The Carroll County Board of Supervisors passed a resolution Thursday afternoon approving a purchase agreement for the sale of $8.95 million in bonds to be used for construction of the county’s new law enforcement center. Vice President of Public Finance for D.A. Davidson, Nathan Summers, attended the meeting to go over the details of their recommendation to sell the bonds to R.W. Baird Investments.
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On Sept. 10, the supervisors awarded a $10.93 million bid to Badding Construction. Badding’s bid was the lowest but came in nearly $2 million over the originally estimated cost. Shive Hattery, the project’s architectural and design firm, conducted value engineering with Badding to realize several hundred thousand dollars in savings. According to Summers, the bonds were sold and financed in a manner for the county to provide an additional $323,000, which will be sourced from local option sales tax funds. Average annual debt service on the bonds would be $711,000 and would require a debt service levy of just over 46 cents. This equates to about $31.28 per year on a $125,000 residential property. Supervisor, Gene Meiners, and Summers pointed out the cost to taxpayers for the bonds is very close to what was originally estimated.
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Summers added the county also has the potential to realize additional savings when they reach the bonds’ call date on June 1, 2027.
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The supervisors voted four in favor and one against approving the bond purchase agreement. Dean Schettler was the sole nay vote. The current timeline puts the bonds’ closing date on Oct. 30