Chickasha board approves $2.445 million bond sale at 4.74%

The Chickasha Board of Education voted to award the district’s $2,445,000 general-obligation combined-purpose bonds (federally taxable series 2026) to First National Bank & Trust Company of Chickasha at an average interest rate of 4.74 percent. The board then approved a resolution authorizing the issuance, prescribing the bond form, and approving the continuing disclosure agreement and final official statement.

Bond counsel and the district’s financial adviser reviewed four competitive bids and said the 4.74 percent result was a narrow, market-driven spread compared with other offers and slightly lower than last year’s sale. The presenter told the board the bonds are short-term (two years), which he said reduces investor exposure to rate swings and helped achieve a lower rate. "You have very short bonds, two years, which is as short as they can legally be in Oklahoma," the presenter said, adding that the district’s credit profile and administration helped attract competitive bids.

The resolution confirms the district’s intention to levy an annual tax to repay principal and interest and authorizes the registration and other final details necessary to complete the sale. The board made the award by motion, took a roll-call vote and approved the resolution.

The presenter said the district compared net interest cost and the rightmost bid columns in the tabulation to select the lowest overall cost to taxpayers. Board members asked routine clarifying questions about the bidder pool and confirmed they had received the bid tab before the vote. The board’s action finalizes the administration’s plan to issue the 2026 series and provide the official statement to the market.

The board did not identify any statutory or voter-approval impediments in the discussion; the motion passed by roll call.