The Luther School Board gathered for a Special Meeting Wednesday evening for some routine maintenance on bond issues related to the new high school. Three board members, Matt Mohr, Sherri Anderson and Steve Broudy, provided the quorum to hear the explanation of the issue from Ron Fisher with Stephen H McDonald & Associates, financial advisors serving Oklahoma School Districts.
“This is routine for the way the bonds were sold for the new high school building. The term is lease revenue bonds so they are retired and new bonds sold throughout the duration of the bond period. The board is asked to do this annually,” said Superintendent Sheldon Buxton.
Fisher told the board there was one bid to take up the General Obligation Bond, the First Bank &Trust Company of Luther and its affiliate bank in Kansas City. Fisher said the bank offered a 1.0480 rate on the $980,000 annual bond which he described as a rate that was within a desirable range.
The board will meet again in a year to consider the same issues and reissue the nearly one million dollar General Obligation Bond lease, and every year until the high school building is paid off in July 2025, Fisher said.
As the board members hurried in from busy days to take care of this business, their banter was all about the OKC Thunder. All present were united in support over the Thunder who is up three games to one against the Golden State Warriors in the Western Conference finals. The Thunder (as well as the Luther Lions) is a great equalizer! Go Thunder!
The School Board meets again next week, June 2, at 6:30 pm to conduct RIF Due Process Hearings.