LEXINGTON, S.C. — It was standing room only at the the Town of Lexington monthly council meeting Monday evening.
Several items were on the agenda, but one in particular may have caught the eye of residents, a resolution authorizing refunding the general obligation bond.
But before you get too excited thinking money is heading back to taxpayers, you may be in for a surprise.
Assistant Town Administrator Stuart Ford explained that the bond refund is just a financing rollover.
"We do short-term financing during the construction phase of various projects. Several projects were involved with this particular bond, including the Icehouse Pavilion, Gibson Pond Dam and Virgina Hilton Park. We also have planned an ongoing project for road improvements as well. Ultimately, we will have long-term financing for 25 or 30 years, but this is just the interim financing that we’re rolling over for an additional year," Stuart said.
In addition to addressing the bond refinancing, several growth projects were discussed.
Mayor Hazel Livingston announced the town had secured additional funding from the state that would allow for the completion of the Sunset Split. The project seeks to alleviate traffic along certain portions of Sunset Blvd.
"And we have now secured the final $16 million needed to make much needed improvements there. Which was signed today by the governor, so it is our money and it’s coming home to Lexington as part of your tax dollars," Livingston told those in attendance.