Henryetta school board members sold the next to last series of bonds that will pay off the new school busses as well as a building project.
The bond sale Tuesday was for $1,075,000 with American Exchange Bank in Henryetta partnering with Country Club Bank from Kansas City submitting the low bid.
Four financial institutions were involved in the bidding with all four submitting percentage rates that were within decimal points of each other.
The American Exchange and Country Club quote was for 5.3835 percent interest rate on the bonds for a total cost of $115,745.25.
The highest rate was from Oklahoma City-based E. Baker Group with 5.6295 percent at a cost of $121,034.25.
State law requires schools to accept the lowest bid.
According to Andy Davis from the bond sales company the original estimate was for 5.5 percent. “We were dancing all around it. The four bids all close together shows how the market is,” he said. He went on to say four other schools around the state held recent bond sales with interest rates in the five percent range.
Approval was given for the sale with four members voting in favor. Wes George, who works at American Exchange, abstained from the vote.
Davis said one more sale will take place next year.