Davis County staff recommend Bank of Utah for library bond, citing call flexibility

Davis County officials reviewed returned bids for the county's library bond and indicated they will proceed with the Bank of Utah offer because it gives the county the most flexibility to refinance without penalty.

County staff presented the bid comparison and said the lowest reported true interest cost (AIC) on one offer was 4.644, but differences in fees and call provisions change the net outcome over the life of the debt. Bank of Utah's proposal allows the county to call the bonds at any time with no penalty, while competing bids included multi-year call windows and early‑call penalties that defer flexibility and raise medium‑term refinancing costs.

The county's financial advisor (referenced in the discussion) recommended Bank of Utah to preserve optionality if market rates fall. "I agree with Bank of Utah," Curtis Coe, the county controller, said during the meeting, signaling support among commissioners.

Staff said they would notify the financial advisor (Jonathan Ward was named in discussion), finalize award paperwork and begin public noticing so the matter can be on the record ahead of a public hearing scheduled for June 17 and any subsequent challenge period.

No formal vote was recorded in the meeting minutes provided; the record shows commissioners and staff reached a working consensus to proceed with Bank of Utah and to complete required noticing and closing steps.

Next steps: staff will confirm award mechanics with the financial advisor and proceed with public notice and the June 17 hearing. If a formal award or ordinance is required, that will appear on a future agenda for formal action.