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Craven County sets public hearing on up to $25 million in limited obligation bonds
Summary
The board adopted a preliminary resolution to seek approval for limited obligation bonds not to exceed $25 million and set a public hearing for Aug. 3; officials said there is no anticipated property tax increase tied to the issuance.
Craven County commissioners adopted a preliminary resolution to pursue limited obligation bonds in an aggregate principal amount not to exceed $25,000,000 and set a public hearing for Aug. 3 at 6 p.m.
A county finance representative explained the bonds (Series 2026A and 2026B) would finance a number of county projects identified in the agenda packet and that the next steps include filing an application with the Local Government Commission in Raleigh and hiring the county's financing team. The representative said there is "no anticipated property tax increase based upon this bond issuance."
The resolution makes required statutory findings and schedules the public hearing; officials said closing is anticipated in mid to late September, subject to the LGC process and other financing steps.
Why it matters: The bond authorization would provide cash for multiple county projects and can affect the county's fiscal capacity and capital program. Officials emphasized no immediate tax increase is anticipated, but formal approvals (and market conditions) will determine final terms.
What’s next: The board adopted the preliminary resolution and scheduled a public hearing; staff will proceed with the LGC application and set the full financing schedule.
