Haysville sells temporary notes after Moody’s upgrade; council accepts 3.71% bid

Haysville’s City Council voted April 14 to accept the winning bid for the sale of general obligation temporary notes to fund Lakefield addition infrastructure improvements, approving the issuance resolution prepared by bond counsel.

Brett Chobren, the city’s financial advisor with Stifel Nicholas & Company, reviewed the marketing, rating and sale process for the notes. He told the council Moody’s had recently upgraded the city’s general obligation rating and assigned a MIG‑1 rating to the temporary notes. Chobren described significant market volatility during the week of the sale but said the city received five bids and the best offer came from Country Club Bank at a true interest cost of 3.710457 percent.

Chobren recommended the council accept Country Club Bank’s bid and adopt the note issuance resolution prepared by bond counsel Gilmore & Bell. The council voted to accept the winning bid and adopt the resolution; staff said the issue is scheduled to close on May 1, when funds will become available to pay project costs.

Chobren noted the city’s engineer and staff previously authorized the projects covered by the temporary notes — paving, stormwater, sewer, drainage and water distribution improvements — and said bond counsel had prepared the necessary documentation. He also described the unusually volatile municipal market around the sale date and explained that the city’s timing avoided a potentially worse pricing environment that would have required pulling the sale.

Council members did not request amendments to the resolution at the meeting. The council’s action authorizes city staff and the mayor to execute the sale documents and proceed to closing on the stated schedule.