Board authorizes sale of three bond series, selects advisor and bond counsel

The Mustang Public Schools Board of Education authorized the sale of three general-obligation bond series and confirmed professional appointments needed to proceed with the sales.

During a presentation, the district's financial adviser (identified in the meeting as "Zack") explained that the board split the authorization into three series because of differing timing and uses of proceeds. The board approved: the sale of Series 2025A building bonds totaling $19,300,000; Series 2025B, a federally taxable series totaling $4,080,020.25; and Series 2025 combined-purpose bonds totaling $159,000,000. The board also approved BOK Financial Securities Inc. as financial advisor and selected Terry Hawkins of Phillips Merritt PC as legal bond counsel.

Zack told the board that bids for the 2025A series would be accepted until 9 a.m. on May 12 and presented that evening; bids for the taxable series were due at 9:30 a.m. on May 12; and combined-purpose bids were due at 10 a.m. on May 12. He said the district aimed to keep maturities short (five years for some series, two years for the combined-purpose bonds) to limit interest costs. He told the board he would present bid results the same evening.

Board members asked about current market conditions. Zack said the bond market had experienced ‘‘extreme volatility’’ over recent weeks and that stability was hoped for in the coming month; he added that the district’s strong S&P credit rating should attract investor interest.

No roll-call vote counts were recorded in the public transcript; the board approved the resolutions by voice vote.

Next steps recorded in the meeting: staff will accept bids on the stated May 12 schedule and report bid results at the evening meeting; bond counsel and the Attorney General opinion will be obtained prior to closing.