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Board directs staff to draft bond intent resolution as consultant warns of spending deadlines
Summary
A financial consultant briefed the board on bond timeline and IRS rules requiring timely expenditure of bond proceeds; the board voted unanimously to draft an intent resolution to preserve borrowing options while staff assesses how to obligate 2024 bond proceeds and plan future projects.
A governmental consultant told the Oktibbeha County Board of Supervisors the legal timeline for issuing new debt requires public notice and allows a 24‑month window from an intent resolution to finalize borrowing; the consultant also reminded the board that IRS rules generally require that 85% of certain bond proceeds be expended within 36 months.
Consultant remarks noted that the county has outstanding bond proceeds from a 2024 $10,000,000 issue and that approximately $8,000,000 remains available for allocation and expenditure. Supervisors and staff discussed the difference between allocated, obligated and spent funds and the need to move planned projects forward so that spending deadlines are met.
Following the discussion, a motion "to move forward with resolution of intent" was made and seconded, and the board voted to direct county staff and bond counsel to draft an intent resolution and related engagement documents for consideration at a future meeting. The motion passed unanimously.
What’s next: County staff were asked to prepare an intent resolution, outline a prioritized list of projects, and return a proposed timeline and financing scenarios for board review and ratification.
