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Mustang school board approves $26.39 million in bond awards and companion authorizations
Summary
At its meeting, the Mustang Public Schools Board of Education awarded three series of general obligation bonds totaling $26.39 million, approving low bids for each series and passing companion resolutions that finalize issuance details and authorize annual tax levies to repay the debt.
The Board of Education of Mustang Public Schools approved awards for three series of general obligation bonds and separately adopted companion resolutions to authorize issuance and fix remaining sale details.
Zach, who presented the district's bid tab, reported that the district called three series of bonds in April and that six firms bid on each sale. For the $19,250,000 series 2026A, Jefferies LLC submitted the low-net-interest-cost bid, with an average rate reported in the bid tab as 3.36352%, Zach said. For the taxable $3,140,000 series 2026B, Robert W. Baird & Co., Inc. submitted the low bid with an average rate of 4.350214%. For the $4,000,000 combined-purpose (two-year) bonds, Piper Sandler & Co. submitted the low bid at an average rate of 2.868%.
Zach told the board that Standard & Poor's affirmed the district's rating, which, together with a tight bid spread and the relatively short maturities, helped attract multiple investors and produced competitive results.
The board took each award and its companion resolution separately. Motions to award each bond series were made, seconded and approved on voice vote; the transcript records ‘‘Aye’’ with no recorded nays for each matter. The companion resolutions were presented to finalize form, prescribe registration, and provide for a levy of an annual tax to pay principal and interest.
Votes at a glance: - Business Item 1 — Award $19,250,000 general obligation building bonds, series 2026A to Jefferies LLC (low bid reported 3.36352%). Motion moved and seconded; board approved by voice vote. - Business Item 2 — Resolution authorizing issuance of the 2026A bonds (companion resolution). Approved by voice vote. - Business Item 3 — Award $3,140,000 general obligation building bonds, federally taxable series 2026B to Robert W. Baird & Co., Inc. (low bid reported 4.350214%). Motion moved and seconded; board approved by voice vote. - Business Item 4 — Resolution authorizing issuance of the 2026B taxable bonds (companion resolution). Approved by voice vote. - Business Item 5 — Award $4,000,000 general obligation combined-purpose bonds, series 2026, to Piper Sandler & Co. (low bid reported 2.868%). Motion moved and seconded; board approved by voice vote. - Business Item 6 — Resolution authorizing issuance of the combined-purpose bonds (companion resolution). Approved by voice vote.
The presenter emphasized that the district's relatively short maturities and affirmed rating helped secure multiple competitive bids. Officials present did not record individual roll-call vote tallies in the public transcript for the bond approvals; each item passed on the board's voice vote.
The board did not amend bond terms during the meeting; the companion resolutions were described as standard documents that finalize coupons, forms and required SEC disclosure steps. The district package references compliance with SEC Rule 15c2-12 and related disclosure steps for underwriters.
