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Council approves first reading (title only) of $2.5M revenue bond application for Project Squeeze
Summary
Marlboro County Council approved the first reading (title only) of Ordinance No. 874 to apply for a revenue bond not to exceed $2.5 million for infrastructure for Project Squeeze, with a minimum seven-year lease and proposed lease payments of $525 per month.
Marlboro County Council on Aug. 26 approved the first reading (title only) of Ordinance No. 874, which authorizes the application for a revenue bond not to exceed $2.5 million to fund infrastructure for a project identified as Project Squeeze.
Finance Director Wes Park described the ordinance briefly during the meeting. The ordinance text in the record states the bond would support infrastructure for property to be leased by Project Squeeze for a minimum of seven years, and notes lease contract payments of $525 per month. The council approved the first reading by a unanimous vote on the motion of Jason Steen, seconded by Dr. Damien Johnson.
Because the action was a first reading taken by title only, the transcript does not record detailed fiscal analyses, bond terms beyond the stated not-to-exceed amount, or other contractual specifics. Further readings or administrative steps would be required to finalize bond issuance and project leasing.
