FINANCIAL_SERVICESPENDING

City of Jonesboro Finance & Administration Council Committee Meeting Agenda 2026-05-26

Escrow Agreement to Defease Colson Caster Bonds

$11,000,000 Series 2022A Bonds; $4,000,000 Series 2022B Bonds; not to exceed $9,000,000 Series 2022C Bonds; escrow deposit amount equal to defeasance cost (unspecified)City of JonesboroCOLSON CASTER LLCMay 25, 2026

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Description

Jonesboro is set to execute an Escrow Deposit Agreement to defease $15 million in taxable economic development revenue bonds previously issued for the Colson Caster Project. Colson Caster LLC will repurchase the project real estate at a price sufficient to fully retire the Series 2022A and 2022B bonds and associated costs by April 1, 2027.

Contract Details

Contract Amount

$11,000,000 Series 2022A Bonds; $4,000,000 Series 2022B Bonds; not to exceed $9,000,000 Series 2022C Bonds; escrow deposit amount equal to defeasance cost (unspecified)

Vendor

COLSON CASTER LLC

Agency

City of Jonesboro, AR

Contract Type

FINANCIAL_SERVICES

Document Date

May 25, 2026

Contract Term

Bonds originally issued April 19, 2022; defeasance and redemption of Series 2022A and 2022B by April 1, 2027

Renewal Date

2027-04-01

Renewal Info

Escrow Deposit Agreement remains in effect until all Series 2022A and 2022B bonds are retired, with redemption of all outstanding bonds called for April 1, 2027.

Related Contracts

City of Jonesboro Finance & Administration Council Committee Meeting Agenda 2026-06-09

AMENDED

City of Jonesboro (Indiana)June 9, 2026

City of Jonesboro Council Agenda 2026-06-02

City of Jonesboro Finance & Administration Council Committee Meeting Agenda 2026-05-26

PENDING

City of Jonesboro (Arkansas)May 25, 2026

Issuing Agency