During a special meeting for the County Budget Board on Friday, County Clerk Maressa Treat promised to meet the new filing deadline set by Moody's Ratings.
Treat missed the credit assessor’s original deadline, but said the delay won’t affect the county’s rating.
“It is important to note that the economic condition, debt profile and other underlying credit factors of Oklahoma County have not changed,” Treat said in written communications. “This is a logistical issue, not a credit issue, and it will be resolved.”
Moody’s score determines the county’s bond rates. At stake is the interest owed on a $260 million bond package passed in 2022 to pay for construction of a new jail and any other bonded debt used to finance the facility, plus potential "public-private partnerships" the county enters involving private investors.
Oklahoma County is already struggling to source sufficient funding for the jail, now estimated to cost $700 million, and a higher interest rate would only compound the issue.
Officials say funds from the existing bond would pay for a jail with 700 beds but the county needs a facility with up to 2,400 beds.
To make up the difference, the Citizens Bond Oversight Advisory Board recommended a county tax but county commissioners rejected the measure. Neither a tax special election date, nor other details have been developed.
Chairman of the Board Myles Davidson said they need to explore other options before agreeing to a tax hike.
Meanwhile, construction for a Behavioral Care Center, designed to be right next to the new jail, has already started. That part of the project will cost the county $44.4 million but is being built mostly with federal funds from the American Rescue Plan Act.
Davidson said he has “no doubt” Treat and her office will manage to submit an audited report on time. It’s due on April 1.
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