The Broken Arrow Board of Education has approved the first installment of the sale of bonds from the Broken Arrow Public Schools’ successful Dec. 8, 2009 School Bond Election.

The School Board voted to accept the low bid of Wachovia Bank, National Association-Charlotte, North Carolina at an interest rate of 1.615357 percent on the sale of $19-million in General Obligation Combined Purpose Bonds, dated for April 1, 2010.

The Board chose the low bid from among nine bidders.

BAPS Bond Consultant Stephen L. Smith said it was “exciting” to see so many “excellent” groups wanting to bid on the school district’s bonds.

He said this first sale from December ’09 Bond Election was a great first step in the process that will ultimately produce $295-million in school and school district improvements.

“Today’s numbers fit real well together with what we want to do and that is invest the most money possible into the projects themselves to produce the biggest benefit for our students,” Smith told the Board.

Superintendent of Schools, Dr. Gary Gerber said proceeds from this sale of the $19-million in General Obligation Combined Purpose Bonds will be used in the following manner: 

• $12-million for design of portable (classrooms) removal projects at all levels of the district and other classroom projects as money allows.

• $1-million in infrastructure and repairs.

• $1-million in security designs and activities (redesign of front entrances of schools for security) and energy management projects.

• $1-million for instructional allocations to schools.

• $2-million for replacement of buses.

• $1-million for technology upgrades and enhancements.

• $1-million for instructional technology.

Dr. Gerber said the next round of bond funds will likely become available in November, 2010 depending upon the speed of design activities mentioned above and or culmination of processes and requirements necessary for the lease revenue financing aspect of the bond election.

“This first sale of bonds is a wonderful start to this process that will ultimately result in school improvements and safety enhancements for our kids across the district thanks to the generous and overwhelming support of our voters,” said Dr. Gerber.