Friday March 29th, 2024 3:19AM

Forsyth County commissioners vote on new way to sell SPLOST bonds

Forsyth County leaders move forward on a new way to sell SPLOST bonds, but they're not in complete agreement.

County Manager Eric Johnson recommended the transition as a best practices move advised by financial advisors Davenport and Company but District 3 Commissioner Todd Levent expressed concerns.

He said, "The fact that we've got a AAA bond rating when we can get a better rate on these markets when people are bidding direct with what they charge us on bond a lot of it rests back on we have AAA rating with two of the biggest companies out there."

District 4 Commissioner Cindy Jones Mills told County Manager Eric Johnson she felt rushed to make the decision. "We didn't get to be a part of the decision," Jones Mills said. "I mean, we're a board and we did not... it got sprung on us."

Johnson disagreed and called the competitive sale method the best practices, which allows any broker-dealer or dealer bank to bid on them.

Previously, the bonds were sold via a negotiated sale, meaning the underwriter bought them first before selling them off.

Jones Mills and Levent voted against the change.

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