A special meeting was held by the Ponca City Board of Education on Tuesday, March 28 at noon.

Judy Throop called the meeting to order.

The Board voted to approve the employment of Stephen H. McDonald & Associates, Inc. as financial consultant to the school district.

The Board then discussed the annual review of the existing or adoption of written policies and procedures for post-issuance compliance. There are already a current set of policies and procedures in place, thus the Board didn’t need to make any changes at this time. There does exist a provision that the Board should review these on an annual basis.

They also discussed continuing disclosure obligations, of which they have two. One is in connection with the General Obligation Building Bonds, and the other is on the revenue bond financing. Both are filed on behalf of the Board by Stephen H. McDonald & Associates, Inc. and has been taken care of.

The Board voted to receive bids for the $17,400,000 General Obligation Building Bonds of this school district and award bonds to the lowest bidder. The district has received four bids thus far from five banks. By law, the district must accept the lowest bidder. The Board was recommended to select Bank of Oklahoma (BOK) with a net interest cost of $3,554,617 at an average rate of 4.539741%.

The Board then voted on a resolution providing for the issuance of General Obligation Building Bonds in the sum of $17,400,000 by this school district, authorized at an election called and held for such purpose; prescribing form of bonds; deeming the preliminary official statement to be the “final” for the purposes of SEC rule 15(C)2-12; agreeing to comply with continuing disclosure requirements of SEC rule 15(C)2-12; providing for registration thereof; providing for levy of an annual tax for the payment of principal and interest on the same; and fixing other details of the issue.

The Board then voted to convene into executive session.