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Board approves $2.65 million taxable notes for RecPlex turf-field lease arrangements
Summary
Trustees approved issuance of $2,650,000 in taxable general-obligation promissory notes to fund RecPlex turf-field work; five bids were received and the all-in cost reported was 4.477% with a coupon of 5%.
The Village Board approved a separate financing action to issue $2,650,000 in taxable general-obligation promissory notes to finance RecPlex turf fields. Finance staff explained that a portion of the fields are leased to for-profit leagues, which made a taxable issue preferable under legal guidance. The sale drew five bids; BOK Financial Services (Bank of Oklahoma) was the successful bidder, and staff reported an all-inclusive cost of 4.477% and a coupon rate of 5%.
Kathy asked the board to approve a roll-call vote to finalize the taxable sale, and the board approved the resolution by roll call. Staff compared current pricing to May borrowings and noted the taxable sale's pricing was roughly 30 basis points higher than earlier issues due to market movement.
