Sallisaw School Board awards bonds for building project

The Sallisaw Board of Education gathered at noon on Wednesday for a special meeting to discuss several key issues regarding the district’s financial responsibilities and obligations.

The first item on the agenda was the annual review of existing policies and procedures concerning post-issuance compliance. The board discussed the matter briefly, but no action was taken.

Next, the board turned to the topic of continuing disclosure obligations. Again, after a short discussion, no action was taken, and they proceeded to the next agenda item.

Bidding for General Obligation Bonds The main item on the agenda was a sig- nificant financial decision for the district: the awarding of bonds for an upcoming building project.

Deputy clerk Tami Martin made a motion to receive bids for the district’s General Obligation Building Bonds, valued at $1,760,000. She also motioned to award the bonds to National Bank of Sallisaw, a division of First National Bank of Fort Smith, in collaboration with The Baker Group, an investment firm based in Oklahoma City. This was the lowest bid submitted.

The motion passed unanimously, with all other board members voting in favor.

With the bid decision finalized, the next step was a resolution to formally authorize the issuance of the bonds.

Martin again took the floor, making a motion to approve a resolution authorizing the issuance of the $1,760,000 General Obligation Building Bonds. The resolution provided for the registration of the bonds, the levy of an annual tax for the payment of principal and interest, and the formal details of the bond issue.

Board vice president Bobby Qualls seconded the motion, and once again, the vote was unanimous.

With this final approval, the board successfully completed the necessary steps to fund the school district’s building project.

This news story is based on the unofficial minutes from the board meeting and could be in error if the minutes are changed prior to adoption.