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Council accepts low bid for paving, authorizes bond and note sales and amends IRB documents
Summary
Council accepted Meese Construction's low bid of $1,232,490 for Arvada paving, authorized sale of 2026A GO bonds and 2026B temporary notes under delegated parameters, and approved amendments to 2019 IRB documents for the Evans Building project to release sold parcels.
The City of Mayes council approved a package of contracts and financing actions Thursday, awarding a construction contract, authorizing bond and note sales and amending industrial revenue bond documents.
Staff recommended accepting the low bid from Meese Construction for the Arvada 2nd Addition Phase 1 paving and stormwater drainage improvements. The low bid, $1,232,490, was below the engineer's estimate of $1,568,847. Council voted to accept the contract and authorized the mayor to sign the construction agreement.
On financing, staff asked the council to authorize the sale of the 2026A general obligation bond as a parameter sale to convert temporary notes into long-term financing for special assessment projects and one at-large property acquisition (Woodard Park). Larry Kleeman of Ransom Financial, the city's financial advisor, described the sale schedule and the ratification process: the sale would be conducted under parameters with ratification at the August 17 meeting. The council approved the sale resolution.
Council also authorized the city manager to proceed with issuance of Series 2026B temporary notes subject to specified maximums and a true interest cost cap (the meeting record set a maximum bid amount and a 4.5% interest cap); the council will ratify the final note resolution in August.
Finally, the council approved a resolution to amend documents for the City of Mayes' 2019 industrial revenue bonds for the Evans Building project to exclude parcels already sold by the owner. Counsel explained that lenders to buyers require release because the land remained encumbered by the IRB lease; the council authorized execution of documents required to complete the release and noted the costs are borne by the seller or buyer, not the city.
Votes on each item were taken by voice and carried.
