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Sedgwick County sells $X in general obligation bonds at 3.48% after S&P AAA rating
Summary
The board authorized issuance of general obligation bonds for 11 capital projects after a competitive sale produced a 3.48% true interest cost; S&P assigned a new AAA rating with a stable outlook for the sale.
The Sedgwick County commission voted March 5 to ratify the county’s sale of general obligation bonds intended to fund 11 projects, including bridge work and facilities improvements.
CFO Lindsay Peruso told commissioners the county obtained a fresh S&P AAA rating with a stable outlook and held an eight‑bid competitive sale. Peruso said TD Securities won the bid with a true interest cost of 3.48 percent, well below the board’s previously authorized ceiling of 4.75 percent. Peruso said the sale was competitive and expected to close later in March.
Peruso credited the county’s finance team and bond counsel for the result. County bond counsel Garth Herman was available for questions but no commissioner asked him to elaborate during the public meeting. Commissioners approved a resolution authorizing issuance and empowered the chairman to sign necessary documents; the clerk recorded the vote as five ayes.
Clarifying details provided at the meeting: the sale covers 11 projects (five bridge projects, two facility projects, four “specials” and various paving and system upgrades). Peruso said final proceeds would be received at closing later in the month; she reported the county’s winning bid produced a favorable interest cost amid market volatility.
Ending: The bond proceeds will be used for the listed capital projects as planned; county staff will return to close the transaction and post related financial disclosures.
