“This is a great example of buy now, pay later,” said Commissioner Jeff Rader. “This is the most expensive way that we can pay for this so we can go into more debt.”
Interim DeKalb CEO Lee May said the interest rate on the bonds will be about 2.5 percent, and the loans free funding for potential employee pay raises later this year.
“It will allow us to have a more robust funding mechanism for the pay increases we’re looking to do at midyear,” May said.
Commissioner Larry Johnson, Mereda Davis Johnson, Sharon Barnes Sutton and Stan Watson voted for the funding. Commissioners Kathie Gannon, Nancy Jester and Jeff Rader voted against it.