At its September 2025 meeting, the Haysville City Council accepted the best bid from Raymond James & Associates for a general obligation bond issue to finance infrastructure work in the Wheatland Village and Grandin Plaza additions.

City financial adviser Brett Shoven of Stifel Public Finance told the council the underwriter bids opened at 10 a.m. and that Raymond James offered the lowest true interest cost, 3.872323 percent. "The best bid was from Raymond James at a true interest cost, 3.872323," Shoven said, and he noted the bid included a premium of $128,802.60 that allowed the city to reduce the estimated issue size.

Shoven said the city previously issued temporary notes to finance the projects while final costs were determined and that the bond proceeds, together with unspent note proceeds and interest earnings, will pay off those temporary notes. He said special assessment taxes for the affected improvement districts will begin in December 2026 and the sale is scheduled to close Sept. 30, 2025.

The council voted to (1) accept the Raymond James bid, (2) adopt an ordinance authorizing issuance of general obligation bonds Series 2025A, and (3) adopt a resolution directing the sale and delivery of the bonds. Councilperson Parkland made the motion to accept the bid; a second was recorded but not named on the transcript. The motions carried on recorded roll call votes.

Why this matters: permanent financing replaces prior temporary notes and reduces the total debt service cost, Shoven said, estimating about $648,000 in lower debt service over the life of the issue after the bid premium and lower coupons were factored in.

Council action also reaffirmed financing details: Moody's assigned and reaffirmed an A2 rating on the city, and bond proceeds will be used primarily to retire the temporary notes and to fund issuance costs and 2026 interest payments until special assessments begin to be collected.

The council did not amend the projects’ scope during the meeting; Shoven said staff will calculate the final special assessments and include them in the next budget cycle. The bond sale closing remains scheduled for Sept. 30, 2025.