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Council authorizes up to $3M in general obligation bonds after 4-2 vote
Summary
Ordinance 2026-02 authorizes issuance of up to $3,000,000 in general obligation bonds to provide for capital projects and cash-flow needs; an amendment to reduce the authorization to $2.5 million failed 2-4.
On June 16, Sullivan's Island Town Council approved Ordinance 2026-02, authorizing issuance and sale of general obligation bonds not to exceed $3,000,000. The ordinance passed on third reading by a 4-2 vote, with Councilmembers Laura Schroeder and Melanie Burkhold opposed.
Council considered and rejected an amendment to cap the authorization at $2,500,000. The amendment failed 2-4, with Burkhold and Schroeder voting in favor and Mayor Patrick O'Neil, Councilmembers Jody Latham, Ned Higgins and Carl Hubbard voting against. Town staff and bond counsel explained the higher 'not-to-exceed' amount provides flexibility—roughly $600,000 that could be used for capital projects or matching grants—and does not by itself change the millage rate.
Town Administrator Joe Henderson and Comptroller Jason Blanton took questions from council members about issuance fees and the purposes for which proceeds may be used. Supporters argued that authorization kept options open for anticipated projects and grant matches; opponents expressed concern about authorizing a higher figure without committing to a specific capital plan.
