BABs Make State Debut

The recent sale of $53.6 million of taxable Build America Bonds by the Oklahoma County Independent School District No. 4 marked the first sale in the state of the federally authorized, direct-subsidy bonds.

The financing team consisted of bond counsel Floyd Law Firm PC, financial adviser Steven H. McDonald & Associates, and underwriter D.A. Davidson & Co.

The lease-revenue bonds were issued by the Oklahoma County Finance Authority on behalf of the school district.

The district will make debt-service payments on the bonds with proceeds from scheduled general obligation bond sales and other revenue. Voters in December 2008 approved a total of $94.9 million of GO bonds that will be issued over several years.

The 58.5-square-mile district is about 15 miles east of Oklahoma City, and serves the town of Choctaw and an unincorporated area of Oklahoma County.

The debt is rated A-plus by Standard & Poor's.

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