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Carter County approves up to $40 million in capital notes, signs off on disaster-recovery contracts and budget amendments
Summary
The Carter County Board of Commissioners unanimously approved a resolution allowing issuance of up to $40 million in general obligation capital outlay notes to fund recovery and capital projects, and approved multiple disaster-recovery purchase orders and budget amendments at its April 21 meeting.
Vice Chair Kelly Collins and the Carter County Board of Commissioners voted unanimously April 21 to authorize the issuance of general obligation capital outlay notes not to exceed $40 million, and to approve a bundle of disaster-recovery contracts and budget amendments intended to accelerate post-storm repairs.
The vote came after Finance Director Carolyn Watson reviewed the county packet and introduced financial adviser Elizabeth Zuelke of Raymond James & Associates, who described a 10-year capital outlay note structure. Zuelke said the state would fund the first three years of interest and administrative costs and reimburse interest up to 5%, enabling the county to begin road and bridge projects while recovery payments are…
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