Sapulpa Public Schools awards GO Bonds

District awards $1.6M in GO Bonds
Posted on 03/31/2021
Special Meeting of the Sapulpa School Board of Education(SPS) -- The Sapulpa School Board of Education approved the issuance of $1,645,000 General Obligation Combined Purpose Bonds to SpiritBank of Tulsa in association with First Bankers’ Banc Securities, Inc. of St. Louis, Mo.

The award was unanimously approved during a Special Meeting of the Board on March 31.

A General Obligation Bond, or GO Bond, is a municipal bond, which is debt security issued to finance capital expenditures, backed by the issuer’s creditworthiness and its taxing power of its jurisdiction rather than the revenue from a given project.

Tom Frazier of Stephen H. McDonald & Associates unsealed the bids during the meeting and revealed SpiritBank (Sapulpa Branch) and First Bankers’ Banc Securities had submitted the lowest bid with a net interest cost at $11,580.80 with an average rate of .3520 percent. By law, school districts must approve the lowest bid or reopen the bidding process.

The funds received from the sale of the GO Bonds will be used for district projects that were passed by voters who live in the school district during the Special Election on March 2. The issue passed with 80 percent of the vote.

Among the projects the GO Bond funds will be used for include new digital curriculum/textbooks, the purchase of new classroom/library furniture, security upgrades, new band instruments, new equipment for Athletics, Cheer, Pings, and Ag programs, four new vehicles to transport students, and more. A complete list of the projects can be found here.

Revenue generated from Ad valorem taxes is the funding source to pay for the projects in the GO Bond. Based on the assessed property valuations and taxation over the past three years, there is no projected tax increase.
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