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Commissioners back $3.4 million bond issuance to bolster fire-and-rescue loan program
Summary
St. Mary's County commissioners signaled consensus May 12 to use $3.4 million of revolving loan bond authority to meet an $8 million program limit, enabling a $3 million Hollywood rescue infrastructure loan and a $500,000 refinance for the 7th District fire company.
St. Mary's County commissioners agreed during a May 12 budget work session to pursue a $3.4 million issuance of revolving loan fund bonds to meet an $8 million fund limit for the county's fire-and-rescue loan program. Vanetta Van Clee, the county financial officer, said the authority exists for up to $5 million but a $3.4 million issuance would immediately meet the program’s needs.
Why it matters: The funding move would allow the county to support a $3 million infrastructure loan for the Hollywood rescue project and refinance a $500,000 building loan for the 7th District Fire Company, which county staff said would save the 7th District about $110,000 in interest.
Vanetta Van Clee outlined three options: reallocate $1.3 million of undesignated fund balance, issue revolving loan fund bonds (using $3.4 million of available bond authority), or limit loan awards to existing funding (which would reduce the Hollywood request to $1.7 million). “To meet the $8,000,000 program limit at the moment, it would be $3,400,000,” Vanetta Van Clee said.
A commissioner who spoke in favor of immediate issuance said, “I think we should go with option 2. I know Hollywood is ready to get started on this project, so sooner we can get moving on that, the sooner they can get their project moving.” Another commissioner noted the refinance would save local responders money: “That works for me also … this option here actually saves them $110,000 just in interest alone on the loan.”
Commissioner Guy asked for a show of consensus; the board indicated agreement to move forward with the bond issuance approach. The action was recorded as a commissioner consensus rather than a formal roll-call vote, and staff said they would proceed with the selected financing option and present any required follow-up at the next meeting.
Next steps: County staff will initiate the bond issuance process under the county’s existing revolving loan fund authority and return with any implementation steps or documents needed for final approval.
