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Barron County accepts BOK Financial bid at 4.14% and approves Sally Port contract; ARPA funds used for related tech
Summary
The County Board approved a $4.82 million general obligation bond sale at a 4.14% true interest rate, awarded the Justice Center Sally Port construction contract to Market & Johnson for $1,767,898, and approved $50,000 in ARPA funds for technology improvements to the proposed Sally Port expansion.
Barron County on April 11 accepted a winning bid from BOK Financial Securities at a 4.14% true interest rate for a general obligation bond issue and reduced the par amount of the sale to $4,820,000 after the bidder included a $130,000 premium.
Sean (bond counsel) presented the sale results to the County Board and reported that the winning bid “was from … BOK Financial Securities … at 4.14%.” He said the premium allowed the county to “lower that, borrowing down to 4,820,000,” while still funding this year’s projects and retiring a short‑term note taken last year. The bond counsel and county staff also reported the county’s bond rating in the double‑A range and commended county financial management.
Following the bond presentation, the board approved a resolution authorizing a contract with Market & Johnson for the Barron County Secure Sally Port and Professional Visitation Addition to the Barron County Justice Center, Highway 25 North, Barron, Wisconsin. The contract amount recorded in the agenda was $1,767,898. County staff requested a wording change in the resolving language to replace a placeholder with the awarded bond buyer’s name; the board approved the change to identify “B O K Financial Securities Incorporated” as the successful bidder in the resolution text.
The board also approved a separate resolution authorizing $50,000 of American Rescue Plan Act (ARPA) funds for technology improvements to the proposed secure Sally Port expansion.
Votes: the bond sale resolution and the Market & Johnson contract resolution each passed by the full membership as recorded, 28 yes and 1 absent; the Market & Johnson contract required and received the two‑thirds vote of full membership. The $50,000 ARPA technology allocation also passed (28 yes, 1 absent).
County staff said the bond sale was timed after observing market stabilization and active national bidding, and that the number of competitive bidders was a positive signal for the county’s double‑A rated credit.
No amendments to the contract amount were recorded during the meeting; county staff said the wording change substituted the awarded bond buyer’s name into the resolution text.
