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County controller recommends Bank of Utah for library bond to preserve refinancing flexibility
Summary
Davis County staff reviewed bids for a library revenue bond and recommended Bank of Utah because its proposal offers the lowest effective cost when factoring fees and allows the county to call (refinance) the bonds without penalty at any time. A public hearing is scheduled June 17 and staff will notify the financial advisor to proceed.
Curtis Coe, county controller, reviewed bids returned for a revenue bond tied to the library bond and told commissioners the lowest true-interest cost (AIC) bid was 4.644% but that fees and call provisions make the Bank of Utah offer the most favorable balance of cost and flexibility. Coe said he planned to notify the county's financial advisor this afternoon that "Bank of Utah is where we wanna go."
Coe told the committee that the bids differ mainly in call provisions and fees: some bids set a 10-year call date (no…
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