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Park City accepts Robert W. Baird bids, approves issuance of 2025 general obligation bonds and temporary notes
Summary
Park City officials accepted bids from Robert W. Baird & Co., approved an ordinance and resolutions to issue 2025 series general obligation bonds and a 2025 temporary note, and discussed sale particulars including a recent S&P rating upgrade and how temporary notes will be converted to bonds.
Park City accepted the best bids from Robert W. Baird & Co. and authorized issuance of the city’s Series 2025 general obligation bonds and a 2025 temporary note at its Aug. 12 council meeting.
The action followed a presentation by Larry Klayman, the city’s financial adviser with Ransom Financial, who said S&P Global raised the city’s rating from “double A-minus” to “double A,” a change he said would lower interest costs. “They actually increased the rating from double a minus up a notch to just regular double a,” Klayman said.
The council voted 7-0 to accept Baird’s bid for the bond sale and approved Ordinance 12 14‑2025 authorizing issuance of the general obligation bonds. The council then approved resolution 12 61‑2025 prescribing bond form and sale details. Council members also accepted Baird’s bid for the temporary note sale and approved Resolution 12 62‑2025 authorizing issuance of General Obligation Temporary Note Series 2025‑1; that motion also passed 7-0.
Klayman summarized the bond sale results: the city advertised for $8.4 million but Baird sold the bonds at a premium that brought the amount issued to about $8.1 million, with a reported true interest cost of about 4.14 percent. He described the temporary note sale — $7.82 million advertised — which produced a true interest cost of about 3.0794 percent and is callable after one year. Klayman said the temporary note includes capitalized interest so the city would not need to budget separate interest payments over the note term.
Council discussion clarified the financing mechanics: temporary notes finance construction and pay interest while projects are underway; after the temporary period the city typically issues permanent bonds and special assessments for benefiting properties are spread over the long-term debt service. “Nobody — property owners — don’t pay anything until we bond it, and we special assess it,” Klayman said when explaining assessment timing.
Council conducted a roll-call vote on the bond ordinance; the clerk recorded seven ayes. The council made the authorizations required to proceed with closing on the bond and note sales and to forward assessment rolls to the county for parcels to be special-assessed where applicable.
The council also approved the 2026 Park City Land Bank budget at the same meeting, a $52,159 expenditure total that staff said must be approved by the governing body before the land bank board may adopt its budget.
