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Franklin County authorizes up to $4.25 million in bonds to fund building improvements
Summary
The Board of Franklin County Commissioners voted Oct. 16 to authorize up to $4.25 million in general obligation public improvement bonds to finance energy efficiency and other public‑improvement projects. The measure passed unanimously; bond documents and costs of issuance were included in the meeting packet.
The Franklin County Board of Commissioners voted unanimously Oct. 16 to authorize the issuance of general obligation public improvement bonds of up to $4,250,000 to finance energy efficiency improvements, related capital work and issuance costs.
Mayor Chris Guess presided as the board adopted an initial resolution authorizing the not‑to‑exceed amount and later a final resolution establishing the terms, sale mechanics and tax pledge for repayment. The meeting packet included an interest schedule, a municipal advisor cost estimate and an engagement letter for bond counsel, Bass, Berry & Sims PLC.
The resolutions say the bonds will pay for energy efficiency upgrades to county buildings and facilities; acquisition of related real or personal property; engineering, legal and administrative costs; reimbursement for prior expenditures, if any; and issuance costs. The county pledged its full faith and credit and a direct annual ad valorem tax, if necessary, to meet principal and interest obligations.
County documents presented at the meeting show a sample debt service schedule and estimate of costs of issuance. Those estimates list expected fees for financial advisory services, bond counsel and rating or paying agent fees; the packet shows example debt service through 2044 and an illustrative interest cost profile tied to a competitive sale. The finance committee earlier recommended the financing as part of a plan that included a proposed Trane maintenance/roof and window project.
Commissioner B. Anderson moved the bond resolutions; Commissioner B. McMillan seconded. Minutes record the vote as 14‑0 in favor. There was no recorded dissent or abstention on the floor.
Next steps recorded in the packet include publication of the required notice and proceeding to competitive sale. County staff and the board’s financial advisor are authorized to finalize the timing and sale details consistent with the authorizing resolutions.
The board met Oct. 16 at the Franklin County Courthouse in Winchester and adjourned at 7:14 p.m.
