Laurens County Council is now just one vote away from arranging financing for the new County Administrative Office building to be constructed at Hillcrest Square, adjacent to the county court facilities. A unanimous Second reading approval was given last night on Ordinance 757 to authorize bonds be issued to finance the project.
The next step is a third reading with a public hearing by October 8th, but a question still needs to be resolved on whether the county should issue bonds for the full $3.7 million to finance the project, or if the county should borrow a lesser amount and use some of the county’s reserve funds.
According to the county financial statement from 2012, Laurens County had a fund balance of $9,186,069. Theo DuBose, the county’s bond attorney, said that allocating some money from the county’s reserves should not have a negative impact on the county’s fiscal condition.
Based on past events, County Administration recommends that the allocation of county reserve funds not exceed $500,000. The bond attorney also noted the county does not have to have a final amount for the issuance of the bond until third reading, which is scheduled for October 8th.