Hernando County Commissioners Unanimously Approve $100 Million Bond Authorization

Hernando County's Board of County Commissioners voted unanimously on March 10 to authorize up to $100 million in non-ad valorem bonds, setting in motion a financing plan that would fund five major county projects including significant infrastructure work at the BKV airport.

The resolution structures the borrowing in phases. The first series, approved for 2026, carries a cap of $60 million, with the remainder to be issued in subsequent series. Bond documents filed with the resolution list five projects carrying a combined current estimated cost of $85,600,000, though Joshua Stringfellow, Chief Financial Officer for the Hernando County Clerk of Court's office, advised that this amount could be updated by late spring.

The project list ranges from administrative facilities to airport infrastructure. The largest single line item is the Design and Construction of Inactive BKV Runway at $17,000,000, split between $800,000 in design costs and $16,200,000 in construction. Closely behind is the Infield Roadway Development to BKV Runway at $16,000,000, with $880,000 for design and $15,120,000 for construction. Wastewater and Water Phase 1 at the airport is estimated at $12,000,000, with an $880,000 design component and $11,120,000 in construction costs. The Central Constitutional Annex carries a $8,500,000 estimate, divided between $800,000 for design and $7,700,000 for construction. The Facilities Building rounds out the list at $3,900,000, with $400,000 allocated to design and $3,500,000 to construction.

The county's financial position appears well-suited to carry the debt. According to 2024 data, Hernando County held $89,229,288 in non-ad valorem revenue, a figure that exceeds the $85.6 million in projected project costs and approaches the full $100 million authorization. That revenue pool draws from fire assessments, sales tax, fees for government services, and other intergovernmental sources.

Non-ad valorem bonds are repaid through revenue streams that do not include property taxes, meaning the financing does not directly increase tax bills for county property owners. The bond authorization represents a commitment to secure the financing, not a completed bond sale; the actual issuance of the first series will move forward separately under the 2026 structure approved by the board.

No schedule has been announced for issuing the remaining series beyond 2026, and project cost figures remain subject to revision. With Stringfellow's late-spring update expected, the $85.6 million aggregate could shift before any construction contracts are let.