Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds Finance topic
No spam. Unsubscribe anytime.
Board awards $2.205 million taxable GO bonds to UMB Bank, approves issuance resolution
Summary
The Chickasha Public School District awarded its $2,205,000 federally taxable general obligation combined-purpose bonds to UMB Bank at a 4.74778% average rate and approved a resolution authorizing the bonds and related disclosures.
The Board of Education for Chickasha Public School District I-001 voted to award the district’s $2,205,000 general obligation combined-purpose bonds, federally taxable series 2025, to UMB Bank of Kansas City and approved a resolution authorizing issuance and related disclosures.
Zach Robinson, identified in the meeting as the successful purchaser representative, told the board the sale drew five bids and that UMB Bank submitted the low bid with a net interest cost translating to an average interest rate of 4.74778 percent. “When we did our projections at the beginning of the year, we used around 5%. So this is a really good outcome,” Robinson said.
The resolution the board approved fixes terms the district could not finalize before the morning sale, including the bond form, registration, the continuing disclosure agreement and language authorizing an annual tax levy to pay principal and interest. The read-aloud resolution text also directed the district’s treasurer and staff to continue the district’s routine financial reporting to the marketplace for outstanding debt.
Board members moved and seconded the motions to award the sale and adopt the resolution. The clerk called roll for each vote; the board recorded unanimous support on the motions called (roll call names recorded in the meeting minutes included Allen, Cliff and others who voted “yes”).
Robinson and district officials said the competitive outcome—five bidders, many regional and in-state investors, and the low rate—reflected the district’s strong credit and calmer market conditions since earlier in the year. Board members thanked Robinson and staff for the work on the sale.
The board’s formal action authorizes (1) awarding the bonds to UMB Bank at the stated rate and (2) issuance of the series under the terms contained in the approved resolution. The district will execute the continuing disclosure agreement and finalize ministerial bond documents consistent with the approved resolution.
No further discussion on the bond item was recorded; staff indicated the standard post-sale paperwork (signatures, binding coverage, investor statements) will follow.
