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County staff seeks authorization to pursue interim LOBS financing to fund capital projects
Summary
Forsyth County CFO asked commissioners to authorize negotiating an amendment to existing installment financing and to pursue interim limited obligation bond (LOBS) drawdown financing (approx. $26.85M) to meet Local Government Commission bid thresholds and reduce overall interest expense; a public hearing was set for Aug. 13.
Chief Financial Officer Terry Goodman asked the board to authorize staff to negotiate an amendment to the county's 2021 installment financing agreement and to submit an application to the Local Government Commission (LGC) for an interim drawdown LOBS financing tied to the CIP. Goodman said the structure will allow the county to secure enough bids to meet the LGC's requirement for confirmed bids on about 70% of projected long‑term LOBS, avoid paying interest on the full principal immediately and should reduce overall interest cost.
Goodman said the county would retain bond counsel and a financial advisor and call for a public hearing on August 13 to review the proposed financing and permit reimbursement of qualifying pre‑issuance expenditures. The requested financing will support capital projects contemplated in the FY27 budget and will place proceeds into a budget reserve until specific projects are approved in future fiscal years.
