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Commission awards $15.035M general-obligation bond sale; cites AAA rating and $130,000 refunding savings
Summary
The commission ratified a bond sale of $15,035,000 to fund part of a county administration building and refund 2013A bonds. Municipal advisor Tom Calico said Hilltop Securities won the bid at a 3.29% true interest cost; the refunding yields approximately $130,000 in interest savings.
The Sedgwick County Commission voted to award and ratify the sale of $15,035,000 in general-obligation refunding and improvement bonds (Series B 2024) to finance part of the county administration building and to refund certain 2013A bonds.
Tom Calico, the county's municipal advisor, told commissioners that the county received eight bids and that Hilltop Securities was the winning bidder at a true interest cost of 3.29 percent. He said the refunding portion will save the county roughly $130,000 in interest — about 5 percent of the refunded principal — and that the county's AAA rating supported competitive pricing.
CFO (appearing as Lindsay Powerso) said the bond proceeds will be dedicated primarily to the administration building project and to refunding, and explained the county's timeline for planning and securing cash ahead of a multi-year facility project.
Commissioners asked about debt policy and long-term debt capacity; staff said recent policy adjustments align measures with S&P AAA benchmarks and noted upcoming payoffs that will free capacity. The board moved to award the sale to the best bidder, adopted the resolution and ratified the sale; the clerk called the roll and the motion passed unanimously.
