The Broken Arrow City Council approved the sale of $17 million in General Obligation Bonds, Series 2025A, and Series 2025B on Nov. 17, to TD Financial Product, LLC.

The bonds will be funded in December, and the proceeds from the sale will be reinvested in the community to support various stages of 38 voter-approved projects that will improve the city's transportation, stormwater, and drainage systems.

The city received four bids for the $14.5 million Series 2025A General Obligation Bond and one bid for the $2.5 million Series 2025B General Obligation Bond.

John Wolff, the president and Chief Commercial Officer of Municipal Finance Services, Inc., serves as the City’s Financial Advisor and was present to receive and review the bids on behalf of the City of Broken Arrow.

As for the Series 2025A bond, Wolff said, “The low bid was provided by TD Financial Product, LLC, on the 20-year term bonds, and we had a bid of 3.669651 percent.”

The Council authorized the solicitation of the bids in October, and a notice of the sale for this series was published and sent to prospective purchasers.

TD Financial Product, LLC, was also the only entity to submit a bid on the $2.5 million Series 2025B General Obligation Bond, with a bid of 3.110826 percent.

Wolff says the market has been up and down this year.

“The main thing, as you guys think about this big picture, with a 20-year debt, all of our projections going forward are in this 3.6 range," Wolff said. "So, what we accomplish when we talk about $400 million or a little bit more, that’s what we’ve assumed going forward. There’s a lot of positive movement in the market, keeping it in a position where you guys can meet your objectives. We recommend that you award to TD Financial Products, LLC, as a low bidder based on the lowest True Interest Cost award.”  

Standard and Poor’s recently rated the bonds, and “that was a change for the good,” according to Wolff.

The bond sale is the tenth sale from the 2018 General Obligation Bond package.

With this bond sale, the City of Broken Arrow will allocate more than $13.7 million from the 2018 General Obligation Bond Proposition #1, Transportation. This bond sale will provide the funding for 14 Transportation projects in various phases. (The following are the project’s location, construction phase, and the amount allocated to each phase.)

• Improvements to 9th and Kenosha, construction*, $1,760,000.
• Intersection 9th and Hillside Drive, construction*, $1,520,000.
• Widen 9th Street, Washington to New Orleans, construction, $4,160,000.
• Rehabilitation residential street, design, $300,000.
• Rehabilitation residential street, construction, $3,515,000.
• Dallas Street rehabilitation, design, $140,000.
• Dallas Street rehabilitation: right-of-way, $200,000.
• Dallas Street rehabilitation, construction, $1,360,000.
• Old Town, Kenosha Street to Houston/Elm to 9th Street, design, $40,000.
• Old Town, Kenosha Street to Houston/Elm to 9th Street, right-of-way, $60,000.
• Old Town, Kenosha Street to Houston/Elm to 9th Street, construction, $400,000.
• Sidewalk improvements, design, $10,000.
• Sidewalk improvements and right-of-way, $10,000.
• Sidewalk improvements, construction, $230,000.

*This secures funds for construction of the improvements at these two locations. However, both projects are part of a significant improvement plan for State Highway 51 in Broken Arrow being conducted by the State of Oklahoma. Construction will coincide with the State’s plan.

The Total Transportation investment from this bond is $13,705,000.

Eight projects will be advanced from Proposition #5 Stormwater with this bond sale. The following are the project’s location, construction phase, and the amount the City of Broken Arrow is allocating for each phase.

• Lancaster Park Detention Facility, design, $40,000.
• Tiger Creek Nature Park and Tiger Creek, design, $30,000.
• Tiger Creek Nature Park and Tiger Creek, construction, $345,000.
• Shops at Adams Creek, design, $10,000.
• Shops at Adams Creek, construction, $115,000.
• Bridge replacement, design, $40,000.
• Bridge replacement, right of way, $30,000.
• Bridge replacement, construction, $185,000.

The Total Stormwater project investment from this bond is $795,000.

From Proposition #6 Drainage, there are 16 projects.

• Adams Creek Basin, design, $30,000.
• Adams Creek Basin, construction, $345,000.
• Broken Arrow Creek Basin, design, $30,000.
• Broken Arrow Creek Basin, construction, $345,000.
• Haikey Creek Basin, design, $30,000.
• Haikey Creek Basin, construction, $345,000.
• Elm or Aspen Creek Basin, design, $20,000.
• Elm or Aspen Creek Basin, construction, $205,000.
• Adams Creek Basin improvements, design, $70,000.
• Adams Creek Basin improvements, construction, $330,000.
• Drainage improvements, Broken Arrow Creek Basin, design, $50,000.
• Drainage improvements, Broken Arrow Creek Basin, construction, $350,000.
• Drainage improvements, Haikey Creek Basin, design, $40,000.
• Drainage improvements, Haikey Creek Basin, construction, $260,000.
• Drainage improvements, Elm or Aspen Creek Basin, design, $10,000.
• Drainage improvements, Elm or Aspen Creek Basin, construction, $40,000.

The total allocated for these drainage projects is $2.5 million.

For more information about the progress of each project within the 2018 General Obligation Bond propositions, go the 2018 General Obligation Bond page on the city's website.