The Washington County Corrections Facility Trust Authority recessed Tuesday after instructing its financial advisor during its meeting to pursue an agreement accepting a bid from Bank of Oklahoma for the financing of the new jail facility.
County Commissioner and jail authority member Linda Herndon said no action was taken to accept the bid as the bid amount is contingent on the county's credit rating.
Bank of Oklahoma offered a bid amount of $17,423,052 -- with no prepayment of debt -- or $17,272,363 -- with prepayment -- if the county receives an A+ credit rating.
Herndon said the authority will learn its credit rating in two weeks at the Dec. 7 meeting. She said based on that rating, the authority will decide whether or not to accept the bid. If the credit rating is less than A+, the authority will renegotiate the amount.
Herndon said Bank of Oklahoma's bid was about $330,000 less than a bid offered by Bartlesville's BancFirst.
The authority during their
meeting last week discussed five bids for the new jail's finacing: BOSC out of Oklahoma City then offering a financing total -- including prinicipal and interest -- of $17,658,072.16, BancFirst of Bartlesville submitting two bids -- one for a total of $18,402,282.50 and another for $18,339,762.25, Bank of America in Oklahoma City offering a total of $17,743, 475.66 and Wells Fargo out of Houston, $18,369,775.00.
The authority instructed Chris Cochran, a representative from Capital West Securities who presented the analysis of bids to the WCCFA, last week to get clarifications on the bid packages, to be presented in the this week's meeting upon which the authority would make it's decision on which bid to pursue.
