Jail district moves forward with Willdan to evaluate bond refunding parameters; board approves municipal adviser engagement

Graham County's jail district board approved Feb. 3 hiring Willdan Financial Services as municipal adviser to study potential refunding of jail district bonds and to assemble a financing team.

Julie (county staff leading the jail district item) told the board Willdan will recommend bond-refunding parameters and prepare the pre-work needed so the district can act quickly if market conditions make a refunding advantageous. She said most advisory costs are contingent on proceeding with refunding; the only anticipated up-front cost would be for a bond-rating agency if a rating is required.

"We are still not at the point where we're asking for your approval to do that, but what we are looking for is your approval for Willdan as our municipal adviser to proceed with the process of recommending bond refunding parameters," Julie said. The board discussed the goal of using surplus funds to reduce annual debt-service costs rather than increasing debt; one supervisor said refunding could save the county "possibly 100 of 1,000 of dollars a year in interest payments." (Quotation as spoken in transcript.)

The board approved engaging Willdan by voice vote. No decision to issue refunding bonds was made; staff said any refunding would proceed only if it was financially sensible.