Sand Springs board authorizes sale of two GO bond series, sets April 25 bid deadlines

The Sand Springs Public Schools board voted to authorize the sale of two general-obligation bond series and approved a related financial-advisor service agreement during its regular meeting.

The board approved authorizing the sale of the tax-exempt series 2024A, described by the district’s financial adviser as a $3,510,000 series intended to be tax-exempt to bondholders. Bids for that series were set for 9:00 a.m. on April 25, and the adviser said the district expects principal payments to be scheduled in years two through five to limit interest costs. The adviser explained the district split this year’s GO issuance into tax-exempt and federally taxable series to maximize the amount sold at lower, tax-exempt rates while complying with federal timing rules for proceeds.

The board also approved a federally taxable series (2024B) totaling $2,745,000; bids for the taxable series were set for 9:30 a.m. on April 25. The presenter said the taxable bonds carry fewer use-time restrictions but generally come at higher rates, so the district used a mix to lower overall interest expense.

Separately, the board approved a renewal of the financial-advisor service agreement with Bank of Oklahoma (item 38) and adopted motions to proceed with both bond-series authorizations. Each action was moved, seconded and approved by voice vote.

Board members recorded aye votes during roll call; no dissenting votes were recorded on the bond items. The financial adviser told the board that tax-exempt bonds generally attract a larger market and that certain proceeds must be spent on a shorter timetable to qualify as tax-exempt under IRS rules.

Next steps include receiving bids on April 25 and returning to the board with the bid results and final sale recommendations.