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Johnston County board OKs $67 million in general obligation bonds, authorizes up to $12.25 million in refunding bonds
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Summary
The Johnston County Board of Commissioners voted April 20 to adopt a resolution authorizing $67 million in general obligation public improvement bonds, with portions tied to prior voter referendums, and to introduce a refunding bond order authorizing up to $12.25 million to refinance part of 2015 bonds if market conditions yield sufficient savings.
The Johnston County Board of Commissioners on April 20 authorized issuance of $67,000,000 in general obligation public improvement bonds to support school and college capital needs and approved a companion capital project ordinance.
Finance Director Chad McLamb told the board the request breaks down to $65,000,000 for Johnston County Public Schools and $2,000,000 for Johnston Community College, with portions drawn from voter-approved referendums in 2022 and 2024. McLamb said roughly $35,000,000 of the 2022 bond has been used and about $12,000,000 remained from that authorization.
The board also introduced and adopted a general obligation refunding bond order authorizing up to $12,250,000 to refinance a portion of the county’s outstanding 2015 bonds if sufficient interest-rate savings are achievable. McLamb said staff is watching market rates and would only proceed with the refunding if net savings meet the county’s threshold (he referenced expected savings in the low single-digit percentage range and a floor used by staff for decision-making).
Both measures passed on voice votes after brief clarifying questions from commissioners about remaining bond capacity and the county’s strong credit rating.
What happens next: county staff said the refunding would proceed only if market conditions produce the targeted savings; the capital project ordinance tied to the $67 million issuance will be brought forward for formal adoption and administrative steps needed to issue bonds will follow.
Quotes: "The staff request the board to adopt a resolution providing the issuance of $67,000,000 in general obligation public improvement bonds," Finance Director Chad McLamb told commissioners. "We're always looking for ways to save money, and this is one that has popped up on the radar where we can save some money," he added about the refunding option.
The clerk recorded voice approvals; no roll-call tallies were provided in the meeting transcript.
