Development Authority of Pickens County | August 17, 2026

The Development Authority of Pickens County held a meeting on August 17, 2026, primarily focused on approving a supplemental bond resolution for taxable revenue refunding bonds related to an airport project. Legal counsel and financial advisors presented details on the bond refinancing process, highlighting that the authority marketed approximately $6.9 million in bonds with investor orders exceeding $13 million. The refinancing is expected to save taxpayers approximately $575,000 in aggregate without extending the final maturity of the debt. The bond issuance maintains a 1 mill tax rate consistent with prior issues and received a favorable double A3 rating. The authority unanimously adopted the supplemental bond resolution, authorizing the issuance and execution of related documents. Discussion also addressed the constitutional legality of the refunding bonds and the impact of issuance costs on net savings. Public comments included concerns about the cost-benefit ratio and timing of the refinancing. The meeting concluded with scheduling plans for the next meeting later in the year.