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Stillwater board approves $18.45M bond sale, taxable series and lease financing for athletics project
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Summary
The Stillwater Board approved resolutions to sell Series 2026A bonds ($18,450,000), a taxable Series 2026B ($1,960,000), and authorized a lease/sublease financing (not to exceed $18,000,000) to fund remaining athletic construction; bids and a GMP for phase 1 civil and landscape work were also approved.
The Stillwater Board of Education on April (date not specified) approved multiple financing actions to support the new high school and the next phase of athletics construction.
Finance staff presented the resolution for Combined Purpose General Obligation Bonds Series 2026A, a $18,450,000 par sale with a seven-year maturity and an anticipated interest rate near 3.25 percent. Staff told the board roughly $11 million of that amount would repay part of the high-school lease, about $3 million would fund a competition-area agreement with the YMCA and the remainder (about $4,445,000) would support maintenance, technology, academic and transportation needs. The board authorized sale of the bonds and set a May 12 bid date; the motion passed on a unanimous roll-call vote (Douglas, Dylan, Wilson, Washington, Baker yes).
The board also approved a smaller taxable series, Series 2026B, with a par of $1,960,000 and a two-year term to cover taxable portions of the lease financing; finance staff said the taxable series will likely carry an interest rate north of 4 percent. That resolution passed on roll-call.
For athletics the board authorized a sublease purchase agreement to issue lease-revenue bonds through the Payne County Economic Development Authority for the remaining athletic construction. The authorization set a not-to-exceed amount of $18,000,000, maximum interest not to exceed 4.5 percent, and a term not to exceed Sept. 1, 2033. After the board vote staff will present the financing to Payne County for approval on April 29, per the district’s schedule.
Operations staff then presented bid awards and contract steps for Stillwater High School athletics phase 1 (civil and landscape). The board voted to award the bid packages to the low bidders as presented and to assign the bids to Willowbrook for contractor coordination. The board approved a guaranteed maximum price (GMP) for Willowbrook not to exceed $4,372,781.97 for that package.
Jerica (finance staff) summarized the sale timing and purposes and told the board she expected to return on May 12 to present bid results. The board approved each resolution and motion by roll call; recorded votes show unanimous approval among the five board members present.
No member of the public provided formal testimony on the bond items during this meeting.
