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Muskogee board accepts low bid from American Heritage Bank and approves $10.8 million bond resolution
Summary
The Muskogee School Board received five bids for $2.8 million in general obligation building bonds, accepted the low bid from American Heritage Bank (with BOK Financial Securities) citing the lowest net interest cost and average rate, and approved a $10.8 million bond resolution authorizing issuance and continuing disclosure under SEC rule 15c2-12.
The Muskogee School Board received five bids for $2,800,000 in general obligation building bonds and voted to award the issue to American Heritage Bank in association with BOK Financial Securities, the board was told.
During the bid readout the presenter listed five offers (representing seven entities) with net interest costs and average rates: American Heritage Bank/BOK Financial Securities (net interest cost $1,142,910; average rate 4.2330%), D.A. Davidson & Co. (net cost $1,538,028; average rate 5.6964%), Armstrong Bank with the Baker Group (net cost $1,494,641.16; average rate 5.535708%), Robert W. Baird & Co. (net cost $1,600,884; average rate 5.9292%), and Northland Securities (net interest cost $1,571,400; average rate 5.82%). The presenter recommended accepting the lowest-cost bid by law and noted the American Heritage/BOK Financial offer as the low bid.
A motion to accept the American Heritage Bank bid was moved and seconded and carried by voice vote. The transcript records the accepted net interest cost and average rate for the low bid but does not record individual roll-call votes; approval is reflected as a voice vote.
Separately the board considered and approved a bond resolution authorizing issuance of general obligation building bonds in the sum of $10,800,000. The resolution designates UMB as paying agent and registrar, deems the preliminary official statement final for purposes of SEC rule 15c2-12, agrees to comply with continuing disclosure obligations required by that rule, and provides for a levy of an annual tax to pay principal and interest on the bonds.
The presenter explained the continuing disclosure requirement: under SEC rule 15c2-12 issuers commit to provide updated information comparable to the offering documents so that secondary market holders can compare offerings. The board approved the resolution by motion and voice vote. The meeting then moved to adjournment.
No additional conditions, amendments to the motion, or dissenting votes were recorded in the transcript.
