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Rogers council approves $9.285 million bond award for activity center after low bids
Summary
Council approved Resolution 2026-59 to award the sale of $9,285,000 in general obligation tax abatement bonds for the city's activity center; sale received nine competitive bids and produced a low true interest cost near 3.8057%, officials said.
The Rogers City Council approved a resolution awarding the sale of $9,285,000 in general obligation tax abatement bonds (Series 2026A) to fund the city's activity center project, after staff and financial advisor Jason Arzald reviewed sale-day results.
Jason Arzald of Ellers told the council Standard & Poor’s affirmed Rogers’ AA+ credit rating with a positive outlook and said nine competitive bids were received on sale day. The low bid produced a true interest cost of about 3.8057%; Arzald explained bidders included a premium in their pricing that allowed the city to reduce the face amount to $9,285,000 while maintaining required debt service levels.
Arzald said the lower-than-projected interest rate provided some cushion compared with earlier projections of approximately 4.25% and that the city’s improved metrics may support a future upgrade in rating if trends continue. After the review, a council member moved to approve Resolution 2026-59 awarding the sale; the motion carried on a voice vote.
Why it matters: awarding these bonds provides the financing step for the city’s activity center (the second sheet of ice) and fixes debt service expectations that will be paid from the tax levy and some special assessments. Council staff said the reduced borrowing amount still meets the project’s financing needs due to the premium included in the winning bid.
