Boone County approves 2026 general obligation alternate-revenue bond after competitive sale
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Summary
The Boone County board approved an ordinance authorizing up to $7 million in project funding from a competitive bond sale held Jan. 15, 2026; the sale produced a winning bid from Hilltop Securities and the issue was resized to a final par amount of $6,725,000. The board voted to adopt the ordinance.
Boone County commissioners voted Jan. 15 to approve an ordinance authorizing the issuance of 2026 general obligation alternate revenue bonds following a competitive sale held that morning.
Becky (county staff) told commissioners the county took bids on the bonds that morning and introduced financial advisor Anthony Massell, who said the sale attracted strong demand. "We received a total of 51 bids from 8 different bidders," Massell said, and the winning bid came from Hilltop Securities of Dallas at about 3.6595 percent. After the sale, the issue was resized to provide $7,000,000 in project funds and the final par amount will be $6,725,000, Massell said. He also noted Moody's Investors Service upgraded the county to an Aa2 rating before the sale, which helped investor demand.
The advisor explained the competitive bidding process and why the average interest rate can change when maturities are moved during post-sale resizing. Commissioners asked follow-up questions about the range of bids, why some underwriters submitted higher rates and when the bonds might be callable; Massell said the first optional call date is 2033.
The motion to approve the ordinance (listed in the agenda as "ordinance 2 6 dash 0 4") was made on the floor and put to a roll-call vote. The clerk read affirmative votes from Ryan Schneider; David Wolfson (recorded as "Aye"); Alyssa Patterson; Tom Wahlberg; Ronnie Riley; Matt Ragano; Dana (recorded as Lobston/Logsdon); Marion Thornberry; Carl Johnson; and Josh Shoemaker. Ryan Curry was noted absent. The presiding officer declared the motion carried.
The county plans to close the bond issue on Feb. 18, staff said. Commissioners did not record any amendments to the ordinance during the session.
What happens next: the board's approval authorizes the county to proceed with the sale closing and related administration; staff directed the financial advisor to complete closing steps and return any required documentation to the county clerk.