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Durham commissioners approve step to seek LGC approval for up to $240 million in refunding bonds
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Summary
On April 13, 2026, the Durham County Board of Commissioners unanimously adopted a resolution to seek Local Government Commission approval and introduced a bond order authorizing up to $240,000,000 in general obligation refunding bonds; a public hearing is set for the April 27 board meeting.
The Durham County Board of Commissioners on April 13 unanimously adopted a resolution making findings of fact and authorizing staff to apply to the Local Government Commission (LGC) and introduced a bond order for not-to-exceed $240,000,000 in general obligation refunding bonds for series 2026B.
County Manager Hager, who presented the item, said staff will pursue the technical steps required for a refunding and noted that the work will take place over the coming months. "This step will happen over this process will happen over a couple of months, and we'll come back," Hager said during the presentation. Hager introduced assistant CFO Joe Fatima and bond counsel Carlos Lozano of Parker Poe as staff supporting the transaction and identified Deck Associates as the county's financial advisor.
Commissioner Stephen Valentine moved adoption of the resolution; Commissioner Michelle Burton seconded. The board voted "aye" and the motion passed unanimously. The bond order introduced by staff would authorize the county to refund all or a portion of outstanding general obligation public improvement bonds, including series 2014, series 2016 and series 2023A. The board also adopted a separate resolution directing publication of notice and filing of required debt and disclosure statements and set a public hearing on the bond order for the April 27 board meeting.
County staff described the action as a procedural step to preserve the county’s ability to refinance existing debt if market conditions are favorable. The staff presentation did not include a projected savings figure or a final schedule; those details would come later in the process and be discussed at the public hearing and in subsequent board materials.
Next steps: staff will continue work with the county's financial advisors and bond counsel, file required disclosures, and return to the board after the public hearing and further analysis. The board’s vote on April 13 approved the resolution authorizing the LGC application and introduced the bond order so the public hearing and formal adoption can proceed on the published schedule.
