In a 5-0 vote the Edmond Board of Education sold the largest bond issue at the lowest interest ever received.
The $23.38 million sale was described by Chris Cochran, representing Bank of Oklahoma as the district’s bond adviser who will handle the sale of the bonds, as very important and historical.
Sealed bids were received until 2 p.m. Feb. 6, and were awarded during the regularly scheduled school board meeting that evening.
All of the companies put in extraordinary bids, but the lowest bid was submitted by Hutchinson, Shockey, Erley and Company, a financial institution out of Chicago at a .941857 percent interest rate.
“I was certain there had to be an error,” Cochran said. “I feel confident this is the lowest bond rate ever received in the state of Oklahoma.”
Edmond has a AA rating, Cochran added, an extraordinary rating based on the decisions the administration makes, the school board’s direction and a community that supports the district.
The first bond payment of $5,845,000 will come due two years from the date of issuance and $5,845,000 annually each year until paid in full.
The new elementary school, to be built on North Pennsylvania south of Coltrane for $15 million, is the largest money item of the 2011 Bond Planning document, said Bret Towne, associate superintendent of district operations.
The 75,000-square-foot elementary school will sit on 40 acres with plans to add a 125,000-square-foot middle school to be built at a later date.
“The new elementary will be a compact school-in-school concept,” Towne said, “with the lower elementary classes on one side and the higher classes on another. Pods will be going out on both sides of the corridor.”
Other items claiming bond money include the technology plan, $1.5 million; transportation, $900,000; roofing, $960,000; security, $200,000; district equipment, $1.6 million, HVAC replacement, $600,000; Will Rogers flooring, $280,000; Centennial classrooms, $155,000; Northern Hills renovation, $140,000; Angie Debo classrooms, $160,000; Washington Irving, $425,000; Boulevard Academy, $460,000; and energy conservation, $1 million.
School board members also voted 5-0 to seek bids to replace the sound system and add speakers in the North High School auditorium, roofing bid plans for Sequoyah Middle School and North High School and John Ross Elementary HVAC.
Board members approved preliminary concept plans for Orvis Risner Elementary School including remodeling, expansion and roads and parking.
Members also voted to adopt a multi-year plan for a Performance Audit through the State Office of Accountability.
Transportation bids were awarded to Ross Transportation in the amount of $684,652 for two special needs buses and seven route buses to be paid from the November 2011 Bond Issue; Bob Hurley in the amount of $81,193.05 for two 2012 Ford F350 Crew Cab 4x4 at $28,352.50 each and one 2012 Ford Econoline Van with 14’ box, factory prep for CNG at $24,488.05 to be paid from the November 2011 Bond Issue and Total Radio for radios/antennas/software in the amount of $41,200 to be paid from the November 2011 Bond Issue.