County paves way for LPS to use $55 million of bond
Comanche County commissioners approved two resolutions Monday that will pave the way for Lawton Public Schools to incur up to $55 million in debt through the Comanche County Educational Facilities Authority.
The authority was created in 2006 to help county school districts advance funds for their school projects, but until recently Elgin has been the only school district to utilize it, according to Jered Davidson of the Oklahoma Public Finance Law Group in Oklahoma City.
Now, Lawton Public Schools will also use the county trust authority for a portion of the $99.6 million school bond issue approved by voters on Nov. 14.
In their capacity as trustees for the educational facilities authority, commissioners authorized the authority to issue a "Lease Revenue Note, Series 2018," for an amount not to exceed $55 million, but which Davidson expects to be less than $51 million. The note will be used to finance construction of a new Eisenhower Middle School and equip safe rooms at educational sites across the district, he said.
"We're negotiating directly with Bank of America at this point. They put the best proposal forward for the school district based on financial terms and covenants," Davidson said, adding that he expects to close the note on Wednesday. The interest rate is expected to be in the 3-4 percent range.