Item:
Title
Adoption of Bond Order for Enterprise System Revenue Bond Anticipation Note, Series 2026, Not to Exceed $30,000,000
Body
Date of BOCC Meeting: October 12, 2026
Request for Board Action:
Agenda Text
The Board is requested to adopt the Bond Order authorizing the issuance of the County's proposed Enterprise System Revenue Bond Anticipation Note, Series 2026 (the "2026 Note"), in an amount not to exceed $30,000,000.
The proceeds will be used to finance improvements to the County’s wastewater system, including the Chin Page Road lift station, force main, gravity sewer, outfall, related piping, site development, and associated improvements. The proceeds will also cover costs related to issuing the 2026 Note.
As part of this action, the Board is also being asked to approve the financing documents in substantially final form, including the General Trust Indenture, Series Indenture Number 1, and Bond Purchase Agreement, and to authorize the appropriate County officials to execute the documents and complete the financing transaction.
Alignment with Strategic Plan: The agenda item aligns with the Financial Stewardship focus area.
Resource Persons: Crystally Wright, Chief Financial Officer; Joseph Futima, Assistant Chief Financial Officer; Claudia Hager, County Manager; and Rebecca Joyner, Partner, Parker Poe
County Manager's Recommendation: The County Manager recommends that the Board approve the following:
1. Adopt the Bond Order authorizing the Enterprise System Revenue Bond Anticipation Note, Series 2026, in an amount not to exceed $30,000,000.
2. Approve the General Trust Indenture, Series Indenture, Number 1, and related financing documents substantially in the forms presented to the Board; and
3. Authorize the appropriate County officials to execute the financing documents and take the actions necessary to complete the transaction, subject to final approval by the North Carolina Local Government Commission and County Legal Counsel.
Signature