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Edmond School Board approves sale and issuance resolution for $63 million building bonds
Summary
The Edmond Public Schools Board accepted a low bid and approved a resolution authorizing the issuance of $63,000,000 in general obligation building bonds, directing tax levy and approving related documents.
The Edmond Public Schools Board of Education on July 10 accepted a low bid for the district's $63,000,000 general obligation building fund series 2025 and voted to authorize issuance of the bonds.
The board voted to award the bond sale to JPMorgan Securities, which provided the lowest bid. Board members then approved a resolution authorizing issuance of the bonds, approving the official statement and continuing disclosure agreement, and directing the levy of an annual ad valorem tax to pay principal and interest.
Superintendent Josh Stalich introduced BOK Financial Services representative Chris Gander, who reported seven bids were received and JPMorgan offered the lowest gross interest cost. Gander said the net interest cost equated to about 2.8982 percent (figures presented in the meeting packet). He told the board the district’s target had been between 3 and 4 percent and that the bid was below that target.
Board members asked clarifying questions about ratings and tax impact. A board member noted the district’s double-A-plus rating (as presented at the meeting) and called it favorable for taxpayers. Trustee motions were made to accept the low bid and to authorize issuance; both motions passed on roll call votes with all members present voting yes.
The board was told the transaction will close in August after required filings, including a transcript to the attorney general, and the district will receive proceeds into its account upon closing. Officials said proceeds will be incorporated into the district’s estimate of needs provided to the county assessor, who levies the tax to pay debt service.
Votes at a glance: the board unanimously (recorded roll-call “Yes” votes) awarded the sale to JPMorgan Securities LLC and approved the resolution providing for issuance of the $63,000,000 general obligation building fund series 2025.
Board discussion and the bid report were limited to the sale mechanics, interest-rate results and next procedural steps; no amendments to the bond terms were proposed at the meeting.
