Buffalo County authorizes purchase of Series 2020 refunding bonds and issues Series 2024
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Summary
The Buffalo County Board authorized purchase/cancellation of outstanding Series 2020 general obligation refunding bonds and approved issuance of Series 2024 refunding bonds not to exceed $13.5 million to fund the refunding plan.
The Buffalo County Board of Commissioners on Feb. 13 authorized procedures to purchase and cancel all or a portion of the county’s outstanding General Obligation Refunding Bonds, Taxable Series 2020, and approved issuing General Obligation Refunding Bonds, Series 2024, in an aggregate principal amount not to exceed $13,500,000.
Brad Slaughter of Northland, a division of First National of Nebraska, was present to answer questions about the proposal. On a motion by Commissioner Sherry Morrow, seconded by Commissioner Daniel Lynch, the board adopted Resolution 2024-04 authorizing the purchase and cancellation of specified maturities of the Series 2020 bonds and directing related procedural steps, including filings with the Municipal Securities Rulemaking Board. The vote was unanimous.
The resolution authorizes county officers to determine specific maturities, purchase prices and related terms, to execute dealer manager agreements with Northland Securities and to engage Globix Corporation to assist with purchase procedures. The purchase and cancellation action is conditioned on the prior issuance of the county’s Refunding Bonds (Series 2024), and the resolution notes outstanding principal on the Series 2020 bonds as $13,085,000 in the text.
On a subsequent motion by Morrow, seconded by Lynch, the board adopted Resolution 2024-05 authorizing issuance of the Series 2024 refunding bonds in one or more series up to the $13.5 million cap, with authority delegated to officers to finalize interest rates, maturities, redemption provisions and related documents. The board approved post-issuance tax compliance and disclosure policies included in the resolution.
The board did not set final sale terms at the meeting; authorized officers were delegated discretion to determine the final terms and to execute necessary contracts and agreements. The resolutions also name BOKF, National Association, as registrar and paying agent in the Series 2020 resolution language. The board adopted both measures by roll call votes that registered unanimous support among members present.