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Missoula County authorizes $3 million bond issuance under voter-approved open-space program
Summary
The commission approved issuing an additional $3 million under the 2018 voter-approved $15 million open-space bond authorization at a 4.65% interest rate; staff said the levy would begin Jan. 1, 2026 and estimated the levy impact at about $0.92 per $100,000 of market value.
Missoula County commissioners voted to adopt a resolution authorizing the issuance of an additional $3 million in general-obligation bonds under the county’s 2018 voter-approved open-space bond authorization.
A county presenter (Speaker 6) told the commission that the 2018 authorization was for $15,000,000 and that, to date, about $4,950,000 has been issued. Staff requested the additional $3,000,000 issuance, which was bank-qualified and priced at a 4.65% interest rate. The presenter explained how that rate translates to an estimated levy of about "$0.92 per $100,000 of market value on the home, $4.60 on a $500,000 home." Staff said levies will begin in the fall and the first payment will be effective Jan. 1, 2026.
Speaker 6 asked the commission "to adopt a resolution approving the issuance and, but authorizing the levy of taxes." Speaker 4 moved to adopt the resolution and Speaker 3 seconded; the motion passed on a voice vote during the meeting.
Staff also noted the bonds are 20-year obligations that will mature in 2045 and that the county still has remaining authorization from the 2018 measure (about $7,000,000 of authorization remains). The county did not provide a detailed repayment schedule or identify which parcels would be affected by the levy in the public remarks; those details were not specified in the meeting transcript. The next procedural step is adoption of the resolution (completed at the meeting) and subsequent issuance paperwork with the county’s financing team.
