SPS awards $9.91 million bond

School board awards $9.91M bond
Posted on 04/21/2020
(SPS) - The Sapulpa School Board of Education unanimously approved the issuance of a $9.91 million bond during a special meeting Tuesday, April 21.

First United Bank with Country Club Bank was awarded the $9,910,000 General Obligation Bond. The funds received from the sale will be used for district projects and to make a payment on the $27.6 million Lease Revenue Bond.

In 2014, Creek County voters passed the LR Bond, the largest in the history of Sapulpa Public Schools.

Funds from that $27,613,005 bond have been used for the new addition at the Middle School, improvements at Freedom, Jefferson Heights, and Liberty elementary schools, remodeling and expansion of the Band room, enhancing and improving the student experience with our digital curriculum transformation, and much more.

The allocations from the sale of the GO Bond on Tuesday will be applied to digital curriculum and technology, capital expenditures, as well as a $7.7 million payment on the 2014 LR Bond.

Revenue generated from Ad valorem taxes in the county is the funding source to pay for the projects in the Lease Revenue Bond. The sale of the GO Bond Tuesday is one part of the series of projects in the LR Bond approved by voters, and it does not represent a new tax.

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