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Public Notices

April 17, 2014

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County Comm. To Consider Bond Refinance Monday

Originally published: 2013-07-11 10:42:47
Last modified: 2013-07-11 10:46:46
 


BY KRISTEN BUCKLES

STAFF WRITER

At the Greene County Commission meeting on Monday evening, the commission will consider refinancing a portion of the 2004 county road bond into a three-year taxable note in order to deal with a nearly-$400,000 anticipated deficit in the General Debt Service Fund in the 2013-2014 budget year.

The meeting is scheduled for 6 p.m. Monday in the Criminal Courtroom of the Greene County Courthouse. The Republican caucus is at 5 p.m.

Discussion of the county budget for 2013-2014 is still under way, and no action on the overall county budget is on the agenda for Monday's meeting.

A budget workshop will follow the County Commission meeting, but no formal action can be taken at a workshop.

TWO RESOLUTIONS

Only two resolutions are on the agenda for the meeting, including the resolution "authorizing the issuance of general obligation refunding bonds (federally taxable), in an aggregate principal amount of not to exceed $400,000 ... for the purpose of prepaying a portion of the county's ... loan agreement."

The county pays all non-education debt obligations out of the General Debt Service Fund.

Refinancing that part of the road bond on a taxable basis will delay the payment on this portion (totaling about $371,000) in 2013-2014, according to the county's financial advisor, Rick Dulaney, of Raymond James.

Dulaney further proposed refinancing and restructuring the remainder of the 2004 and 2010 bonds in the spring of 2014.

This, according to his written proposal presented during a recent meeting of the County Budget & Finance Committee, would save the county about $250,000 in 2015 and 2016 payments.

The bond payments would then increase from 2017 through 2026, increasing that final year by more than $740,000.

This proposal would extend the overall life of the county's debt by one year and result in the county's paying an additional $150,000.

In other business, the commission will consider on first reading adding Estate Drive to the official Greene County road list.

 
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