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Deputy CFO outlines proposed $26.85M interim financing amendment for county capital projects
Summary
Deputy CFO Lee Plunkett read a public‑hearing item on the first amendment to a 2021 installment financing contract to provide interim, draw‑down financing (not to exceed $26,850,000) for FY27 capital projects, noting the courthouse would again be used as collateral and PNC Bank would serve as purchaser.
Lee Plunkett, deputy chief financial officer, told the commissioners the board previously approved a resolution on July 30 authorizing the county to proceed with interim financing of capital improvements not to exceed $26,850,000 and called for a public hearing on the first contract amendment.
"On July 30, the board approved a resolution authorizing the county purchase to proceed with the interim financing of capital improvements to county facilities not to exceed 26,850,000," Plunkett said. He explained the amendment amends the 2021 financing contract (which funded the courthouse and several other projects), continues to use the courthouse as collateral, and establishes a draw‑down structure with PNC Bank as purchaser and Bank of New York Mellon as trustee until permanent market financing is obtained.
Plunkett said the amendment would authorize execution of related documentation and supplements to the indenture of trust; the item was presented as the subject of a public hearing so interested parties could comment on the financing plan. When asked by a commissioner, staff confirmed that the amendment includes approximately $350,000 planned for courthouse improvements in the coming year.
