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Commissioners approve form to execute county bond with $6 million cap
Summary
Following county-council authorization, commissioners on Oct. 15 approved the form of a bond and engagement letter for issuance with a cap discussed up to $6 million; staff said delay could require restarting the process.
Scott County commissioners on Oct. 15 approved the form of a bond and the accompanying engagement letter to complete a council-authorized bond issuance, with the board noting a cap discussed at up to $6,000,000.
County legal staff told commissioners the county council had already approved the bond in concept and that county-commissioner action on the bond form was an execution step tied to timing: any further delay could require restarting the underwriting process. The engagement letter names Baird as the underwriter on the documents the commissioners reviewed.
An unnamed commissioner moved to approve the form of the bond and authorized signatures; the motion was seconded and recorded as unanimous. Commissioners emphasized stewardship and urged that bond proceeds be used to cover shortfalls and intended purposes.
Staff will complete signature lines and forward executed documents to the auditor and underwriter for closing steps.
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