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Person County approves move to negotiate up to $10.2 million in limited-obligation bonds; July 20 hearing set
Summary
The board authorized county staff to negotiate an amendment to a 2023 installment financing contract to support a second tranche of limited-obligation bonds not to exceed $10,200,000, to seek Local Government Commission approval, to hire bond professionals, and to hold a public hearing July 20 at 9 a.m.; the vote was unanimous.
Tracy Clayton, identified in the meeting as the county's chief financial officer, asked the Board of Commissioners to authorize negotiation of a first amendment to an installment financing contract to permit issuance of limited-obligation bonds up to, but not to exceed, $10,200,000 for projects listed in the agenda, and to allow staff to file the required application with the Local Government Commission. The board approved the request by unanimous voice vote.
Clayton told commissioners the financing plan dates to March 2023 and covers three tranches. She asked the board to authorize hiring of professionals to assist with the issuance, naming Parker Poe (bond counsel), DEC Consultants (municipal advisers), PNC Bank (underwriter), and U.S. Bank (trustee and underwriter). She also asked the board to set a public hearing on July 20 at 9 a.m. and to instruct the clerk to publish notice at least 10 days before the hearing.
Clayton said the amendment would permit reimbursements to the county for expenditures incurred before issuance of the limited-obligation bonds and would take effect upon adoption of the resolution. After asking whether the board wanted to hear the full list of projects, a motion was made and the board voted to approve the negotiation and related steps by voice vote.
