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Colleton County Council approves up to $15 million in general obligation bonds, dissolves county interest in city parcel
Summary
Colleton County Council on April 6 approved an ordinance to issue up to $15,000,000 in general obligation bonds and adopted an ordinance dissolving the county's interest in parcel TMS #132-00-00-028; both measures passed unanimously after a public hearing and brief public questioning about debt service.
Colleton County Council voted unanimously April 6 to adopt an ordinance authorizing the issuance and sale of up to $15,000,000 in general obligation bonds, and separately approved an ordinance to dissolve the county's interest in a jointly owned parcel identified as TMS #132-00-00-028.
During an advertised public hearing, resident Carol Black asked whether bond proceeds must be used solely for capital projects and how the county would service the debt. County bond attorney Lawrence Flynn responded that proceeds may be used for any lawful public purpose as determined by council and provided a general overview of general obligation bonds. Administrator Higgs told council staff have identified internal efficiencies intended to support repayment.
Councilman Phillip Taylor explained the property-interest ordinance applies to a parcel jointly held with the City of Walterboro that contains a city water tower; Taylor said the county no longer needs to retain an ownership interest. Neither item drew further public opposition.
On third reading Councilman Steve Murdaugh moved to adopt the bond ordinance; Councilman Phillip Taylor seconded and the motion carried unanimously. Murdaugh also moved the third reading of the ordinance dissolving the county's interest in TMS #132-00-00-028; Councilman Johnny Frank seconded and the motion carried unanimously.
Next steps: the bond ordinance authorizes the county to proceed with issuance in one or more series and to set terms as appropriate; the record does not specify the timing or sale terms, and no bond sale date was announced at the meeting.
