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Long County adopts $816,737 tax-anticipation note and accepts Development Authority loan to open jail
Summary
At a called meeting April 8, the Long County Board adopted a $816,737.25 General Obligation Tax Anticipation Note with GB Bank Group and an MOU for a $325,000 interest-free loan from the Development Authority to fund jail opening and initial operations; both measures passed 4-0.
The Long County Board of Commissioners on April 8 adopted two measures meant to address the county's immediate cash needs and fund the opening of the county jail.
Commissioner John Reddish moved, and Commissioner Gerald Blocker seconded, a resolution authorizing the Long County General Obligation Tax Anticipation Note, Series 2025, with GB Bank Group in the principal amount of $816,737.25. The note bears interest at 7.5 percent, includes a loan fee of $1,280, and matures Dec. 15, 2025. The resolution authorizes levy of taxes necessary to repay the note. The motion passed 4-0.
Separately, the board adopted an intergovernmental memorandum of understanding with the Development Authority of Long County under which the Authority will loan the county $325,000 on an interest-free basis to cover jail opening and initial operating costs. The loan will be repaid in two equal installments of $162,500: the first due Jan. 15, 2027, and the second due Sept. 15, 2027. Because the county had recently suspended the economic development millage that funds the Authority, the agreement includes reinstatement of $25,000 in quarterly funding to the Development Authority beginning July 7, 2026 to support industrial recruitment, small-business development, and workforce development. Commissioner Blocker moved and Commissioner Reddish seconded; the measure passed 4-0.
Both actions were adopted by a 4-0 vote among members present at the called meeting; Commissioner Robert Parker remained absent. The board also entered and exited an executive session for personnel and real estate during the called meeting.
Why this matters: the note and the Development Authority loan provide immediate liquidity intended to prevent a near-term default and to fund the operational start-up of the county jail. The actions formalize short-term borrowing and intergovernmental assistance with clear repayment dates and terms.
Next steps: The county will execute the note with GB Bank Group and implement the repayment and funding reinstatement schedule with the Development Authority as described in the resolutions.
