Assured Guaranty Municipal Corporation will provide the bond insurance. They require debt service coverage equaling 120 percent of the maximum annual debt service generated through ORMC's operations.
“The county won't be the only one responsible with looking over everything to make sure it's in line,” Aycock said.
The resolution includes protections preventing the county from ever leveraging the millage. Unrestricted cash and investment levels must be maintained throughout the agreement.
Two-year debt service payments are part of the proposal offering the county leeway to act before ever leverage the tax on citizens.
In other news:
• The board approved a Georgia Department of Transportation Rural Transportation grant renewal application 4-1 Tuesday. Sammy Hall, District 3, voted against the program's renewal citing perceived inefficient use of local money. John Westmoreland, District 5, said a regional transportation program is in the works that could create a more cost effective process. This current transportation program is in its 18th year. Citizens pay $2 per ride from 7:30 a.m. to 4:30 p.m. Currently, the rural transport outfit includes two vans. The county's operational budget share totals $45,495.
• The commissioners approved a federal grant application for the Officer of Violence Against Women's Rural Sexual Assault, Domestic Violence, Dating Violence and Stalking Assistance Program. If approved, the grant award period lasts three years beginning Oct. 1. There is no county match required. Baldwin, Hancock, Jasper Wilkinson and Putnam are the listed benefactors within the Ocmulgee Judicial District. The program would run 24/7 assisting victims from its central Baldwin County hub.
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