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County forms corporation to manage $8.5 million bond

Posted: July 3, 2014 12:55 p.m.
Updated: July 4, 2014 5:00 a.m.

Kershaw County Council recently formed a public facilities corporation to oversee the spending of up to $8.5 million from bonds council approved in June. The money is designated for capital improvements, including renovations to the Kershaw County Detention Center, upgrades at Central Carolina Technical College and improvements for county recreation facilities.

The five-member board met for the first time Wednesday to conduct business necessary to its establishment. The board includes Kershaw County Council Chairman Gene Wise; Camden banker Dennis Stuber; former County Councilman Max Ford; Lugoff attorney Ben Connell; and Sherri Powers Barrett, a practice administrator for a doctor’s office in Lugoff. Attorney Josiah C.T. Lucas, a corporate lawyer with the Pope Zeigler law firm, led the board through the meeting. Lucas said the corporation was formed May 30 in anticipation county council would approve the bond issue.

“There’s really not much in terms of actual work that the corporation has to do other than today at the initial issuance of the bond,” Lucas said. “The corporation board does have to come together at least once a year to have an annual meeting.”

Members elected Stuber as chairman of the meeting and of the corporation board itself when time came to choose officers. The board elected Connell as secretary and, at Lucas’ direction, approved Kershaw County Finance Director Angie Helms as treasurer although she is not on the board.

“This is up to the pleasure of the board, but we’d like the board to elect Angie Helms as the treasurer, which will allow her to sign documents and write checks, as necessary,” he said prior to the board’s decision.

The board approved articles of incorporation and its tax identification number, adopted bylaws, accepted a corporate seal and set its fiscal year to run concurrent with the county’s, July1 through June 30.

The bond will be deposited in Regions Bank as the corporation’s trustee bank. Regions will, in turn, put the funds in First Tennessee Bank, which is purchasing the bond, Lucas said. Kershaw County Administrator Vic Carpenter said First Tennessee was the lowest bidder for the bond at 2.34 percent interest. Lucas said the treasurer will request Regions to pull funds from First Tennessee as building contractors need to be paid while working on each project.

The board approved the Camden accounting firm of Sheehen, Hancock and Godwin to conduct the corporation’s annual financial audit. The firm already serves as auditors for Kershaw County. Lucas said the corporation is a non-profit entity and falls under the Solicitation of Charitable Funds Act.

“We won’t really be requesting any money or soliciting, but we typically have these corporations go ahead and register,” Lucas said.

The board unanimously approved a resolution authorizing a financing plan regarding the bond agreement, a move Lucas said “is why we’re here.” Members signed papers authorizing the deposit of the funds into Regions Bank.

Carpenter reported the highest priority project is the detention center, which is already in the planning stage.

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