The Leavenworth County Commission moved forward Monday with the preliminary steps to refinance some of its outstanding debt in an effort to save money.
The Leavenworth County Commission moved forward Monday with the preliminary steps to refinance some of its outstanding debt in an effort to save money. The commission is hoping to refinance loans owed to the Kansas Department of Transportation and Kansas Turnpike Authority for projects related to the County Road 1 interchange on the turnpike. County Administrator Pat Hurley said he had received a preliminary official report from Piper Jaffray, a Leawood, Kan., investment bank, that analyzed the county’s debt. “We appear to be where we should be, as far as they’re concerned, to recommend moving forward,” he said. Hurley said county staff met with Piper Jaffray officials to go over some of the reports findings last week and answer further questions on the county’s finances. “They asked the standard questions and appeared to be satisfied with the answers they got,” Hurley said. He said he planned to bring a representative from Piper Jaffray before the commission next week to answer their questions and, perhaps, to present the estimated savings for the county should they decide to refinance. In the meantime, County Counselor David Van Parys recommended that the commission approve two resolutions — one that officially approves the preliminary official statement and another that would authorize the execution of the necessary documents to keep the process moving. “At some time next week, probably the end of next week, you will adopt a formal bond resolution,” Van Parys said. Commission Chairman John Flower asked if that was when the commission would see the final numbers. Van Parys said that was the case.