Finance staff presents lease revenue bond reconciliation, escrow balance and payment timeline
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Summary
The district’s finance director presented a one-page reconciliation of the 2022 lease revenue bond escrow at UMB Bank, including payments requested for signature projects, interest received and remaining escrow balance as of Oct. 15; principal and interest obligations cited totaled about $552.2 million.
Clint Everhart, OKCPS executive director of finance, presented a one-page top-level report on the district’s lease revenue bond during the Nov. 10 meeting, explaining how funds have been drawn to pay for transformational and signature projects.
Everhart said the lease revenue bond was executed June 26 and the proceeds were placed into an escrow account at UMB Bank. He reviewed the reconciliation lines: requests submitted to UMB for payments on projects (listed alphabetically in the packet), interest received on escrowed funds, and the remaining balance as of Oct. 15. Everhart noted that two scheduled payments (one already made in April) are fixed lines within the original bond structure and reiterated that more detailed information is available on request.
A board member asked how the district will remain financially stable over the bond’s life (Everhart referenced the 2022 bond authorization and ongoing coordination with capital projects and the bond team). Everhart confirmed that the finance and capital teams are monitoring availability for signature projects and ongoing maintenance.
Next steps: finance staff will provide more detailed backup on request and continue periodic top-line reconciliations at board meetings.