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Fairfield board approves $2.75 million bond and $4 million tax anticipation note
Summary
The Fairfield County Board of Trustees unanimously approved a general obligation bond resolution authorizing up to $2.75 million in borrowing and a tax anticipation note up to $4 million to cover operating and capital needs; officials said revenues will repay the debt within the year and the millage rate will not increase.
The Fairfield County Board of Trustees on July 16 approved two routine borrowing measures to help the district manage operating and capital needs.
The board voted to authorize a general obligation bond resolution that allows the district to borrow up to $2.75 million and a tax anticipation note (TAN) not to exceed $4 million. Mr Robinson, who presented the June 2024 finance report, told trustees these borrowings are typical and are repaid when tax revenues arrive. "There's no increase to the millage," he said, adding the district normally pays the amounts off within one year.
Miss Harrison made the motion to approve the bond resolution, which was seconded by Pastor Jackson. The TAN motion was moved and seconded (motion recorded by Mr Davis and Pastor Jackson). In each case the board approved the measures by voice/raised-hand vote; the transcript records seven members voting in favor.
Robinson described the finance report as preliminary and said auditors will make adjustments before books are finalized in the fall. He said bond and TAN proceeds will be used for capital projects including HVAC replacement work and other district priorities; some HVAC projects will be scheduled later in the year because of equipment lead times.
The board did not debate changing tax rates as part of the measures. Trustees approved the motions as presented and recorded the unanimous votes.
