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Stephens County approves $12 million SPLOST bond resolution after underwriter reports strong demand and Aa2 rating
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Summary
The board approved a SPLOST bond resolution and authorization to proceed; underwriter Andrew Tripp reported an Aa2 Moody’s rating, strong investor demand and a blended yield of about 2.70% for the county’s $12 million bond sale, with proceeds expected April 28.
The Stephens County Board of Commissioners voted to approve a state bond resolution authorizing issuance of SPLOST‑backed bonds to finance approved sales‑tax projects.
Andrew Tripp of Stifel Nicolaus, the county’s underwriter, told the board that Moody’s Investor Service assigned an Aa2 rating to the county’s bonds and that investor demand exceeded the $12 million offered — “we had orders almost up to $30,000,000,” he said — allowing the county to achieve a blended yield of roughly 2.70% across multiple maturities. Tripp said the sale produced maturities with rates ranging about 2.45% to 2.85% and that the county would have $12 million in bond proceeds available to spend on SPLOST projects around the April 28 meeting.
Board members thanked staff and the underwriting team for the work leading to the sale. The chair moved to approve the bond resolution as presented; the board approved the resolution by voice vote.
The bond resolution authorizes the steps needed to issue the bonds; staff and bond counsel will complete closing processes and compliance filings as the county moves to spend proceeds on previously authorized SPLOST projects.
