Alva Review-Courier -

Yesterday afternoon, Burlington's Board of Education held a 10-minute special meeting to open bids for the $210,000 General Obligation Transportation Equipment Bonds.

Board members Terry Graham, Robert Hill and Allison Armbruster attended. Members Aaron Smith and T.J. Rockenbach were absent. Superintendent Glen Elliott, Principal Shane Feely, Minutes Clerk Tamre McGinnis and Stephen McDonald Inc. representative Matt Reichert were also present.

The board adopted the written policies and procedures for post-issuance compliance on the 2016 General Obligation Transportation Bond issue. Since the obligation is under a million no discussion was needed on the continuing disclosure obligations.

Bids for the $210,000 General Obligation Transportation Equipment Bonds were opened. The lowest bidder received board approval. That was BancCentral, N.A., Alva, Oklahoma in association with The Baker Group, Oklahoma City, Oklahoma with a net interest cost of $4,830 and an average rate of 1.15 percent.

Then the board approved a resolution provided for the issuance of General Obligation Transportation Bonds in the sum of $210,000 by the school district, authorized at an election called and held for such purpose; prescribing form of bonds; providing for registration thereof; providing for levy of an annual tax for the payment of principal and interest on the same; and fixing other details of the issue.

A resolution designating the general obligation bonds of 2016 as “Qualified Tax-Exempt Obligations” pursuant to Section 265(b)(3)(B) of the Internal Revenue code of 1986 received board approval.

The bond will purchase a bus with a handicap lift, a new Suburban and also a 14-passenger bus that will be used for trips when a Suburban is too small and a full-size bus is too big.