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Oklahoma County approves new 2025 bond fund ahead of $215 million sale
Summary
The Oklahoma County Board of Commissioners voted to create a dedicated fund for bonds authorized by the 2022 election, a step county staff said is needed before the planned $215 million sale next week. County officials said Moody's affirmed the county's AA1 rating.
The Oklahoma County Board of Commissioners voted to create a new bond fund to support a planned sale of bonds authorized by voters in 2022.
County staff told the commissioners the separate fund is required by the county's financial advisor and bond counsel before the anticipated bond sale next week. A staff member also reported that Moody's had affirmed Oklahoma County's AA1 rating earlier the same day.
A county staff member said the board already has a bond fund for previous sales but was advised to set up a separate account specifically for the 2025 issuance. "We do have, in fact, someone or I know a couple of you've asked. We do have a bond fund already set up, but it's for the previous bond funds. And we have been advised by both the, financial advisor and, Bond council. And bond council that we do need to set up a separate account just for these," the staff member said.
The staff member told the board the commissioners previously authorized up to $215,000,000 in bonds in the 2022 election and that the new fund is tied to that authorization. "This is the new sale. Not the same bonds. This is the 215,000,000 that the commissioners have authorized to be sold and the process is undergoing now. It's still from the 20 22 election," the staff member said.
On the county's credit, the staff member said, "we did hear from Moody's today that our rating is in good standing. We're at AA1 just as we've been, which is a huge deal, and thank you to all of the county, everybody that worked on that and especially our finance team that has done an incredible job getting all the reports in, as quickly and timely as possible." No additional detail about how the rating affected sale terms was provided in the meeting.
Commissioners approved the creation of the fund by voice vote after a motion and second; the meeting record shows the board voted in favor but did not record individual roll-call votes on the motion. After the fund was approved, a motion to adjourn carried by voice vote.
The meeting included only this single agenda item. County staff described the action as an administrative step required before closing and distribution of proceeds associated with the sale authorized by the 2022 election. The board did not amend the amount authorized by voters; the discussion and vote addressed only establishing a separate fund for the upcoming issuance.
