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Board approves $10 million general‑obligation promissory note sale at 3.34% TIC
Summary
The board voted to issue $10,000,000 in general‑obligation promissory notes; county financial staff and PMA Securities reported a competitive sale with a true interest cost of about 3.34% and a roughly three‑week close date.
The Washington County Board of Supervisors unanimously approved Resolution 71 to issue $10,000,000 in general‑obligation promissory notes following a competitive sale that produced a true interest cost of about 3.34%.
County staff briefed the board on the sale and turned the presentation to Charlie of PMA Securities, who said the competitive sale closed that day with Jefferies Bank of New York submitting the winning bid and a TIC of approximately 3.34%. He described the issue as a 10‑year borrowing with principal maturities from 2026 through 2035 and no call provision.
The sale proceeds will fund county building remodeling work and road projects identified in the financing plan. The sale included approximately $650,000 in bid premium that will be applied to capitalized interest at closing, PMA said. The schedule presented showed principal repayments starting March 1, 2026, and continuing through March 1, 2035.
PMA reported total interest over the life of the issue at roughly $2.7 million in addition to principal. The county expects a standard three‑week close with funds delivered on or about April 2, 2025, if approved. PMA noted Washington County’s AAA rating and said that contributed to favorable pricing.
Supervisor Toma moved the resolution; Supervisor Schwab seconded. The board voted electronically and the resolution passed unanimously.
