The Woodward News

Local News

March 17, 2010

Bond resolution approved

Michelle Seeber Woodward News

Woodward, Okla. — In a swift meeting Tuesday, the Woodward County Public Facilities Authority took several more steps toward the construction of a new county jail

Members of the authority approved a resolution to issue up to $13 million in bonds with an interest cost of 3.28 percent to pay for the jail.

The authority also waved competitive bidding on the sale of the bonds, authorizing their sale to the Bank of Oklahoma Securities Inc. (BOSC) of Oklahoma City.

“We’re officially in debt now,” authority chairman Ted Craighead said.

Chris Cochran of Geary Securities Inc., which negotiated the transactionss, said the authority got a good rate on the bonds because Stock Exchange Bank contacted BOSC and said they would buy many of them when they were issued.

The authority selected  Stock Exchange Bank as the depository bank into which sales tax revenues to retire the bonds will be directed. The board also selected UMB Bank in Oklahoma City as the trustee bank.

As trustee, UMB Bank will be responsible for holding the those funds, which can then be requisitioned out by the authority.

“They’ll receive funds from the depository bank, and every 6 months take a payment to bond holders,” Cochran said of UMB.

After the authority settled the banking procedures, attorney J. Brent Clark noted that the Woodward County Commission can now approve the bond issue and the bonds will be let.

“We anticipate being able to close on this bond issue in about a month,” Clark said.

The authority is still waiting for a credit rating, which is an indication of financial stability.

“I feel confident we’ll get a good rating this Thursday,” Cochran said.

Before the meeting concluded, the authority accepted the architectural plans for the new jail, which were prepared by Architects in Partnership of Norman.

The board also accepted personal liability insurance from ACCO-SIG for the construction phase of the new jail.

Text Only
Local News
  • webtanker.jpg Woodward man dies in collision with diesel tanker

    One man is dead after his passenger car collided with a semi hauling diesel fuel along Highway 412 in Major County Thursday morning.

    February 9, 2012 1 Photo

  • Barresi discusses ACE requirements

    State Superintendent of Public Instruction Janet Barresi discussed the goals and requirements of the Achieving Classroom Excellence (ACE) Act with the media Wednesday morning during a statewide conference call.

    February 8, 2012

  • Storm spotter class Feb. 23

    With winter coming to a close and spring at its heels, most Oklahomans know now is the time to start getting prepared for tornado season.

    February 8, 2012

  • Mooreland student wins spelling bee

    MOORELAND -- Mooreland 6th grader Krishna Gandhi is Woodward County's newest champion speller.

    February 8, 2012

  • Police investigating potential digital peeping tom

    Woodward Police Detectives are investigating a possible "digital peeping tom."
    The investigation began after police officers were called out to a local supply store around 2:30 p.m. on Thursday, Feb. 2 for a strange discovery that had been made inside the store restroom.

    February 8, 2012

  • One killed, 3 injured in Tuesday accident

    OHP releases report from wreck north of Mooreland early Tuesday morning

    February 8, 2012

  • Winter weather visits Woodward

    Maybe the groundhog was right after all, as Northwest Oklahoma received some winter weather Tuesday and more may be in the forecast.

    February 7, 2012

  • City not footing bill for additions

    The city won't have to foot the bill for an increase in construction costs to renovate the Woodward Industrial Building for use by Siemens Energy.

    February 7, 2012

  • AARP set up in Enid to offer tax help

    TULSA - The American Association of Retired Persons' (AARP) Tax-Aide Program is only coming as close to the Woodward area as Enid this year, says State Program Coordinator Andy Bednarz, who is out of Tulsa.

    February 7, 2012

  • Area legislators react favorably to State of the State speech

    OKLAHOMA CITY - Area legislators were upbeat after Gov. Mary Fallin's State of the State address Monday.
    The News obtained statements from Sen. Bryce Marlatt, R-Woodward; Rep. Jeff Hickman, R-Fairview; and Rep. Mike Sanders, R-Kingfisher, following the address Monday afternoon.

    February 7, 2012