Commission authorizes start of process to issue up to $300 million in bonds to fund capital plan

Shelby County commissioners voted to authorize staff to begin the process of issuing general obligation debt up to a $300 million maximum to fund capital projects over the next two years.

Audrey Tipton, director of administration and finance, framed the resolution as an initial authorization to start the process, not a commitment to borrow the full amount at once. "This resolution states up to $300,000,000 — we’re still reviewing all of the projects and what it's going to cost in order to have that done," she said. Financial advisors from PFM told the commission that tax‑exempt bond proceeds should generally be spent within roughly two years to comply with applicable rules, and they recommended staging multiple series timed to projected cash needs.

Commissioners discussed priorities — the two school projects and Regional 1 were named as high priorities — and several members urged caution to avoid paying interest on money that would sit unused. "We want those dollars to go to work," said Lauren Lowe of PFM, noting legal and financial constraints on how long proceeds can be held. Commissioner Ford expressed reservations about issuing large sums without project readiness and emphasized the need for a tighter plan for project sequencing. Supporters said the authorization gives the county the flexibility to manage cashflow and execute an orderly capital program.

The resolution passed with a single abstention; the commission will work with finance staff and bond counsel to refine timing, series structure and project allocations before any sale.