt bond terms was taken in open session.
The first reading passed on a voice vote; the transcript records the vote as unanimous but does not list a roll-call tally.
The county will provide bond-counsel and financial-advisor numbers before the second reading and public hearing, at which point the public will have another opportunity to comment before final council action.