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Commissioners approve Industrial Authority Series 2026 bond issuance; county keeps AA2 rating
Summary
The board approved moving forward with the Industrial Authority Series 2026 bonds to prepare industrial park infrastructure. Underwriter Raymond James reported an all‑in cost of about 5.12% and an annual payment just over $3.7 million; Moody’s affirmed the county’s AA2 credit strength during the offering.
Lowndes County commissioners approved final steps to issue the Industrial Authority Series 2026 bonds, clearing the path for financing industrial‑park infrastructure and land readiness.
Tom Owens of Raymond James told the board the bonds fit parameters the commission had previously approved and that investors were secured at an all‑in rate of 5.12 percent. Owens said the financing structure was improved by treating certain infrastructure components as governmental uses, allowing conversion of longer maturities to tax‑exempt debt and lowering borrowing costs on those pieces. He reported the resulting annual payment is "just a tick over $3.7 million," and that rating agencies affirmed the county’s AA2 credit profile.
County manager Paige Dukes and financial advisers emphasized staff preparedness and credited the finance team for timely responses to rating agencies and investors. Owens singled out staff by name, saying Lowndes County’s finance team was among the best in the state for providing documentation and responses that investors require.
The board moved and seconded approval of the related documents and the bond sale parameters; the motion carried on a unanimous voice vote.
Next steps: Staff substituted updated exhibits into the loan documents and instructed the county attorney to finalize the documents for closing and delivery to the underwriter and investors.
