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Tulsa Public Schools board awards $40 million bonds to Wells Fargo, approves issuance
Summary
On Jan. 12 the Tulsa Public Schools Board unanimously awarded sale of $40 million in Combined Purpose General Obligation Bonds to Wells Fargo Bank, N.A., at a true interest cost of 2.503007% and approved the resolution authorizing issuance; public comments raised ethics and Special Education concerns.
The Tulsa Public Schools Board of Education voted unanimously Jan. 12 to award the sale of $40,000,000 in Combined Purpose General Obligation Bonds, Series 2026A, to Wells Fargo Bank, N.A., and to adopt a resolution providing for issuance of the bonds and levy of an annual tax to pay principal and interest.
Board Member Stacey Woolley moved to award the bonds to Wells Fargo Bank, N.A., as the lowest bidder complying with the notice of sale, with a stated true interest cost of 2.503007%; the motion was seconded by Board Member John Croisant and carried 6‑0. Croisant moved, and Woolley seconded, the resolution authorizing issuance of the bonds; that motion also passed 6‑0.
The bonds were authorized by a district election on June 8, 2021, and the resolution adopted by the board fixes registration and levy details necessary to issue the Combined Purpose General Obligation Bonds. The agenda packet described the sale as Series 2026A; specific uses of the proceeds were described in the agenda materials as “combined purpose,” without additional expenditure breakdown in the public meeting record.
During the public comment period preceding the board action, one speaker referenced the upcoming bond election and Oklahoma Ethics Commission rules; another public commenter raised separate concerns about Special Education and individualized education program (IEP) improvements. Those speakers did not change the board’s vote but were recorded in the meeting minutes as public comment on items G.1 and G.2.
The board completed the formal votes and proceeded with routine business. Next procedural steps for bond issuance follow the district’s bond‑sale and closing timeline as implemented by the Treasurer and bond counsel; the board’s resolution empowers staff to complete registration and levy steps consistent with the adopted terms.
