Fulton County Council authorizes start of rolling general-obligation bond process

Chair opened the discussion and invited a Baker Tilly consultant to present a preliminary plan for issuing a rolling general-obligation bond to fund county capital projects.

Heidi (Baker Tilly), filling in for the firm's regular presenter, said the countycould issue a 5-year bond that would net approximately $3,000,000 to $3,275,000 in proceeds depending on final structure and market conditions. She described rolling GO bonds as a way for local governments to maintain a steady debt-service levy while financing projects such as courthouse repairs, an annex and shared vehicles. "For a 5 year bond term, you would net 3,275,000 of net bond proceeds to pay for projects," Heidi said during her overview.

Council members asked about the payment schedule, tax-rate impact and timing. Heidi walked the council through an illustrative amortization and noted the schedulebased on current market assumptionswould keep annual debt-service near the county's recent payment level (she showed an illustrative annual payment of about $599,700 and said the debt-service tax-rate average over recent years has been about 4 cents). She also explained that a 5-year term could raise the illustrative debt-service tax rate to roughly 5 cents if the council chose that path.

On timing, Heidi provided a draft timetable tied to the Indiana Bond Bank program: application due May 20, a possible bond sale on June 11 and a close by July 1, which would deliver proceeds before budget season. She said the county could alternatively solicit local banks or go to the open market, but the Bond Bank often provides a quick, low-interest option for issues of this size.

After questions, the chair asked for a motion to authorize staff to begin the bond process and prepare the necessary legal documents and ordinance introductions. The council voted to "get the ball rolling" and to have staff and Baker Tilly proceed with the timetable; the motion passed 6-0. The chair said the ordinance would be introduced at the April 21 meeting and a public hearing would be scheduled for May 19 if the council proceeds.

What happens next: staff will work with the county attorney and Baker Tilly to draft the ordinance, reimbursement resolution and appropriation documents and present the formal bond ordinance at the next meeting. The councilhaving authorized the processdid not adopt a bond ordinance at the March meeting; further public notice and formal votes are required before debt is issued.