Title
Vote to adopt a resolution authorizing the negotiation of an amendment to installment financing contracts, directing the publication of notice with respect thereto and providing for certain other matters
Abstract
Introduction & Background: Chatham County is seeking financing in an amount not to exceed $30,000,000 to refinance a portion of the County’s existing debt obligations.
Discussion & Analysis: The proposed resolution authorizes the County Manager and Finance Officer to proceed with the interim refinancing as follows:
• Negotiate with advice from the County Attorney and Bond Counsel on behalf of the County for the refinancing for a principal amount not to exceed $30,000,000
• File with the Local Government Commission an application for its approval of the amendment and all relevant transactions
• Retain the assistance of Parker Poe Adams & Bernstein LLP, Raleigh, NC, as bond counsel; DEC Associates, Inc., Charlotte, NC as financial advisor; BofA Securities, Inc., Charlotte, NC as underwriter
• Publish notice and set a public hearing date of August 18, 2025, to obtain public input on the proposed borrowing
How does this relate to the Comprehensive Plan: Demonstrate sound fiscal stewardship to ensure we can meet the important service needs of our residents.
Budgetary Impact: Net savings over the life of the refinancing.
Recommendation/Motion: Motion to adopt a resolution authorizing the negotiation of an amendment to installment financing contracts, directing the publication of notice with respect thereto and providing for certain other matters.