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Gadsden County commissioners weigh revenue bonds to fund roads, water and development
Summary
Bond counsel briefed commissioners on revenue bonds, interest-rate ranges and a 3–6 month timeline for issuance; commissioners split between quick action to seize possible federal windows and longer strategic planning. Staff asked each commissioner to submit two priority projects by Jan. 2 for review at the Jan. 6 meeting.
Jolinda Herring, bond counsel at Bryant Miller Olive in Tallahassee, told Gadsden County commissioners that the first step in any borrowing plan is to define precisely what the county wants to fund and when, and then assemble a financing team including a financial advisor, county attorney, bond counsel and, if publicly offered, disclosure counsel.
Herring said the choice between a general-obligation bond and a revenue bond depends on the project: general-obligation bonds pledge ad valorem property taxes and would require a referendum if they exceed the county's 10-mill cap, while revenue bonds can be issued without voter approval and are repaid from a specific non–ad valorem revenue source such as sales tax…
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