Unidentified Speaker 2, a presenter at the Nov. 23 commission conference, reported that Mobile County's $27.5 million bond offering generated strong market demand and recommended the commission accept an underwriter purchase and approve the authorizing resolution.

The presenter said the county's credit ratings — described in the meeting as double A1 and double A plus with a stable outlook — helped when the offering was brought to market alongside underwriter Piper Sandler. "We had very strong demand, over 67,000,000 in orders for 27 and a half, million in bonds offered," the presenter said. He said the total subscription was "right at 2.4 times."

The presenter told commissioners that not all orders were "usable" for settlement: of the more than $67 million in orders, about $25.5 million were usable bids, and a few maturities did not receive full subscription. Where maturities lacked buyers, the underwriter offered to purchase those maturities at the stated yields to "stand behind the scale," the presenter said, and PFM documented where it and Piper Sandler found agreement and where further negotiation yielded modest additional basis points for the county.

On final pricing, the presenter reported an all-in true interest cost of about 3.96% for 20-year money, "about 8 basis points lower than where we were estimating" earlier in November. He recommended that the commission "accept the verbal offer underwrite" and approve the authorizing resolution that was provided to the board.

Commissioners thanked the presenter for the report and had no substantive questions recorded in the transcript. The recommendation was placed on the commission agenda for consideration at the regular meeting scheduled for Nov. 24, 2025.

Next steps: the commission was advised to consider the authorizing resolution at the regular meeting; the transcript does not record the board's final vote or whether the resolution was adopted.