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Lincoln County moves to refinance Justice Center lease bonds, advisers say it will save about $1.35 million
Summary
County advisers presented bids to refund the Justice Center lease revenue bonds and recommended a private placement that advisers said cuts the net interest cost to 2.23% from 4.01%, reducing outstanding debt service by roughly $1.35 million and saving an average $84,360 annually from 2022–2037.
Lincoln County commissioners on March 2 approved a resolution authorizing the issuance and private sale of Lease Revenue Refunding Bonds, Series 2021, to refinance debt tied to the county Justice Center.
Financial advisers Nick Eckloff of Piper Sandler and bond counsel Rick Thompson of Hathaway & Kunz told the board they had solicited three bids and that the lowest offer, from Sterling Bank, would lower the county’s net interest cost to 2.23% compared with the current 4.01%. The advisers said that change would reduce the outstanding debt service by about $1.35 million over the life of the bonds and produce average annual savings of about $84,360 between 2022 and 2037. A Resolution of Approval was presented for the board’s signature and the motion to adopt it was passed.
Commissioner Hansen formally moved the resolution. The motion record indicates the board adopted the measure; the transcript records that the resolution and related documents — including a Second Amendment to the Facilities Lease Agreement and an Indenture of Trust with U.S. Bank National Association — were approved to permit the refunding and private placement sale.
The advisers’ presentation included the comparison of bids and the projected savings; the transcript does not record further conditions or contingencies tied to state or federal approvals. The county’s public record of the meeting shows the board authorized execution of documents necessary to complete the transaction.
Next steps recorded at the meeting included signing the Resolution and completing the private placement paperwork required to close the refunding. The transcript does not specify the closing date, underwriting fees, or other transaction costs beyond the net interest cost and projected savings.
