Sand Springs board approves $5 million in school bonds, awards low bids to RW Baird and Northland Securities

The Sand Springs Public Schools Board of Education voted June 2 to approve the sale and formally authorize two bond series: a $4,160,000 tax-exempt general obligation combined purpose series and an $840,000 federally taxable general obligation building series.

The tax-exempt series was awarded to Robert W. Baird & Co. Inc., the board heard. Zach Robinson, the district’s financial advisor on the call, said the Baird bid produced an average interest rate of 3.536786%. Robinson told the board the sale was “a very close sale,” with a Davidson firm from Colorado offering a near-competitive bid at 3.56%.

The board then approved a resolution authorizing issuance of the tax-exempt bonds, which finalizes details in the offering documents and allows the district to levy an annual tax to repay principal and interest. The board recorded an all-aye vote to adopt the resolution.

For the taxable series, Robinson said six bids were received and Northland Securities submitted the low bid, with an average rate of 4.728571% and a reported interest cost of $139,020. The board voted to award the $840,000 federally taxable series to Northland Securities and then adopted the resolution authorizing issuance of that series.

Board members cast unanimous approval during the votes on the bids and the related resolutions. The board also approved related procedural items: the preliminary official statements and certifications needed to complete the sales, consistent with SEC Rule 15c2-12 and Internal Revenue Code requirements referenced in the resolutions.

The board’s actions included renewing two sublease agreements with the Tulsa County Industrial Authority that are connected to prior revenue-bond projects: the Freshman Academy and STEM Center (2019 bond) and projects tied to the 2024 bond election, including Clyde Boyd Middle School work and a press box. The renewals are administrative steps required while bond proceeds remain outstanding.

Robinson told the board the market for similar municipal sales had improved since earlier in the year; when the district did its planning the board was using 4% estimates and the actual results came in under that projection. Board members asked procedural questions about tax status and confirmation that the tax-exempt series was, in fact, tax-exempt; Robinson confirmed it was.

The board voted on the bond awards and issuing resolutions in open session; motions and roll-call tallies are recorded in the board minutes.