Cobb County Commission Chairman Mike Boyce gave an impromptu update on the parks bond funding during the meeting on April 25.
In an answer to a question from Norm Fagge of the Cobb Parks Coalition, Boyce said the parks bond of about $27.6 million is for sale.
Fagge said, “We look forward to the remainder being funded in some way to fully restore the county’s honor” and requested the commissioners to provide updates on the parks bond at their meetings.
Boyce said, “We have approached the owners with our offers, and we are waiting for their response. We can’t go above our appraisals. Those who do not accept our offers means we will go farther down the list.”
“I’ve made a commitment not to raise taxes. We will have to wait until 2019. I’m still committed to funding the rest of the $13 million sometime during my four years in office. You’ve got my word on video. We are actively working on those properties,” Boyce added.
The commissioners voted 5-0 April 11 to issue nearly $27.6 million in bonds for new parks — though still short of the $40 million parks bond referendum approved by Cobb voters in November 2008.
To fund the full $40 million, “an astronomical interest rate” would be needed and “no one would buy the bonds,” said new Finance and Economic Development Director/Comptroller William Volckmann.
However, the county was able to add nearly $2.9 million due to the county’s Triple A rating and a 5 percent interest rate, Volckmann added.
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