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Edmond Public Schools accepts JPMorgan low bid and authorizes issuance of $63 million general obligation bonds
Summary
The board accepted the low bid from JPMorgan Securities for a $63,000,000 general obligation bond sale and approved the resolution authorizing issuance and related documents.
The Edmond Public Schools Board of Education voted Thursday to accept the low bid from JPMorgan Securities for the district's $63,000,000 general obligation building fund series 2025 bonds and to authorize issuance of the debt.
BOK Financial Services, the district's bond advisor, presented the sale results. Chris Gander of BOK told the board they received seven bids and that the low bid from JPMorgan Securities returned a gross interest cost described in the presentation and a net interest cost after premium. Gander said the net interest cost equated to a yield in the reported materials. “We received 7 bids with a low bid coming from JPMorgan Securities,” he said, reading the bid results to the board.
Board members said the district's strong credit helped secure favorable pricing. A board member noted Edmond's AAA rating, observing that the district is among a small number in the state with that rating. After a formal motion to award the bonds to JPMorgan Securities and a second, the board approved the award and then approved a separate resolution providing for issuance of the bonds, approving the official statement and continuing disclosure agreement, and directing related actions to complete the closing and levy the tax for principal and interest.
Why it matters: The sale provides the district with proceeds tied to voter-approved bond authorization and enables planned capital projects. Board approval of both the award and the issuance resolution are necessary steps to close the financing and place proceeds in the district's accounts.
What the board approved: The board first voted to award the 2025 general obligation building bonds to JPMorgan Securities (low bidder) and then voted to approve the resolution authorizing issuance, approving the official statement and continuing-disclosure agreement and directing the superintendent and staff to complete steps needed to close the financing. The district's bond advisor and outside counsel will complete closing steps, which the presenter said should conclude in August 2025 so the district will receive proceeds thereafter.
Votes and formal actions: Following motions and seconds, the chair called roll. Recorded affirmative votes after the award motion included: Coleman (yes); Jones (yes); [Pinson/Benson recorded as yes during roll call]; Underwood (yes); Hopgood (yes). The subsequent resolution to issue the bonds passed by the same recorded vote.
