Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Bonds topic
No spam. Unsubscribe anytime.
Board awards $28.165M public works bond sale; winning true interest cost 3.716%
Summary
County finance staff and municipal advisor presented results of a $28,165,000 general obligation capital improvement bond sale for a new public works facility; the low bid from Huntington Securities produced a true interest cost of 3.716% and the board approved awarding the bonds.
Finance staff (Kia Dasani) introduced municipal advisor Christine (Chris) Hogan of Baker Tilly, who reviewed the results of the county's bond sale. Hogan said the county sold general obligation capital improvement bonds, series 2025A, with par and proceeds providing financing for a new public works facility and to pay issuance costs. The winning bid produced a true interest cost of 3.716%; there were 15 bidders and Huntington Securities submitted the low bid. The sale produced a premium that will allow the county to reduce the par amount while still financing the project; bonds will be paid over 20 years from ad valorem tax levies and include an optional redemption date of Dec. 1, 2035.
Hogan summarized credit-rating contacts and noted SMP's credit highlights for the county (strong gross product per capita, recent revenue increases, manageable debt burden). Based on the sale, staff recommended awarding the $28,165,000 general obligation capital improvement bonds, series 2025A, to Huntington Securities. After discussion and brief questions about reserves and rating implications, the board moved and approved the resolution awarding the bonds to the low bidder.
