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Commission authorizes sale of up to $16.7M in bonds to finance admin building, refund prior debt
Summary
Commission approved a resolution authorizing a public sale of general obligation refunding and improvement bonds (Series B 2024) to finance part of an administration facility and refund Series A 2013 debt; parameters set a maximum principal of $16.7M and a true interest cost cap of 4.75%.
County CFO Lindsey Poverseau briefed the commission on a resolution to authorize a public sale of general obligation refunding and improvement bonds, Series B 2024. Bond counsel Garth Herman explained the plan: proceeds will fund roughly half the anticipated cost of a new administration building and refund outstanding Series A 2013 bonds to obtain interest-cost savings.
"The principal amount of the bonds does not exceed $16,700,000 and the true interest cost on the bonds does not exceed 4.75%," Garth Herman said while outlining the parameters that allow staff to award the sale if bids meet those limits. Poverseau said the sale is planned for Oct. 1 with closing targeted for Oct. 23.
By roll call the board authorized the resolution and directed staff to proceed with preparations for the October sale and to bring final documentation back for ratification on Oct. 2.
