Sedgwick County authorizes up to $10.8M in general obligation bonds; firms cleared to finalize sale

Sedgwick County commissioners on Wednesday adopted a resolution authorizing staff and bond counsel to prepare for the offering and sale of general obligation bonds, Series A, 2025.

County staff said the bond proceeds would reimburse costs tied to courthouse-complex projects and five bridge projects that together total approximately $10.8 million. The resolution authorizes collaboration with bond counsel and the county’s municipal advisor to proceed with a public bond sale on March 4, with ratification of the sale results expected March 5 and a closing on March 25.

In the resolution staff set a ceiling for debt-service costs: the county would not accept a sale with a true interest cost (TIC) above 4.75 percent; staff had modeled an expected TIC of about 3.5 percent, reflecting the county’s AAA credit rating. Bond counsel Garth Herman of Gilmore & Bell described the closing timeline and said proceeds will be used to reimburse the listed projects after delivery to the county’s bank account.

Commissioners voted unanimously to adopt the resolution and authorize the county manager or his designee to approve the sale on the day of the auction within the parameters set by the resolution.

Why it matters: Authorizing the bond documents and sale prepares the county to reimburse capital projects and special-assessment work without delaying construction or improvements. The action preserves flexibility for staff to structure the final offering while setting a maximum acceptable interest cost.

What’s next: Staff and bond counsel will finalize sale documents and marketing; the sale is scheduled for March 4, with ratification and closing steps to follow.