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Stillwater board sells $20.41 million in bonds, awards both series to Piper Sandler
Summary
The board approved resolutions and awarded two series of general obligation bonds — $18.45M (2026A) and $1.96M taxable (2026B) — to Piper Sandler. Proceeds will fund district projects, pay a lease purchase and contribute about $3M to a YMCA pool project.
The Stillwater Public Schools Board of Education approved the issuance and sale of two series of general obligation bonds and awarded both series to the lowest compliant bidder, Piper Sandler.
Series 2026A was authorized in the amount of $18,450,000 with Piper Sandler submitting the low bid at approximately 3.257517%. The district financial presenter said proceeds will be used to pay down a 2024 lease‑purchase agreement tied to the high school, fund district projects and allocate roughly $3 million for a YMCA swimming pool project. The district’s rating from S&P was noted to have been upgraded a notch this year, a factor the presenter linked to a stronger fund balance and improved financial performance.
The taxable Series 2026B totaling $1,960,000 was also awarded to Piper Sandler as the low bidder at a taxable rate near 4.385767%. Officials explained taxable rates are typically higher and the district sold the minimum taxable amount necessary.
Both bond resolutions and awards passed on roll‑call votes with board members recorded as voting yes. The awards concluded the bond sale process; district staff and underwriters will proceed with closing and scheduling for receipt of proceeds.
