TPS board moves forward with bond work

Skyler Hammons |, Tahlequah Daily Press, Okla.
·2 min read

Feb. 7—The Tahlequah School Board of Education held a special meeting Feb. 7 to discuss current bond issues.

The bonds were passed during a previous election by district voters for work on an indoor athletic facility, Greenwood Elementary's additions, and Cherokee Elementary renovations.

The board approved the employment of Stephen H. McDonald and Associates Inc. to be the district's financial consultant.

"Typically we do this at a time that we go to vote more bonds or there is a change in state law," said Heather Reichert, Stephen H. McDonald and Associates Inc. financial adviser. "There was a new law at the end of 2022 that school districts and municipalities within the state of Oklahoma can't do business with entities that boycott the energy industry."

Reichert said the only changes to their agreement was that they do not, and will not, be boycotting the energy industry.

Discussion focused on the annual review and consideration on the adoption of written policies and procedures for post-issuance compliance. Reichert said the guidelines were recommended by the IRS for record-keeping and some information on tax-exempt bonds. The guidelines were recommended as added protection for the district in the event of an audit.

The board received bids for the $7,890,000 general obligation building bonds. The contract was awarded to the lowest bidder — UMB Bank, N.A., of Kansas City, Missouri — with a net interest cost of $1,481,895.75 and average rate of 4.699955%. The issuance of the bonds in the sum of $7,890,000 was approved.

TPS Superintendent Tanya Jones said the bonds help pay for projects the voters have already approved.

"Once you issue the bonds, it allows the county treasurer to set up a sinking fund to collect the ad valorem taxes to pay the principal and interest on these bonds," Reichert said.

The businesses items discussed included an agreement with Northeastern State University for the use of the event center for the 2024 VEX Robotics State Oklahoma Robotics Championship, March 1-2. An e-rate agreement was also made with BOLT Fiber. This will provide area-wide network service for the 2024-'25 school year.

What's next

The next Tahlequah Public Schools Board of Education meeting will be Feb. 20 at 6 p.m. at the TPS Board of Education Office.