Pickens County authority authorizes professionals to pursue refunding of 2018 and 2021 bonds

The Pickens County Development Authority on April 30 approved a resolution authorizing professionals to begin work on a taxable refunding of its Series 2018 and Series 2021 bonds, aiming to capture interest-rate savings and ease near-term debt service pressures.

The chair opened new business and the board heard an overview that the resolution would simply authorize staff and the authority’s consultants to run detailed numbers, prepare offering documents and intergovernmental agreements with Pickens County, and seek a validation hearing in superior court before selling bonds. Presenter (S5), the authority’s financial adviser in the meeting record, told the board the most straightforward scenario would produce roughly $60,000 in uniform annual savings versus current debt service, while alternative structures would shift more savings to the near term or shorten maturities to increase long-term savings.

Why it matters: members said the savings could reduce the county subsidy to airport operations (currently about $300,000 annually), helping the airport move toward self-sustaining operations without raising new taxes. Several members said they preferred an option that eased the immediate taxpayer burden while preserving future flexibility.

Presenter (S5) summarized four scenarios: a uniform-savings plan (about $60,000 per year), an option delivering approximately $650,000 of near-term cash over two years, a payoff-focused option that reduces the final maturity and yields greater long-term savings but no immediate budgetary relief, and a blended option that matches savings to higher debt-service years (presented as yielding about $756,000 net savings under current assumptions). He emphasized that market rates and investor demand will affect actual savings and the timing of any sale.

Presenter (S5) also described the bond-marketing process and a tentative timeline. He said the team could aim to market and sell bonds around July 20 if schedules align, but stressed the need for coordinated approval by the authority and the county on the day pricing is set. He recommended designating a single point of contact to receive day-of pricing information.

Committee member (S3), who presented the resolution text and explained legal steps, described the validation hearing as a routine superior-court process in which the district attorney files a petition and the court decides whether the bonds are lawful; the hearing requires public notice and allows limited opportunity for the public to object. S3 also disclosed that, at the chairman’s request, he would represent both Pickens County and the development authority for this transaction and asked the board to waive any conflict of interest to permit that dual representation.

After discussion—including questions about variable-rate features on the Series 2021 line, issuance costs and competitive pricing—the board moved to authorize the chairman to sign the resolution to proceed. The motion was moved by Committee member (S3) and seconded by Chair (S1). By voice vote members signified approval.

Votes at a glance:
- Resolution authorizing professionals to proceed with refunding the Series 2018 and Series 2021 bonds: moved by Committee member (S3); seconded by Chair (S1); outcome: approved by voice vote (ayes recorded; individual vote names not recorded in the transcript).
- Consent waiver permitting Committee member (S3) and counsel to represent both the county and the authority in the transaction: moved and seconded on the record and approved by voice vote.

The board asked staff to collect conflict dates for July and tentatively scheduled a coordination window in mid/late July to align county and authority approvals if market conditions warrant. The meeting concluded with the authority approving the consent waiver and adjourning.