The Edmond Board of Education accepted a bid for the sale of $52M in bonds at a special meeting on May 27, securing the lowest interest rate ever obtained by the district. Huntington Securities of Chicago, Illinois was the bid winner with an interest rate of 0.54 percent.
“The combination of the current low-interest-rate environment and our credit quality and solid financial position contributed to receiving such a low interest rate on our largest single bond sale,” said Chief Financial Officer Lori Smith. “What this means for taxpayers is lower cost associated with the financing of the projects approved in the bond election earlier this month,” said Smith.
On May 11, voters approved a $65M bond issue that will fund the construction of school additions, school improvements, curriculum and technology. The $52M to Huntington Securities is the first of two bond sales.
Standard & Poor’s rating services recently reaffirmed the district’s AA+ bond rating citing strong finances, maintenance of good reserves and low overall debt with rapid principal amortization.