On Tuesday, April 21, 2020, the Sapulpa Public Schools Board of Education met in a special meeting via videoconference to authorize the issuance of General Obligation Building Bond funds for $9,910,000. First United Bank and Country Club Bank were awarded the bid. The bonds had a net interest cost of $332,282.30 with an interest rate of 1.34 percent and will mature at $4,955,000 in two years and at $4,955,000 in 2024.
The funds received from the sale will be used for district projects like upgrading digital curriculum and technology, capital expenditures, and to make a $7.7 million payment on the $27.6 million Lease Revenue Bond from 2014.
The funds from 2014’s Lease Revenue Bond (which was the largest in school history) paid for the new addition at the Middle School, upgrades at Freedom, Jefferson Heights, and Liberty elementary schools, the renovation of the high school football field’s stadium and press box, Chromebooks and other digital technology for students and teachers, new buses, improved security measures at the schools, and a new soccer and track facility, and 8-lane track (the Westside Sports Complex), among other improvements. The projects in the LR Bond are funded by revenue generated by the county’s ad valorem taxes. The sale of the GO Bond on Tuesday is one part of the series of projects in the LR Bond approved by voters and will not generate any new taxes.
The resolution to sell the GO Bond was unanimously approved by the BOE.