Trustees of Tulsa County Independent School District No. 3 have appointed a 10-person board to oversee projects that would be financed by $295 million of revenue bonds that are going before voters on Dec. 8.
The bond issue, which district officials said will not raise taxes, would provide proceeds to build three new schools, upgrade educational technology, and add new classrooms to replace more than 5,000 portable buildings.
If approved, the bonds would be issued by a local trust authority that would build the school facilities and lease them to the district.
The leases would be supported by the proceeds from annual issues of general obligation bonds by the Tulsa County district.
The lease revenue plan would allow the school district to complete needed upgrades quickly rather than spreading the work over 10 years or more.
Oklahoma law limits school district debt to 10% of assessed valuation, which the Tulsa district’s financial adviser said would permit annual GO tranches of $10 million to $12 million.
The school system serves the Tulsa suburb of Broken Arrow.
It is the sixth-largest district in the state, with an enrollment of more than 16,000 students.
The school district’s general obligation credit carries ratings of Aa3 from Moody’s Investors Service and AA from Standard & Poor’s.
