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County authorizes up to $700,635 in capital outlay notes for projects including building improvements
Summary
Henry County authorized up to $700,635 in capital outlay notes on Sept. 16 to finance projects including building improvements ($479,000), motor vehicles ($171,228), airport ($25,000) and other capital outlays ($25,407); the resolution sets sale and repayment parameters.
The Henry County Commission approved Resolution 8-9-24 on Sept. 16 authorizing issuance, sale and payment of capital outlay notes not to exceed $700,635 to fund fiscal-year capital projects. The motion was moved by Commissioner David Flowers and seconded by Commissioner Missy Hamilton; the motion carried unanimously.
Attachment A to the resolution lists project allocations: Airport $25,000; Building Improvements $479,000; Motor Vehicles $171,228; Other Capital Outlay $25,407. The resolution authorizes notes bearing interest not to exceed 8.5% per annum, sold at not less than 99% of par and matures within one year of issuance or otherwise renewed as permitted by law; it pledges the county's full faith and credit and authorizes levy of a special tax if required to create a sinking fund to retire the notes. County officials must obtain State Director of Local Finance approval prior to note sale, and the resolution requires annual budgets consistent with statutory requirements while notes are outstanding.
