Public Buildings Authority defers decision on bond-funded county projects after bond counsel briefing

The Oklahoma County Public Buildings Authority on May 2025 deferred action on a proposed bond issuance after bond counsel reviewed the PBA's authority and the types of capital projects that bond proceeds would support.

Jared Davidson, identified in the meeting as bond counsel for the item, told the board the PBA indenture is broad and can be used to finance public properties that benefit the county, not only revenue-generating facilities. "It could be used for the jail," Davidson said, and he described the official statement as identifying a range of capital improvements "including but not limited to campus security, courthouse and annex renovations, improvements to leasehold properties of the Public Buildings Authority, juvenile justice center improvements, property acquisition, and new county jail construction along with related costs."

Board members discussed the parking garage as a prior example of a PBA-financed, revenue-producing facility and noted the long payoff period for such projects. Counsel said the county has refinanced earlier PBA bonds and described the current expectations for spending proceeds. "We've got a reasonable expectations test that we're gonna spend at least 85%... of those proceeds within 3 years just to comply with the federal tax rules," Davidson said.

Commissioner Pettus asked for a spreadsheet of the projects and estimates of how dollars would be allocated; counsel and staff offered to provide more detailed figures. After the briefing and questions, the board voted to defer the item until May 14 for further consideration.

Less critical items at the PBA meeting, including approval of parking spots and routine claims, were approved by the board during the session.