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Edmond Public Schools obtains low-interest rate on bond bid

Edmond Public Schools obtained a record low-interest rate on the first sale of an $80 million bond issue.
BY NASREEN IQBAL Niqbal@opubco.com Published: March 30, 2013
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During a special school board meeting this week, Piper Jaffray, of Minneapolis, Minn., was awarded the bid for a $26.5 million bond issue with an interest rate of 0.935 percent.

The board accepted the bid as the first of four that will cover an $80 million dollar bond issue approved by voters on Feb. 12 to finance new elementary and middle schools.

Jaffray's interest rate is a record low for the district, according to a news release.

“To have received such a low interest rate on such a large bond sale is noteworthy,” said Lori Smith, the district's chief financial officer. “It reflects our credit quality, solid financial position and manageable capital improvement needs.”

The remaining bonds will be sold in separate series.