Bonds sold for Edmond school district upgrades

Investment firms continue to bank on the growth of Edmond and its school district.

That was the message delivered to the school board by Zack Robinson, of BOK Financial Securities, who oversaw the district’s sale of $37.58 million in bonds.

The sale will finance district construction, renovations and equipment.

Wednesday’s transaction was the first of four sales involving a $111 million school bond package passed last month by Edmond voters.

The bonds went out to bid this month and five companies turned in bids.

The purchaser is once again Hutchinson, Shockey, Erley & Co. of Chicago. Robinson said that company has bought the last 11 of 15 Edmond school bonds.

“They like you guys a lot,” Robinson told the board during a special meeting on Wednesday.

“The school district is viewed very favorably around the country.”

Robinson said the Edmond bonds are a favorite of the investment firms because the schools keep growing and Edmond’s AA bond rating is among the best in the state.

The bond rate is 1.73 percent.

Superintendent Bret Towne said that is about a quarter of a percentage point lower than the district was expecting. Towne said recent federal hikes in interest rates were a concern, and he was happy the bonds were sold at under 2 percent.

The next bond sale will be in July, and two more will be held next year.

Among the projects to be funded from this sale are an enlargement and renovation to the Edmond North High School football stadium.

Towne said it was important to sell the bonds now, rather than wait until the next regularly scheduled board meeting on April 3.

“Two weeks can make a big difference in the construction schedule,” Towne said after the meeting.

“We need the funds to pay the architect’s fees and get this process going.”

The board approved the sale by a 4-0 vote. Board President Cynthia Benson was absent.