Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Clay County approves $16.27 million jail refunding bonds; advisers cite $702,000 projected savings
Summary
The Clay County Board of Commissioners on Oct. 28 approved Resolution 2025‑28 to award the competitive sale of general obligation jail refunding bonds. Financial adviser Todd Hagen said the low bid produced a 2.93% reoffering yield and projected approximately $702,000 in net present savings over the 10‑year refunded life.
The Clay County Board of Commissioners voted Oct. 28 to adopt Resolution 2025‑28, authorizing the sale of $16,270,000 in general obligation jail refunding bonds after receiving a sale‑day report from Ehlers & Associates.
Todd Hagen, financial adviser with Ehlers & Associates, told the board his office ran a competitive sale that drew three bids. "Baird out of Milwaukee came in at 2.93%," Hagen said, describing a tight field that also included Mesirow and KeyBank. Hagen said the sale and premium received reduced the bond issue from earlier projections and produced a projected savings of $702,000 over the life of the refunding — roughly $70,000 per year.
Hagen summarized other technical points: the refunded bonds have a call date of Feb. 1, 2026; the county received an affirmed AA stable rating from Standard & Poor—s and an AAA state program rating for the state‑guaranteed portion; and the county can invest refunding proceeds in short‑term state and local securities before the call date, producing a modest positive arbitrage. He also explained that for a pure refunding the premium generally must be applied to lower the bond issue unless a new‑money construction component is added.
Commissioners asked about the use of premium dollars, the county—s sales‑tax revenues that currently exceed the annual bond payment, and the consequences of extending sales tax uses for potential future projects. After discussion, Commissioner Mogile moved to approve Resolution 2025‑28 and Commissioner Ebinger seconded. The motion carried by voice vote.
The board recorded the competitive outcome and authorized award to the low bidder; no roll‑call tally was taken in open session.
