Franklin County’s last piece of financing for Proximity Park is in the books. The county is charged with making improvements to Kingman and Montana Roads as well as the intersection of US-59 and Kingman.
Franklin County commissioners Wednesday selected Country Club Bank, Kansas City, Missouri — which had the lowest interest rate bid on the latest bond issue. The interest rate was 3.01 percent.
“It was very aggressive bidding,” David Arteberry, senior vice president for George K. Baum & Company, said. “Country Club’s bid met all the bidding parameters and all the terms and conditions.”
Arteberry said since the bid came in lower than expected, they lowered the bond issue from $3 million to $2.89 million.
He said eight bids were received for the second bond issue for Proximity Park. The first issue was for $7 million, which was issued during the summer of 2017.
“We are happy with the amount of bidders we had on the bid issue,” Derek Brown, county administrator/counselor said.
Brown said in December when the resolution to accept bids was passed, that for financing reasons, they broke the financing into two bond issues.
Arteberry said the amount of mills for both bonds was anticipated to be 1.2, but will actually be in the half-mill range after the sale of the recent bond issue.
Arteberry also complimented Franklin County’s Standard and Poor’s bond rating of A-plus.
“They complimented the county on the growth you have had with the assessed valuation as well as the increasing trend in your fund balances,” Arteberry said. “That was a real positive thing to have your rating affirmed.”
Brown said he was happy with the good bond rating, but expects it to rise in the future.
“We did not get an upgrade,” he said. “We are close. We will get that upgrade. We need more time. Our fund balances are heading in the right direction.”