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The Oklahoma City Board of Education voted Monday night in favor of a $500 million financing plan to expedite construction projects from its 2022 bond package. (Photo by Nuria Martinez-Keel/Oklahoma Voice)
The Oklahoma City Board of Education voted Monday night in favor of a $500 million financing plan to expedite construction projects from its 2022 bond package. (Photo by Nuria Martinez-Keel/Oklahoma Voice)
School board votes on bond financing
By: Nuria Martinez-Keel//Oklahoma Voice//April 17, 2024//
Listen to this articleA lengthy discussion and public comments revealed frustrations within Oklahoma City Public Schools over the planning, rollout and oversight of its $955 million bond issue passed in 2022.
The Oklahoma City Board of Education’s eventful 4 1/2-hour meeting Monday featured a massive financing deal and the fate of two historic properties.
The board’s eight members unanimously approved a $500 million lease-purchase financing agreement with the Oklahoma Industries Authority that will set in motion multiple bond construction projects.
The board agreed to pay back the $500 million at an interest rate of no more than 5.5%. The Oklahoma Industries Authority and the Oklahoma County commissioners also must approve the deal.
The agreement acts like a loan to give the district more funds upfront rather than waiting several years to collect the bond revenue needed to start high-dollar constructions and renovations.
The 2022 bond will collect revenue until the 2033-34 school year. The district received $233 million of the $955 million total already.
