County approves engagement and ordinance to pursue refinancing of 2018 bonds

John Fry, a director with PFM, told the board the county is positioned to refinance a portion of its 2018 bonds to secure lower interest rates and realize net savings. Fry said the engagement letter authorizes his firm to invest short-term proceeds in U.S. Treasuries during the brief escrow period.

"So the agenda item 5.03 is the engagement letter for my firm, for $3,500 to just give explicit instruction for them to invest that money in US treasuries for that period of time," Fry said, noting the investment would earn approximately $100,000 in interest during the interim. Commissioners voted to approve the engagement letter and subsequently approved the related ordinance that authorizes the finance team to move forward when market and ratings conditions are appropriate.

Fry said the county will have an S&P rating call the same day and that bond proceeds will pay the fee out of the financing. The board unanimously approved the motions.