An Update from Deputy Town Manager Josh Gruber
Here’s an update on what’s happening around Town:
Town Review of Plans and Permit Submissions May Be Delayed Due to High Volume of Requests
Due to a high volume of permit requests and plan submittals for development activity throughout Hilton Head Island, applicants may experience delays in plan reviews, permit issuances and inspections by Town staff. Also, please be aware that you may reach the Town’s voicemail system when calling the main Community Development Information Center line at 843-341-4757. Should you reach the voicemail, please provide the address, permit number and any other necessary details to allow us to best assist you. Your call will be routed appropriately and returned in the order in which it was received. We apologize for these delays and thank you for your patience.
Town of Hilton Head Island Saves More Than $1.19 Million in Bond Refinancing
The Town of Hilton Head Island recently issued $12.115 million in General Revenue Refunding Bonds Series 2020A and 2020B, and achieved significant savings through lower interest rates.
The new bonds replaced the Series 2011A and 2013 bonds totaling $12.250 million. The average coupon interest rate for the old bonds was 3.769%, while the True Interest Cost (TIC) for the new bonds is 1.254%. The final maturity for both the new and the refunded bonds is 2035. As a result of the lower interest rate, the Town will realize $1,194,000 in savings over the life of the bonds. The present value of the savings is $1,131,256.
Recently, the Town underwent a rigorous bond ratings process with the three major rating agencies. All of the three agencies – Moody’s, Fitch’s and Standard & Poor’s – affirmed the Town’s ratings citing strong financial practices, ample reserves, preserved debt capacity and a strong response to the COVID-19 pandemic. The ratings on the General Obligation bonds were affirmed at:
Standard & Poor’s: AA+
These favorable ratings’ reports were integral in driving demand for the bonds. The Town was able to take advantage of current market conditions to lock-in very favorable rates and achieve more than $1,194,000 in savings. These savings may eventually be used for future capital projects in accordance with the Town’s capital improvements plan. For information about the Town’s bond profile, ratings and debt management policies, visit www.hiltonheadislandsc.gov
Santa and Sirens Begins Tuesday, December 1st
Be on the lookout for Santa coming through Island neighborhoods this week. From December 1st to 3rd and from December 7th to 11th, Santa will be spreading holiday cheer as he tours the neighborhoods with Hilton Head Island Fire Rescue. This is something Santa and our Fire Rescue Division looks forward to each year. So plan on being out with your family to see Santa. Check out culturehhi.org for a list of the neighborhoods Fire Rescue will bring Santa to each evening, beginning at 6 p.m.
Hilton Head Island Fire Rescue Collecting Food and Toys for the Deep Well Project
Hilton Head Island Fire Rescue is collecting non-perishable food items and new unwrapped toys for the Deep Well Project. New unwrapped toys for children ages 1-12 may be dropped off by December 11th, at Fire Station #3, 534 William Hilton Parkway (next to First Presbyterian Church). With what we’ve experienced this year due to COVID-19, many families and individuals may need some help during the holidays.
Holiday Help for Families
Several agencies in our area are offering help for families this holiday season. On the community resource page of our COVID-19 Hub on the website, you can find information on numerous holiday help programs in our community.
Drive-thru testing for COVID-19 is available from 8 a.m. to noon at Hilton Head Hospital (25 Hospital Center Blvd. on Hilton Head Island) and Coastal Carolina Hospital (1000 Medical Center Drive in Hardeeville). The test is free. No appointment or doctor’s order is needed.