Piedmont board accepts sole RW Baird bid for $11.925 million taxable building bonds

The Piedmont School District Board of Education voted unanimously to accept a single bid from RW Baird for the sale of $11,925,000 in taxable combined purpose building bonds and then authorized staff to complete required registrations and legal reviews so funds can be transferred in July.

District finance staff summarized market comparisons and recommended accepting the sole bid, arguing the result is within the district’s tax and millage projections. Jordan (district staff member) said, “I would recommend that we accept the 1 bid that we've received,” and added that “Millage isn't changing. That's the single biggest factor.”

Nut graf: The board faced an unusual sale with only one submitted bid. Staff presented recent comparable taxable and tax-exempt sales across Oklahoma to show the bid was within current market parameters and that rejecting the sole bid risks delay and uncertain future pricing. After staff recommendations and brief discussion, board members voted to accept the RW Baird bid and to authorize registration and legal filings needed to complete the borrowing.

Most important facts: Staff said the single bid came from RW Baird of Milwaukee. The bid included a premium of $715.50, a net interest cost of $1,179,859.50 and an average interest rate of 4.947 percent. The bonds were described in the agenda as a $11,925,000 taxable combined purpose building issue dated July 1, 2025, with a two-year coupon structure noted in the discussion. Staff explained the sale must be taxable because proceeds will be used more than 90 days after pricing (an advance refunding scenario), which triggers IRS rules about taxability.

Discussion and context: Jordan reviewed recent Oklahoma sales for comparison (Clinton, Luther, Glenpool, Haskell, Little Axe, Midwest City-Del City, Mustang) and explained block-size effects on investor appetite: around $8 million and again near $20 million the pool of bidders typically changes. Jordan said the district generally expects 2–3 bids on similar issues, and that state rules require documentation showing the district made good-faith efforts to solicit competition when only one bid is received.

Board members asked about the financial effect of accepting the bid versus delaying for further bids. Jordan summarized the district’s estimate that moving from the observed 4.947% to a 4% rate would change total interest by roughly $238,000 and translate to less than $1 per year per typical patron under the district’s valuation assumptions. Jordan and board members noted there is no guarantee a delay of 4–5 weeks would yield improved pricing and that some market factors—such as competing large deals or investor appetite for taxable paper—can sharply influence responses.

Formal actions: At the meeting Jared Bowen moved to accept RW Baird’s bid for the $11,925,000 taxable combined purpose building bonds at an interest rate of 4.947 percent; Lane seconded. The board voted: Neil — yes; Jared — yes; Katie — yes; Lane — yes. Later, the board voted to authorize the issuance and to direct staff to file registrations and obtain required reviews (DTC registration, Secretary of State, State Department of Education filings, and attorney general/district attorney legal review) so funds can be transferred in July. That motion was recorded with the face amount in the motion text as $11,920,000 (see clarifying details). The authorization motion was seconded by Lane and passed unanimously with the same roll-call votes.

What the board did not do: The board did not reject the bid or defer the sale; members discussed the option but voted to proceed. Staff said additional state-required documentation will be prepared to show a good-faith solicitation of bids.

Ending: The board closed the bond items after approving the bid acceptance and issuing authorization. Staff said they will complete the required filings so funds can be transferred as planned in July.