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A quorum of Bamberg
County Council members gave
first reading approval to a
proposed Ordinance to provide
for the issuance and sale of not
exceeding $1,100,000 million
in General Obligation Bonds of
Bamberg County, at a special
call meeting, Monday night,
February 20th, in the County
Courthouse.
Voting for the proposed
Ordinance were: Council
members: Alzena Robinson,
Larry Haynes, Evert Comer,
the Rev. Isaiah Odom and Clint
Carter. Council members Chris
Wilson and Clair Guess did not
attend the meeting.
“The purpose of starting
the process of issuing a
General Obligation Bond is
that we have two TANs (Tax
Anticipation Notes) that are
coming due in April, of $ 1
million dollars,” Rose Dobson-Elliott, Bamberg County
Administrator explained,
adding “we’re trying to turn
this (TANs) into long-term
debt to protect the cash
position of the County, while
navigating through some of the
final details of selling the
hospital building and
proceeding to try to close with
Dobbs.”
During the public comments portion of the meeting:
Sarah Noel, who was the
only member of the public to
attend the meeting, asked if the
TAN had to be paid in full in
April. Yes, by April 15 she was
told.
Noel also asked if there
was any other way to pay the
TAN other than floating the
General Obligation Bond.
Council Vice Chair Alzena
Robinson responded to Noel that there was no other way to
pay the TAN “at this point and
time.”
Noel also asked when the
General Obligation Bond is
floated how it is going to be
paid for. County Administrator
Dobson-Elliott noted again that
the purpose of the Bond was to
turn the TAN into long-term
debt, noting “In anticipation of
a couple other projects once
those projects are done the GO
Bond could be paid off.”
A question was asked as to
whether the General
Obligation Bond would result
in a tax increase to which
Administrator Dobson-Elliott
responded: “If the other
projects are not completed by
the time the budget is done and
or tax notices go out there will
probably be a 2.5 mill increase
to cover the bond payment.
The Charleston, South
Carolina-based Law Firm of
Howell and Linkous was noted
as being the bond attorney.
Second Reading of the
General Obligation Bond is
scheduled for Tuesday night,
February 21, with a public
hearing scheduled for March
8th. |
