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Commissioners hear bond‑financing primer; authorization to pursue counsel tabled until Tuesday
Summary
A municipal adviser outlined bonding options and constraints—ad valorem limitations, pledged revenue, and non‑ad valorem covenants—while bond counsel warned bonds require defined project scopes; the board agreed to add a voting item and table authorization for Tuesday.
A municipal adviser outlined the county's options for borrowing and commissioners agreed to delay formal authorization until staff provides project scopes and written tax analyses.
Will Reed, a municipal adviser with Ford & Associates, told the Gadsden County Board of County Commissioners the most important constraint is the source of revenue. "Long‑term debt that uses ad valorem revenues has to be approved by voters," Reed said, adding that pledged revenue streams such as sales taxes and gas taxes can be used without a referendum but are limited by statute to certain maturities and permitted uses. He described a "covenant to budget and appropriate" structure that lets a county pledge a basket of non‑ad valorem revenues but…
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