Payoff deal gets closer
Greenwood County Council passes second reading on bond defeasance
Wednesday, March 19, 2014 12:47 AM
Greenwood County Council moved one step closer Tuesday to paying off all of the county’s debt by using funds generated several years ago through a capital project sales tax.
Bond attorney Margaret Pope talks about a proposed debt payoff deal Tuesday night. (Chris Trainor | Index-Journal)
Council unanimously passed second reading on an ordinance that would authorize the use of about $10.5 million generated by the capital project sales tax to pay off the county’s bonded indebtedness and capital leases.
The vote Tuesday was 6-0. Longtime councilman Robbie Templeton was absent during the meeting. Third and final reading on the debt payoff issue is set for council’s regular meeting April 1.
In 2006, Greenwood County voters approved a capital projects sales tax to collect funds to construct a new library on South Main Street and to make then-federally mandated refurbishments at Buzzard Roost Dam.
In all, the county tallied about $44.29 million in collections and earnings through the penny tax, according to information presented Tuesday by bond attorney Margaret Pope. The county spent about $12.58 million of those funds to date, the large majority of which was used to construct the library.
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