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Henryetta school board members held a working lunch Tuesday as they sold $1,060,000 general obligation bonds.
Two bids were submitted, one from The Exchange Bank in Skiatook and the other from Bank of Oklahoma Securities.
Winning the bidding war was BOK charing 3.65 percent in interest.
“We figured 4.5 percent in the original schedule,” said Stephen L. Smith, the bond consultant out of Tulsa.
His firm has been responsible for Henryetta’s bond sales for a number of years.
The bonds were from the building bond vote in 2015 and the transportation bond issue in 2017.
Smith pointed out the school is capped on its bonding ability by a ten percent valuation of net assessed value. Currently that stands at $36,399,398.
Bonds are paid by property taxes assessed against residents and property owners within the school district. Currently the district has a 28.47 mill assessment.
“When we voted in 2015 our target rate was 29 to 30 mills. We have been just below that since then.”
The final bond sales will take place in the 2027-2028 fiscal year.