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Modoc County staff prepare for possible pension bond and warn of drying water supplies
Summary
Administrative Services said the county is assembling 'shelf-ready' contracts to allow a timely pension obligation bond if markets shift, and warned that local water supplies are drying quickly, prompting discussion of a possible drought declaration.
Chester Roberts, Administrative Services, reported the county is preparing paperwork and agreements to be "shelf ready" so Modoc can act quickly if a pension-obligation bond becomes advantageous. Roberts said preparing contracts in advance does not commit the county to a transaction but would position it to move if interest-rate conditions improve.
Roberts cited an example of Sierra County, which structured a pension-obligation bond after the pandemic and financed at a lower rate than current markets; he said Modoc’s goal is to have contracts and documentation ready so the county is not left behind if a window opens.
On local water conditions Roberts told the board some water sources are "literally dry" and producers may have to reduce livestock or seek federal assistance. "It's drying up and people are starting to get a little bit scrappy over the water," he said, and he urged staff to consult the Office of Emergency Services director about whether a drought declaration would help access assistance such as FSA programs. Board members noted neighboring Klamath County recently declared a drought disaster.
Roberts said staff will monitor conditions and coordinate with OES as needed; no formal drought declaration was made during the meeting.
