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Page County awards $7.7 million jail bond to BOK Financial at 3.66% interest
Summary
Supervisors accepted the low bid for $7.7 million of general obligation bonds to fund the county jail project and were briefed on the county's AA3 rating and premium dollars received.
The Page County Board of Supervisors accepted the low bid to sell $7,700,000 of general obligation jail bonds to BOK Financial at a true interest rate of roughly 3.6636%, board members were told.
Maggie Berger, representing Spear Financial, told supervisors the county received six bids and recommended awarding the bonds to BOK Financial. Berger said Moody’s reaffirmed Page County’s AA3 rating during the sale process and that the sale generated roughly $220,000 in premium dollars to the county, money received upfront that reduces the county’s net borrowing cost.
Berger summarized the proposal: “This is a fantastic rate in today's market,” she said, and noted the bonds will be callable after June 1, 2032. She added that the county has the legal option under state law to accept the low bid or reject all bids; the recommendation was to accept the low bid.
The board voted to accept the recommendation and award the bonds to BOK Financial. Supervisors thanked staff and the financial team for their work on the sale.
Details provided to the board included the true interest rate (3.6636%), the AA3 rating confirmation by Moody’s and the expected premium of about $220,000 on the issuance. The bond proceeds represent the second borrowing under the voter‑approved jail project limit; earlier proceeds and premiums were discussed during the meeting as part of the overall project financing.
The board made the award by motion and voice vote (motion carried).
