The Story County Board of Supervisors voted Dec. 2 to award Luana Savings Bank the lender role for a $4 million general obligation conservation bond issuance and approved Resolution 26-18 to issue the bonds. The board acted after a presentation from Travis Squires, a placement agent with Piper Sandler, who reviewed bids from national and local banks.

Squires told the board several banks submitted proposals and that JPMorgan Chase offered the lowest average quoted rate but required the county to issue non-callable bonds to access that price. By contrast, Luana Savings Bank proposed a 3.6% rate with a highly flexible call feature (callable anytime with 30 days' notice), which Squires said produced an equivalent all-in true interest cost (TIC) to JPMorgan’s non-call option while preserving the county’s ability to prepay.

"We don't see any reason to give up the call feature," Squires said, recommending the Luana Savings Bank proposal because it met the county's requested closing timeline and maintained flexibility. He also explained that certain national-bank proposals included extra fees for credit review and legal documents that appear in the all-in TIC and can reduce net proceeds unless the loan amount is adjusted.

Supervisors asked clarifying questions about fees and net proceeds, including a purchaser-counsel fee cited for one proposal; Squires confirmed those amounts are included in the all-in TIC calculation and showed how net proceeds would be affected. The board then moved and seconded a motion to award Luana Savings Bank as the general obligation bond lender and approved the motion by recorded verbal 'Aye' responses.

The board next considered Resolution 26-18, which authorizes the award and issuance of Series 2025 general obligation conservation bonds for $4,000,000 as the first tranche of an approved $25,000,000 conservation bond program. A supervisor moved approval of Resolution 26-18 with the loan-identification details filled in for Luana Savings Bank; the motion carried by unanimous 'Aye' votes.

According to Squires' presentation, if the county remains at a $4,000,000 borrowing level, net spending after legal costs would be approximately $3,933,000; staff and counsel will attach a debt-service schedule and finalize the loan documents. The board adjourned following the votes.

The resolution and the lender award are formal actions that allow staff to proceed with closing under the selected terms; no other substantive policy decisions were taken at the meeting.