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County finance adviser presents bond plan for roads and jail; court accepts plan for review
Summary
Hilltop Securities presented an illustrated plan to issue two bonds—approximately $30 million for Phase 1 roads and $24 million for jail construction—using 20‑year amortization and a competitive sale planned for August; commissioners accepted the plan for further review and authorization steps.
Jim Sabonis of Hilltop Securities presented the county’s plan of finance on March 10, detailing two separate bond issues: an unlimited‑tax road bond sized to fully fund a $30 million road‑project fund (net of premiums and issuance costs) and limited‑tax jail bonds to fund approximately $24 million of jail improvements. Sabonis explained typical market features (20‑year amortization; a standard 10‑year call) and said the county’s strong assessed value and recent rate movement make a tax‑neutral outcome likely for the ad valorem levy.
The presentation included an assumptions review, expected true interest costs based on February market data, and a schedule aiming for a competitive sale in early August and a September closing to align with budget certification. Sabonis said the county’s AA+ standing is expected to be reaffirmed and that current market conditions combined with the county’s growing tax base should avoid a tax‑rate increase. "Our tax assessed value is higher…we believe our current I&S ad valorem tax rate of 2.699¢ will not have to go up," Sabonis told the court.
Next steps: Commissioners voted to accept the plan of finance presentation for county review and approval of the timeline; staff will prepare offering documents, work with the bond rating agency and return to court for permission to proceed with the competitive sale in the August window.
