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Fayette County authorizes $33.1M revenue bonds to advance 2023 SPLOST projects; AAA rating reaffirmed
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Summary
The Board approved authorizing Fayette County Public Facilities Authority Revenue Bonds, Series 2024, for $33,100,000 to advance 2023 SPLOST projects including a multi‑use recreation facility, Justice Center renovations, dam improvements and a backup E‑911 center; Moody’s reaffirmed the county’s AAA rating. Vote 4–0 (Gibbons absent).
Fayette County commissioners on Jan. 11 authorized the issuance of $33,100,000 in revenue bonds through the Fayette County Public Facilities Authority to advance selected 2023 SPLOST projects.
Chief Financial Officer Sheryl Weinman told the board the bond issuance would finance or advance construction and equipping of a multi‑use recreation facility, Justice Center renovations, Kozisek and Longview dam improvements, and a backup E‑911 center. Weinman said Moody’s Investor Services reaffirmed Fayette County’s AAA rating and staff had negotiated a bond yield of about 2.24 percent. The board approved the resolution and associated intergovernmental agreement, setting a projected closing date of Feb. 8, 2024.
Board action and administrative details Commissioner Eric K. Maxwell moved to adopt the resolution authorizing the bonds with the condition that Stifel, Nicolaus & Company serve as underwriters; Murray, Barnes, Finister, LLP serve as bond counsel; and McNally, Fox, Grant & Davenport P.C. serve as county attorney. Commissioner Charles W. Oddo seconded; the motion passed 4–0. Weinman said the county expects to spend bond proceeds over the next three years and noted an anticipated investment earnings benefit of roughly $2.0 million during the funding period.
What county leaders said County Administrator Steve Rapson highlighted that despite recent pay increases (over 30% for public safety and over 25% for other staff), the county maintained its AAA rating, a signal county leaders said demonstrates strong fiscal stewardship. "This speaks volumes to the effort and dedication of our Finance Department and County Directors," Rapson said.
Next steps Staff was authorized to finalize documentation and proceed toward closing. The board’s authorization enables the county to move forward on financing for multiple 2023 SPLOST projects; individual project approvals, design work and contract awards will follow existing county procurement and approval processes.