Commission approves up to $1.075 million in notes to buy highway dump trucks and equipment

The Board approved Resolution No. 16-09-601 to authorize the issuance of interfund loan capital outlay notes of up to $1,075,000 to finance highway equipment purchases, including five single-axle dump trucks, a tandem dump truck, service trucks and a chipper, according to the resolution text (Exhibit C). The resolution mirrors the EMS notes structure: notes may be issued from the General Fund to the Highway fund, bear interest not to exceed 0% and mature within three years.

Commissioner Fritts moved to approve the pair of resolutions for EMS and highway capital outlay (Exhibits B and C) and the motions were recorded as carried by voice vote. The highway resolution notes the possibility of additional security by federal CMAQ reimbursement revenues, and requires Comptroller approval prior to sale. The resolution also sets annual budget reporting requirements and specifies standard registration, transfer and redemption provisions for the notes.

The action enables the Highway Department to move forward with equipment procurement while the county uses internal interfund financing; the notes pledge the county's full faith and credit and include budgeting covenants while outstanding.