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Pickens County authorizes $31 million bonds to accelerate SPLOST projects
Summary
The Pickens County Board of Commissioners unanimously approved a $31 million general‑obligation sales‑tax bond issue to accelerate voter‑approved SPLOST projects; underwriter reported a Moody's investment‑grade rating and a final yield of 2.4891%.
Pickens County commissioners voted unanimously to authorize $31 million in general‑obligation sales‑tax bonds to fund and accelerate projects approved under the county's Special Purpose Local Option Sales Tax (SPLOST) program.
Andrew Trick, the underwriter for the county's offering, told commissioners the county secured a Moody's investment‑grade rating and strong market demand that produced a final bond yield of 2.4891%. "We received over $115,000,000 worth of orders for $31,000,000 of bonds," Trick said, a level of oversubscription that helped produce the low yield. Bond counsel Tommy Ratchford reviewed the resolution before the board and said the documents authorize issuance and delegate execution of collateral documents to the chairman.
Chair Bill Miranda said the bonds are timed to match the SPLOST amortization schedule and stressed the county plans a five‑year payoff period. He said proceeds will be posted March 31 and used to execute construction projects at current pricing rather than waiting and risking higher future costs.
The motion to adopt the bond resolution and authorize the chairman to sign the necessary documents carried unanimously. County staff and the underwriter said investor funds will be delivered and available to begin project work following closing.
The board did not discuss specific project allocations in detail at the meeting; the offering document and project list will accompany the final bond closing documents.
