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Horry County panel OKs notice for public hearing on up to $7.1M in GO bonds and hears Higher Education Commission land-purchase plan near Coastal Carolina
Summary
The committee called for a public hearing on up to $7.1 million in general obligation bonds for the Horry County Higher Education Commission and heard from bond counsel Gary Pope and Commission Chair Melissa Welch about a proposed land purchase of parcels totaling about 49 acres adjacent to Coastal Carolina University; council discussed appraisals, due diligence and an opt-out in the contract.
Gary Pope, who identified himself as bond counsel, explained the procedural steps required for the Higher Education Commission to issue general-obligation bonds and for the council to authorize publication and hearings: "I represent the Horry County Higher Education Commission."
Melissa Welch, chair of the Horry County Higher Education Commission, described a proposed acquisition of parcels totaling about 49 acres adjacent to Coastal Carolina University and said the commission would use its bond capacity (within the existing millage) to hold the land as a placeholder for future academic expansion. Welch said the commission provides scholarships (just under $500,000 annually) and academic program support; she confirmed a contract with an opt-out during due diligence and said the land-purchase figure is about $6.895 million with a roughly $200,000 contingency for environmental and due-diligence costs. The committee approved the finding and ordinance items required to proceed with the public-hearing process.
