The Washita County Public Facilities Authority board met for its regular meeting Tuesday, Sept. 3, 2019, and unanimously voted to table the decision to hire bond counsel to handle a possible refunding, or refinance, of the bonds issued to pay for the Washita County Justice Center 10 years ago. The board decided to table the motion in order to give the district attorney’s office time to review the proposed contracts.
Earlier this year the board contracted Greg Nieto of The Baker Group to serve as financial advisor for the possible transaction, but decided to delay the hiring of bond counsel after the attorney who acted as counsel during the initial financing, J. Brent Clark, filed suit seeking an injunction to prevent the move. The injunction was denied and the suit dismissed by Judge Jill Weedon.
The original bond issue, passed by Washita County voters in 2009, was a 20-year financing with a provision that precluded any refinancing for a period of 10 years. That 10-year period ends Dec. 1, 2019, and, according to Bodie Bachelor, the attorney proposing to serve as bond counsel, the board can act any time now to refinance the bonds. Washita County Clerk Kristen Dowell estimated the county could save in excess of $20,000 per month if the bonds are refinanced to a lower interest rate, but an exact number would depend upon the interest rate at the time the board actually enters into a refinance.
The board will hold a special meeting at 9:00 a.m. Tuesday, Sept. 17, 2019, at the courthouse.