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County seeks Public Building Commission appointees to enable hospital bond refinancing
Summary
Bond counsel said the Public Building Commission must be reconstituted quickly to permit refinancing of 2016 revenue bonds tied to a hospital project; county will ask the hospital district to propose nominees for five seats so the commission can act on a refinancing calendar.
Kevin Cowan of Gilmore & Bell, bond counsel for the Public Building Commission, told commissioners the commission has been largely inactive since a 2017 refinancing and will need new or reappointed members to act on a proposed refinancing of outstanding 2016 revenue bonds.
Cowan said the outstanding 2016 bonds have a redemption date of Sept. 1 and that federal tax rules permit the county to close a refinancing financing after June 1. He described a short calendar from the investment bank and said action by the Public Building Commission could be needed as soon as next week to preserve projected savings.
Why it matters: The refinancing could lower debt service costs for the project financed by the PBC; reconstituting the PBC is a procedural step required to execute bond documents and sign authorizing actions.
What the board directed: Commissioners agreed it made sense to ask the hospital district to suggest names of five people prepared to serve on the Public Building Commission on short notice. Cowan said hospital‑suggested appointees with county residency would be acceptable and that terms could be aligned so newly appointed members serve staggered three‑year terms (for example, resetting terms to end in 2026 where appropriate).
Names and timeline discussed: Cowan provided a list of prior PBC members he had on record from 2017—Daniel Dooling, Karen Wenzelberger, W. W. O’Brien, Frank Slapar and Lucas Stansbury—and said some of those individuals might be willing to continue. He said Raymond James banker Greg Barnberg had prepared a calendar showing PBC action could be required within days and that the hospital should confirm nominees who are ready to meet on short notice.
Ending: County staff will contact the hospital district to request nominees; the commission expects to act on appointments as soon as the district provides a list so the PBC may meet and consider the refinancing.
