County adopts preliminary resolution for up to $25M limited obligation bonds, sets public hearing Aug. 3

County Attorney Arey Grady presented a preliminary resolution asking the Board to call a public hearing on a proposed limited obligation bond financing and to authorize application to the Local Government Commission. Grady said the county is considering issuing Limited Obligation Bonds in an aggregate principal amount not to exceed $25 million to finance several capital projects, including facility acquisition and renovation, parking improvements, a maintenance facility, Judicial Center chiller replacement, Public Defender’s Office renovation, Cove City Library expansion, and Department of Social Services improvements.

Grady explained that the bonds would be issued under a Master Trust Agreement with U.S. Bank Trust Company as trustee and that the financing is structured to be more feasible than a non-voted general obligation bond or revenue bond given timing and statutory constraints. The Board adopted the preliminary resolution and set a public hearing for 6:00 PM on August 3, 2026 in the Commissioners’ Meeting Room; the motion passed unanimously. Grady said no ad valorem tax rate increase is currently expected to be necessary to pay principal and interest on the Bonds. The Board approved the financing team as identified in the resolution.