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Piedmont Public Schools board accepts Piper Sandler low bid for $13,245,000 taxable building bonds
Summary
At a special noon meeting the Piedmont Public Schools Board unanimously accepted Piper Sandler's low bid for $13,245,000 in taxable combined-purpose building bonds and authorized staff to complete legal reviews and registrations so proceeds can be transferred in June.
The Piedmont Public Schools Board of Education voted unanimously at a special noon meeting to accept a low bid from Piper Sandler for $13,245,000 in taxable combined-purpose building bonds dated June 1, 2026, and to authorize the issuance and registration of the bonds with state and federal agencies.
Jordan, a presenter for the district, told the board the district received five bids and that Piper Sandler of Chicago submitted the lowest average interest rate at 4.186 percent. Jordan said the other bidders' average rates were 4.25 percent (Cruz and Associates), 4.297 percent (RW Barrett), 4.35 percent (Northland Securities) and 4.6185 percent (Bank of Oklahoma with F&M).
"We would recommend that you accept that low bid from Piper Sandler," Jordan said, recommending the board approve the award and offering to answer any questions.
Board member Neil moved to accept Piper Sandler's bid; Derek seconded. The board voted: Lane yes, Derek yes, Neil yes and Jared yes. Matt was recorded absent. The motion to award the bonds to the lowest dollar bid carried unanimously among members present.
Under a second agenda motion, the board authorized staff to take the procedural steps required to issue the bonds, including submitting documents for legal review and registering the bonds with the attorney general, the district attorney, the Depository Trust Company, the Secretary of State and the State Department of Education so funds can be transferred in June. Lane moved to authorize issuance and registration; Neil seconded. The board voted unanimously among members present.
Jordan explained that local bank participation typically helps reduce rates by creating competitive pressure among bidders and noted that the district's credit rating remained unchanged during the process. He also described an IRS rule affecting 'bank qualified' status that can alter tax treatment once issuance exceeds certain thresholds.
The board completed the meeting with a unanimous vote to adjourn. No public comment was recorded in the transcript.
