The Iredell County, North Carolina, Commission approved $124 million of general obligation and limited obligation bonds, with proceeds used to build a high school, but the bonds still need approval from the state.
The commission by a 5-0 vote agreed to sell GOs — expected to have serial maturities from 2026 to 2045 — not exceeding $83.99 million and limited obligation bonds not to exceed $40 million.
The county anticipates an interest rate on the GOs of 3.6% or a bit lower, said Caroline Taylor, finance director.
County Commission Chairman Bert Connolly noted that when the bonds were first considered in 2021 the GO rate would have been about 1.5%. "So, time has consequences," he told the fellow commissioners.
The limited obligation bonds will also have a final maturity of 2045. Taylor said she expected these bonds to have an interest rate around 3.7%.
Sale of the bonds is contingent on
Womble Bond Dickinson LLP will serve as bond counsel.
As of the end of 2024, the county had $115.8 million of GO bonds outstanding.
Iredell County is about 10 miles north of Charlotte.
