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Board schedules public hearing on up to $134.5M financing for Clayton High School rebuild
Summary
Johnston County commissioners approved a resolution to seek Local Government Commission approval to finance the Clayton High School rebuild in a principal amount not to exceed $134,500,000 and set a required public hearing for April 6, 2026 at 10 a.m.; staff said the $134.5M figure is a planning maximum and actual borrowing could be lower.
The Johnston County Board of Commissioners on March 16 adopted a resolution authorizing staff to file an application with the Local Government Commission to finance the Clayton High School rebuild in a principal amount not to exceed $134,500,000 and scheduled the statutorily required public hearing for 10 a.m. on April 6, 2026.
Finance Director and Deputy County Manager Chad McGlam presented the staff recommendation and said the resolution and the required hearing are steps in the Local Government Commission process. He said the $134.5 million figure is a planning maximum and noted that premiums on the notes or successful bid results could reduce the actual amount the county needs to borrow.
A commissioner moved to adopt the resolution and call the public hearing; the motion was seconded and approved by voice vote.
McGlam and County Manager Hester later discussed bond‑sale timing and market conditions in the manager’s budget update, noting advisers expected competitive bidding for county paper and that staff planned conservatively with a planning estimate around 5% for interest rates while hoping final rates will be lower.
The board’s action sets the public hearing and authorizes staff to proceed with the Local Government Commission application; final financing terms will be set after bid results and LGC approval.
