Shawnee’s School District will save about $232,625 during a nine-year period after board members approved the issuance of bonds during a special meeting Tuesday.
That’s because bids for interest paid on the bond monies came in less than projected.
Ron Fisher, president of Stephen H. McDonald & Associates, Inc., and financial advisor for the school district, said his office budgeted a higher interest rate than what was bid.
The district received four bids with Vision Bank, Shawnee, in association with BOSC, Inc., Oklahoma City, receiving the bid with an interest rate of 2.43 percent. The estimated rate was 3.85 percent, Fisher said.
“As your financial advisor, I would advise you to accept the bid of Vision Bank,” he said.
The board unanimously approved the bid, 5-0. President David Parsons and April Stobbe were not at Tuesday’s meeting.
The Bids
Net Interest Cost Average Rate Sealed bid of
$402,375 2.438636 % Vision Bank, Shawnee
$479,625 2.906818 % First National Bank and Trust Co., Shawnee
$447,562.50 2.7125 % First United Bank and Trust Co., Durant
$493,500 2.990909 % BancFirst, Oklahoma City
