The Edmond Sun

February 19, 2013

Edmond school board issues $26.56M bonds for sale

Underwood sworn in for third term as board president

Patty Miller
The Edmond Sun

EDMOND — Jamie Underwood was sworn in Tuesday morning for her third five-year term as the board of education member from District No. 3 in a special meeting of the Edmond School Board.

The board voted unanimously for Underwood to remain as president and for Kemp Cole to remain as vice president for the next year.

Normally the presidency would have rotated to George Cohlmia who will be serving his fifth year as board member, but last year when the board reorganized he gave up his position as vice president because he felt a board member should serve as president his or her fourth term rather than the fifth year when they are up for re-election.

“It was my turn traditionally to serve as president,” Cole said, “but Jamie Underwood had done such a good job this past year that I wanted her to remain as president. The board has been working together harmoniously, and I will remain as vice president. We have a diverse team coming together and working well for the district.”

Traditionally the person that had served vice president served as president his or her fifth year on the board.

“You need someone who is experienced and understands how things work,” Cole said. “I have been on the board eight years and I am proud to serve as vice president to Jamie and look forward to making the district move forward and be the best it can be.”

Underwood said this decision was made for this year only.

“Next year when it is time to reorganize the board we will take another look at it,” Underwood said. “I appreciate the confidence and support my fellow board members have placed in me.”

In other business, investment Banker Zack Robinson, assistant vice president of BOK Financial Corporation, presented information on the $80 million bond issue passed by residents during the Feb. 12 election. Information included the amount of issuance for maturity each year and fixing the time and date the bonds are to be sold.

The issuance of $78.21 million of bonds to provide funds for the purpose of improving or acquiring school sites, constructing, repairing, remodeling and equipping school buildings and acquiring school furniture, fixtures and equipment (Proposition No. 1), by the Edmond School District and the issuance of $1.79 million of bonds to provide funds for the purpose of purchasing transportation equipment (Proposition No. 2) by the school district were authorized by the vote of the people.

The district determined to sell the approved bonds in two separate series and at this time issue $25.67 million of the authorized Building Bonds (Proposition No. 1), and $895,000 of the authorized Transportation Equipment Bonds (Proposition No. 2). The bonds will be known as the $26.56 million General Obligation Combined Purpose Bonds, Series 2013.

The $26.56 million General Obligation Combined Purpose Bonds, will be offered for sale and that the Board of Education will receive bids by sealed bid, facsimile bid, or electronic bid (via PARITY) by 2 p.m. March 25.

Bonds will become due: $6.64 million in two years from their date of issuance and $6.64 million annually each year thereafter until paid.

The bonds will be awarded by the Board of Education at 7:45 a.m. on March 26 during a special board meeting in the Edmond Public School Administrative Center, 1001 W. Danforth and shall be sold to the bidder bidding the lowest rate of interest the bonds shall bear and agreeing to pay par and accrued interest for the bonds.

The resolution passed 5-0.