A Kansas bank was awarded the bid for the purchase of $225,000 worth of general obligation transportation equipment bonds and $5,155,000 general obligation building bonds at a special meeting of the Grove School Board on Wednesday.
Country Club Bank of Prairie Village, Kansas was the low bidder for both bonds with a net interest cost of $850,425.00 for the building bonds, series A, which average 2.7 percent interest and $15,112.50 for the Transportation Bonds averaging 2.14 percent interest.
By law, the school district has to accept the bid from the lowest bidder.
The Kansas bank was one of only two bids received by the school district. The other bid was from a consortium of Bank of Grove, Grand Savings and Bank of Oklahoma. That bid was $873,747.50 for the building bonds and $20,185 for the transportation bonds.
The board also approved a resolution to designate the general obligation bonds of 2010 as “qualified tax-exempt obligations.”
In related business, the district approved the designation of Floyd Law Firm, P.C., of Norman, Okla. as bond counsel.
The bonds were approved by Delaware County School District voters in the November general election.