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Finance director warns state bill capping property‑tax increases could breach bond covenants
Summary
Mister Caldwell said a proposed General Assembly bill to cap property‑tax increases (described as inflation plus 2%) could break bond covenants, harm bond ratings and force higher borrowing costs; commissioners were urged to contact state lawmakers and to prepare for certified‑rate discussions this summer.
During a discussion about proposed state legislation, Mister Caldwell, the county finance director, told the Finance Committee that a bill under consideration in the General Assembly to limit annual local property‑tax increases (described in the meeting as "inflation plus 2%") could undermine the county’s bond covenants and reduce its ability to fund debt service.
"If the General Assembly passed this bill, that it breaks our covenants with those…
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