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Salina Board approves $785,000 building bonds, awards purchase to Lakeside Bank of Salina and BOK
Summary
At a June 4 special meeting, the Salina Public Schools Board approved issuance of $785,000 in combined-purpose building bonds, voted to levy an annual tax to pay them, designated the issue as qualified tax-exempt obligations under Internal Revenue Code Section 265(b)(3)(B), and awarded the purchase to Lakeside Bank of Salina and BOK.
The Salina Public Schools Board of Education voted June 4 to issue $785,000 in combined-purpose building bonds and awarded the bond purchase to Lakeside Bank of Salina and BOK.
Board President Leroy Monk moved to award Lakeside Bank of Salina and BOK as the lowest bidder on the district's $785,000 Combined Purpose Building Bonds; the motion, seconded by Board Clerk Jackie Ball, carried with four yes votes from Monk, Greg Rice (vice president), Jackie Ball (clerk) and Casey McWhirt (member). Member Jarred Sorum was recorded as absent.
In a subsequent motion, Monk moved and Rice seconded a resolution authorizing the issuance of the $785,000 combined-purpose building bonds, prescribing the form of the bonds, providing for their registration and directing the levy of an annual tax to pay principal and interest. That resolution passed with the same recorded vote and member absent.
The board also approved a motion, moved by Monk and seconded by Casey McWhirt, to designate the general obligation bonds of 2025 as "Qualified Tax-Exempt Obligations" pursuant to Section 265(b)(3)(B) of the Internal Revenue Code of 1986; that motion passed by the same recorded margin (four yes, one absent).
The special meeting was called to order at 12:00 p.m. at 212 East Ferry, Salina, Oklahoma, and adjourned at 12:10 p.m. The minutes record no action on agenda item #3 and list Jarred Sorum as absent for the session.
