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Public Building Commission says hospital bond is ahead of schedule, commission will need to approve next bond call
Summary
At the Arkansas City meeting, a Public Building Commission representative reported stronger sales-tax receipts and said hospital bonds have been called twice; payoff is estimated around 2035 and the commission will need to approve any future bond call.
An unidentified speaker updated the Arkansas City Commission on the Public Building Commission’s (PBC) finances, saying there are "no issues at all" and that sales taxes have been coming in stronger than expected.
"The sales taxes have been coming in stronger and, as you know, we've been able to call twice now," the speaker said, adding that the bonds are being paid down faster than originally scheduled and that the payoff year is likely around 2035. The speaker also said the PBC is several years ahead of schedule and that when the PBC again has the ability to call bonds it will return to the commission for approval.
The update focused on the PBC bond issued for the hospital. The speaker said the PBC previously called bonds to 2035 and that current receipts have allowed additional principal paydown; another participant characterized the schedule as roughly "five or six" years ahead. Specific payoff dollar amounts and the date of the next potential bond call were not provided in the transcript.
Commission members did not ask follow-up questions recorded in the transcript and no formal action was taken during the update. The speaker indicated the group will need to come back before the commission before making the next bond call.
Next steps: if the PBC schedules another bond call, it will seek the commission’s approval before proceeding, according to the update in the meeting.
