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Sedgwick County authorizes preparation to sell $10.8 million in bonds for courthouse and bridge projects
Summary
The commission authorized staff, bond counsel and municipal advisors to prepare documents and proceed toward a March bond sale for projects that include courthouse work and bridge repairs, setting a maximum true interest cost and sale parameters.
The Sedgwick County Commission authorized resolution language on Jan. 22 that allows staff and bond counsel to prepare for a sale of general obligation bonds, Series A, 2025, to reimburse the county for recent capital projects including courthouse complex work and bridge projects totaling about $10.8 million.
Gilmore & Bell and county staff told the commission the plan is to hold a bond sale on March 4, 2025, with ratification of sale results and a closing in late March. Lindsay (Gilmore & Bell) and Garth Herman (bond counsel) explained the resolution sets a maximum true interest cost (TIC) the board will accept (4.75%) and an expected planning assumption of roughly 3.5% because Sedgwick County maintains a AAA credit rating.
The resolution authorizes the county manager (or designated official) to accept the final sale on the commission's behalf within the established parameters and to present ratification at a subsequent meeting following the sale. Garth Herman said closing is planned for March 25; the purchaser will deliver the purchase price to county accounts and the county will use the proceeds to reimburse project expenditures.
Commissioners had no substantive questions and approved the staff recommendation by unanimous roll call (Bluebaugh Aye; Wise Aye; Howell Aye; Meitzner Aye; Chairman Beatty Aye). County staff said the authorization gives flexibility to structure debt, seek favorable market terms and preserve the county’s AAA rating while financing the listed capital projects.
