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Horry County approves temporary access to up to $45 million for RIDE 4 projects
Summary
Council approved a resolution allowing the county to transfer up to $45,000,000 from excess RIDE 2 revenues to the RIDE 4 transportation fund on a temporary basis so contracts can be signed before collections arrive; staff said funds must be returned within two years and the move will accelerate design and permitting for projects estimated at $2.4 billion.
Council approved a resolution to allow a temporary transfer of up to $45,000,000 from revenues collected in excess of those needed to complete RIDE 2 capital projects into the RIDE 4 transportation sales tax fund.
Staff explained the transfer is intended to allow the county to sign design and permitting contracts in advance of actual RIDE 4 receipts. "We need the ability to transfer it if we need that funding, to get this started because we're going to start signing contracts in August," a county official said, noting RIDE 4 work is estimated at about $2.4 billion.
Staff said the resolution includes a limit that any temporary transfer must be repaid within two years to preserve the temporary nature of the borrowing. Council moved, seconded and approved the resolution without recorded roll-call tallies at the meeting.
