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Commission approves bond package to refund debt and finance jail expansion
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Summary
The board approved a package authorizing refunding/general improvement bonds and separately authorized up to $9.1M in bonds to fund a jail expansion; the Finance Committee had recommended the measures after a presentation by Stephens, Inc., and the Comptroller provided a report on the refunding plan.
The Franklin County Commission on April 17 approved a pair of bond authorizations: one resolution authorizing general obligation refunding and improvement bonds not to exceed $15,180,000, and a separate resolution authorizing up to $9,100,000 in general obligation bonds for a proposed jail expansion.
The refunding and improvement authorization (Resolution 8k‑0417) was introduced after a Finance Committee presentation by Ashley McAnulty of Stephens, Inc., the county’s municipal advisor. Commissioner Gene Snead moved to approve the refunding resolution and Commissioner Dave Van Buskirk seconded; the board approved the measure by roll call. The commission also approved Resolution 81‑0417 authorizing issuance of up to $9.1 million for the jail expansion after the Finance Committee’s April 4 presentation and recommendation.
The county entered the Comptroller of the Treasury’s letter on the refunding plan (Comptroller correspondence dated April 13) into the record at the meeting. The Comptroller’s office reviewed the county’s plan and issued a report on the proposed refunding plan; that report is part of the public packet held with the minutes.
Why it matters: Approval gives county staff and financial advisors authority to structure bond sale(s) that can refund older debt (producing potential debt service savings) and provide financing for capital projects, including the jail expansion. The Finance Committee reviewed the proposals and recommended sending the measures to the full commission.
What’s next: County staff and the financial advisor will finalize bond terms and the county will move to market as appropriate. The Comptroller’s letter and report are available in the meeting packet; any final sale will be accompanied by a required Report on Debt Obligation filed after issuance.