McAlester Public Schools awarded the bid for purchase of the $500,000 transportation bond — passed by voters in the February special election — to First National Bank and Trust Company of McAlester.
FNB and BOSC, Inc. of Oklahoma City both bid on the bond, but FNB had the lowest bid. J.C. Leonard, financial advisor for Stephen H. McDonald and Associates, represented MPS in the sale of the bond.
“They (MPS) award it to the lowest bidder,” Leonard said. “Essentially banks buy this debt as an investment tool.”
The transportation bond was one of two proposed to voters in the special election February 10. Another proposition calling for $2.2 million in order to install security systems and overhaul the wireless network in buildings failed by one vote.
MPS should expect to receive the funds from the transportation bond May 21, after all the relevant paperwork is processed, Leonard said.
MPS hopes to purchase five buses with the bond money, but the final number of buses purchased won’t be determined until the district completes a bid process with different bus companies, MPS Transportation Director Billie Sistrunk has said in interviews with the News-Capital.
“It’s exciting,” MPS Board Member Stephanie Giacomo said. “The community supported us to grow and fulfill some of our transportation needs.”
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