The largest bond in Hamilton County history closed Thursday despite concerns the record-breaking debt brought with it may limit the county’s ability to borrow in the near future.
Total interest payments on the bond, bought by Bank of America Securities, will amount to a little more than $113 million, according to county officials. The interest rate on the 20-year bond is 3.54%.
The $260 million general obligation bond which sold Aug. 27 after being unanimously approved by the county commission Aug. 14 will represent the county’s most significant investment in schools facilities, Hamilton County Schools Superintendent Justin Robertson and Hamilton County Mayor Weston Wamp said.
“I am encouraged that there was support to move forward on major school upgrades across our county,” Wamp said by phone Friday. “I believe today, as much as I did when I ran for office, that our community ceiling is only the quality of public education. It’s that simple. … This is a major step in the right direction.”