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Committee authorizes pledge for 2026 refunding bonds, staff cites ~$1.84M net present value savings
Summary
The committee authorized pledging the county’s full faith and credit for issuance of general obligation limited tax refunding bonds, series 2026; staff estimated net present value savings of $1,840,000 (about 9.55%), and Commissioner Coleman noted that the savings figure is after roughly $216,000 in expenses.
Fiscal staff requested that the committee authorize pledging the county’s full faith and credit to issue general obligation limited tax refunding bonds, series 2026, under Act 34 (Public Acts of Michigan 2001, as amended), to refund all or part of outstanding county securities.
Staff reviewed the county’s prior bond issuances (series 2016 and 2017) and said Huntington Securities Inc. was identified as the prospective underwriter. Staff estimated net present value savings on the refunding at $1,840,000, or about 9.55 percent, and anticipated closing on the bonds in May 2026. Bond counsel has reviewed and approved documents, staff said.
Commissioner Coleman expressed relief at the savings while noting ‘‘an allergy to giving more money to bankers and lawyers’’ and clarified that the net savings figure is after roughly $216,000 of expenses. Commissioner Womack moved the authorization and Commissioner Coleman supported the motion; it passed by voice vote.
The committee recorded approval by voice; the transcript does not include a roll‑call tally.
