The Columbia County Board of Commissioners will discuss submitting an application to the Public Facilities Authority regarding the issuance of up to $80 million in revenue bonds.
County Manager Scott Johnson told the Management and Internal Services Committee on Tuesday, Dec. 12 the decision to make the request was made due to the current rate environment and cost of construction.
“We’ve determined it would be good for us to start several of the tier 1 2023-2028 SPLOST projects early,” Johnson said. “Historically we have put a general obligation bond in the SPLOST itself. This time we didn’t do that, we had so many projects going on that we didn’t feel like it was necessary to do that. But with the advent of the Public Facilities Authority, we do have the ability to now do that.”
The potential projects could include replacement fire engines, new fire engines, fire rescue training complex, sheriff training facility improvement, Blanchard Woods Park, Eubank Blanchard Park, Euchee Creek Library Repurpose, Harlem City Park, Liberty Park, multipurpose park and more. The full list can be found in the agenda document for the meeting.
Johnson said the bonds would be revenue bonds that would be paid back with future SPLOST money. By using revenue bonds instead of traditional general obligation bonds, no tax dollars will be used to repay the debt, he added.
“The biggest reason to do this is based on the current rate environment, we are in a situation now, the county’s AAA credit rating, we can borrow money at a much lower rate than what our deposit it,” Johnson said. “We will continue to deposit our SPLOST money into local banks at a higher percentage rate and then be able to use those additional funds to make up any shortcomings in the SPLOST to make sure that we get as many SPLOST projects done as we can. Then also with the increasing costs, even with taking this money in, it’s going to take us several years to build these projects out.
The request is on the debate agenda for the Columbia County Board of Commissioners to discuss to discuss the resolution.
The meeting will take place at 6 p.m. on Tuesday, Dec. 19 in the auditorium at the Evans Government Center Complex. The full agenda can be found at columbiacountyga.gov.
Stephanie Hill is the managing editor and covers Columbia County government for The Augusta Press. Reach her at stephanie@theaugustapress.com.
