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Forsyth County transfers $2.125M in unspent 2021 bond proceeds to cover April debt service
Summary
Commissioners approved transferring an estimated $2,125,000 in unspent 2021A limited obligation bond proceeds to the general fund to pay an April 1 debt service payment and limit accrual of IRS arbitrage rebates.
Forsyth County commissioners on March 19 approved an amendment to the county facilities capital projects ordinance and to the FY26 budget to transfer approximately $2,125,000 of unspent proceeds from the 2021A limited obligation bonds to the general fund to pay an upcoming debt service payment due April 1.
County staff said finance personnel, working with bond counsel, recommended the transfer to stop the continued accrual of an IRS arbitrage rebate liability and to free property tax revenue originally appropriated for that debt service. Those freed tax dollars will be placed into the county’s budget reserve and later appropriated back into the capital projects ordinance for capital work or to pay the final arbitrage payment as allowed under IRS rules.
The county manager described the mechanics on the record and commissioners moved, seconded and approved the amendment by unanimous voice vote. The transcript records the action as a unanimous approval; numeric roll-call counts were not specified in the record.
The measure was described as a cash-management step intended to reduce long-term financing costs and preserve capital project funds for intended uses.
No opposition or abstentions were recorded on the transcript.
