TITLE:title
Public Hearing - 2/3rds General Obligation Bonds
body
INFORMATION CONTACT:
Beverly Liles, Finance, Director, 704-283-3675
ACTION REQUESTED:
Hold Public Hearing.
PRIOR BOARD ACTIONS:
1) July 15, 2024, Regular Meeting, Agenda Item # 24-417 - Adopted Amended Capital Project Ordinance 349B to approve 2/3rds general obligation bonds as a funding source for the Judicial and Government Center renovation project.
2) July 17, 2023, Regular Meeting, Agenda Item # 23-400 - Adopted Capital Project Ordinance 349 to approve the Judicial and Government Center renovation project for funding design.
3) May 5, 2024, Regular Meeting, Agenda Item #25-227 - Introduced Bond Order, Adopted Resolution Making Certain Statements of Facts and approved for the Clerk to call for Public Hearing on the proposed bonds for May 19, 2025.
BACKGROUND:
The adopted County’s Capital Improvement Plan for FY 2025 includes the need to issue two-thirds (2/3rds) General Obligation Bonds in the amount of $13,000,000 to provide funding for the acquisition, renovation and expansion of public facilities, including, but not limited to, the County Judicial Center and Government Center.
FINANCIAL IMPACT:
Debt service expenditures will be included in the County Manager’s proposed budget for payments starting in FY2026. Debt service payments are anticipated to be covered by the current ad valorem taxes in the County’s General Debt Fund. The maximum debt service payment is estimated to be $1,283,750 beginning in FY2026 and commencing in FY 2046.