BOK Financial Securities, Inc., was hired by the Weatherford Public Works Authority Friday, by a vote of 4-0.
BOK will handle the issuance of its Sales Tax Revenue Note, Series 2020 in the approximate principal amount of $13.315 million for the purpose of financing various capital projects, along with related costs and paying costs associated with the issuance of the note.
Chris Gander, senior vice president and investment banker with BOK, said with the commission approving this resolution, BOK can begin to solicit bank notes.
Gander said BOK will try to get a bank note instead of bonds for this money.
“Because it’s inside of 15 years, banks are interested,” Gander said.
He also addressed interest rates, saying those are at an all-time low, along with municipal tax rates, which the City of Weatherford would be subject to.
Ward 3 Commissioner Warren Goldmann asked Gander, “If we don’t get the (interest) rate we want, can we hold off?”
Gander said the city could.
This new note would replace the existing Yes Weatherford note, which expires in December of this year — approved by voters in 2010.
With the approval, PWA authorizes BOK as the its financial advisor, to distribute bid packages to financial institutions in connection with the proposed sale of the note. PWA also is authorized to enter into professional services agreements with BOK as the financial advisor, The Public Finance Law Group PLLC, as Bond Counsel, and David D. Duncan, Lawyer P.C., as authority counsel, in connection with the proposed financing of the project.
Also, the chairman or vice chairman and secretary or assistant secretary of the PWA are authorized to execute and deliver said professional services agreements on behalf of the PWA and take all such other action.