School board OKs bond financing deal
The money is on the way.
The Lawton Public Schools Board of Education approved the issuance of the first $3.1 million series of bonds during a special meeting at noon Tuesday.
With the advice of Matthew Reichart of financial planning firm Stephen H. McDonald and Associates, the board opened five bids for the bonds BOSC Inc. of Oklahoma City bid a net interest cost of $46,500, at a rate of 0.75 percent; UMB Bank of North America, Kansas City, Mo. bid $41,850, at a rate of 0.675 percent; Liberty National Bank of Lawton, in association with the Baker Group of Oklahoma City, bid $37,200, at a rate of 0.6 percent; Country Club Bank of North America, Prairie Village, Kan., bid $49,600, at a rate of 0.8 percent; and BancFirst of Oklahoma City bid $46,500, at a rate of 0.75 percent.
The board chose the lowest bidder, Liberty National Bank in association with the Baker Group.
Reichart said the low bids were good news for the district, since the bonds were originally figured for election projects at an interest rate of 1.95 percent, or a total cost of $120,900. All of the bids received were significantly lower.