Committee adopts initial resolution authorizing up to $2.0 million in promissory notes for capital projects
Summary
Richland County’s finance committee approved an initial resolution to authorize up to $2 million in general obligation promissory notes to cover 2027 capital improvement projects and short‑term notes outside levy limits; the committee will proceed to market steps if award resolutions are later approved.
The committee on Sept. 8 approved an initial resolution authorizing not to exceed $2,000,000 in general obligation promissory notes for capital improvement projects. The clerk read the resolution and the motion (moved by Cooley, seconded by Thompson) was approved by voice vote.
Carol Worth, the county’s municipal advisor, explained that the smaller $2 million issue was intended as a short‑term taxable borrowing in the county’s established practice of issuing promissory notes that are paid off quickly once taxes are levied and collected. “So that authority starts with the adoption of a resolution called an initial resolution,” Worth said, noting the county’s practice allows borrowing in phases as long as the aggregate amount does not exceed the not‑to‑exceed limit.
Worth walked the committee through sources and uses of funds, premium treatment and the expected short payoff schedule for the $2 million notes. Committee members asked brief clarifying questions, then approved the resolution by voice vote. The committee will receive final pricing, consider award resolutions after bids, and bring any borrowing award back to the full county board for final approval before funds are received.
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