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Franklin County approves up to $10 million general obligation bonds, authorizes tax levy if needed
Summary
Franklin County Fiscal Court unanimously approved Ordinance #3-2023 authorizing up to $10,000,000 in general obligation bonds and permitting a direct annual tax levy if bond revenues are insufficient to cover principal and interest.
Franklin County Fiscal Court voted unanimously May 10 to adopt Ordinance #3-2023 authorizing the issuance of general obligation bonds in a principal amount not to exceed $10,000,000.
Squire J.W. Blackburn moved for second reading and approval, and Squire Sherry Sebastian seconded. The ordinance authorizes the county to levy a direct annual tax on all taxable property within Franklin County, in addition to other taxes, to the extent revenues are not sufficient to pay principal and interest on the bonds. The ordinance also authorizes execution of ancillary documents required for issuance, including a continuing disclosure agreement, federal tax certificate and IRS Form 8038-G.
Judge Michael Mueller presided over the roll call and the motion passed with all present members voting in favor (Squires Sebastian, Blackburn, Dycus, Tracy, Tanner, Whisman and Judge Mueller). The court did not specify particular projects funded by the bonds during the meeting.
The ordinance moves the county toward formal bond issuance; subsequent administrative steps will include preparing the bond documents and any required public filings before sale.
