School board authorizes sale of $400k in general obligation bonds

The Guthrie Public Schools Board of Education approved the authorized sale of $400,000 General Obligation Refunding Bonds to F&M Bank.

In April 2019, 71.7 percent of school district voters said yes to the largest school bond amount for GPS with a five-year $19.25 million bond.

F&M Bank was the lowest bidder when it came to the purchase with an interest rate of 1.745017%. BOK Financial Securities, Inc. (1.895477%) and The Baker Group (2.044734%) also made bids.

The net interest cost will be $13,991 with a maturity date of May 1, 2022.

Jon Wolff, the school district’s financial advisor, says the rates were “very close” to his projections.

Wolff added the mill levy projection should be determined by August. The school board established a target millage for property owners of 17 mills.

The specific projects of the successful bond issue, include repairs, renovations and improvements to Central Elementary School, Fogarty Elementary School, Guthrie Upper Elementary School, Guthrie Jr. High School and Guthrie High School, including but not limited to, HVAC replacement and upgrades, window replacement and tuck point exterior repair, addition of secure vestibules, renovation of restrooms, replacement of auditorium seating and lighting.

The costs of those projects are listed at $4,900,000.

Acquisition of classroom technology equipment, including additional computers, software licenses and service agreements at sites district wide comes with a cost of $915,000.

Constructing, equipping and furnishing a new Cotteral Elementary to be located on the existing Cotteral Elementary campus which will have a planned capacity of 500 students and will be approximately 50,000 square feet in size. The price tag sits at $13,435,000.