The Edmond Sun

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July 15, 2011

Edmond school bond bids reach historic low

Patty Miller The Edmond Sun

EDMOND — Edmond Board of Education members voted to accept the lowest bid for the $9.4 million General Obligation Building Bonds, Series 2011 Thursday morning.

The bid was from Piper Jaffray out of Minneapolis, Minn. at an average rate of interest of 1.445000 percent.

“This bid is lower than any bid in history,” said Chris Cochran, managing director of public finance and senior vice president of BOSC Inc., a subsidiary of BOK Financial Corporation. “In fact, the second lowest bid of 1.705357 percent from the Hutchinson, Shockey, Erley & Company was lower than any other bid in history, also.”

Citigroup Global Markets Inc. out of Dallas gave a bid of 2.148500 percent.

The previous low bids were all with Hutchinson, Shockey, Erley & Co. They were 1.841 percent in March 2010, 1.724 percent in July 2010 and 1.978 percent in March 2011.

The highest interest paid was 5.943 percent in January 2000.

“This is historically the lowest interest rate the district has ever paid for the sale of bonds,” said David Goin, superintendent. “Such a favorable rate is beneficial to taxpayers and to the school district.”

The $9.4 million bond is part of the $29.9 million bond issue passed in November 2010.

Bret Towne, assistant superintendent of district operations, said monies from this bond will be used for the following:

• School security — Providing  at all sites technology  that runs sexual predator background checks on persons trying to enter schools. This technology also prints ID badges for security protocol, $200,000.

• John Ross Elementary School — Second phase of room renovations, office expansion and secured entrance, $2.1 million.

• Maintenance Service Construction — $1.3 million. Balance of the $4.1 million bid price to be paid from residual bond funds.

• Competitive Pool — second phase, $4.34 million.

• Technology — second phase, $1.46 million.

In other business Dan Lindsey was approved by the board as the new Child Nutrition director for the school district. Once procedural items such as a background check are complete, a contract will be offered with a salary range of $73,224 to $81,360 for the position.

The board also hired Jason Galloway as the new principal at Sequoyah Middle School for the 2011-12 school year.

Two assistant principal interns were hired for the 2011-12 school year including Chris Tober at Summit Middle School and Robert Dennison at Centennial Elementary School. They will be employed for a salary range of $50,000 to $55,000.

 

pmiller@edmondsun.com | 341-2121, ext. 171

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