Trustees of Oklahoma County Independent School District 89 last week approved the sale of $11 million of general obligation bonds to purchase new school buses and improved technology.
The May tranche is from $248 million of bonds approved by voters in 2007. The sales are scheduled as older debt matures to avoid increases in the property tax rate, district officials said.
ISD 89’s debt is rated Aa3 by Moody’s Investors Service and AA by Standard & Poor’s.
The offering will include the final $7.8 million from $21 million of bond authorization for technology upgrades.
The proceeds will be used to replace computers, acquire books, and provide $3.5 million of local matching funds to leverage $21 million of federal funds to improve the school system’s wireless network.
The district has about $148 million of unissued debt from the 2007 authorization.
Future sales will include $52 million in fiscal 2012 and $15 million in fiscal 2013.
Oklahoma County ISD 89 serves 36,000 students in Oklahoma City.
