McDONOUGH — Residents could soon see the start of several Special Purpose Local Option Sales Tax V projects.
To get them started, the Henry County Board of Commissioners has approved the sale of $30 million in bonds.
Last November, Henry County voters approved the fifth iteration of SPLOST. The program will collect an estimated $204 million over a five-year period, which began in April.
The sale of the bonds will allow the county to begin projects before SPLOST monies are collected. Funds will be used to start some of the Level 2 County-Wide Projects, such as an aquatic center, a recreation facility, fleet replacement program, Fairview Police Precinct and Fire Station and the rebuild of other fire stations.
The bond will be repaid over a period of five years from SPLOST collections. The debt service schedule is as follows:
2021 — $5,075,000
2022 — $5,780,000
2023 — $6,070,000
2024 — $6,375,000
2025 — $6,700,000
Henry County’s AAA Bond Rating allowed for an interest rate of .57%. According to Courtney Rogers, with investment banking company Raymond James, the total cost to borrow the money is $527,911. Raymond James facilitated the sale of the bonds.
“That’s just unbelievable,” he said. “We’ve hit the market at a very good time.”