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Board authorizes up to $7.5 million in annual bonds to fund capital projects
Summary
The school board approved a resolution authorizing the issuance of general-obligation bonds (not to exceed $7.5 million) through the SKO program to fund annual maintenance and capital projects, with administrators saying the issuance would not require a tax increase.
The Georgetown County School Board voted to authorize the district to issue up to $7.5 million in general-obligation bonds to support annual capital maintenance and projects.
Financial advisor Bob Damron told trustees the district’s current debt profile and conservative revenue assumptions allow the board to issue the annual bond through South Carolina’s pooled SKO program without a tax increase. As Damron summarized: “you can issue the 7.5 million without any tax increase.”
Bond counsel described the transaction timing: the board would issue the notes in September, pay them off in March, and use the project fund to finance approved projects. The resolution authorizes issuance not to exceed $7.5 million for the 2024 cycle; the administration said it expects to return in future years for the same process.
The motion to adopt the resolution was moved and seconded and carried on a voice vote. No roll-call tally was provided in the meeting transcript.
