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.

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