Canadian County Independent School District No. 69 will build a new elementary school and two sixth-grade centers with proceeds from $95.2 million of general obligation bonds approved by voters last week.
Voters also endorsed $2.1 million of bonds for school buses.
District officials said the Canadian County Educational Facilities Authority will issue the debt as a single tranche of lease-revenue bonds so work can begin immediately.
The lease debt is to be serviced with the proceeds of the voter-approved general obligation bonds that will be issued annually over 12 years.
Three of the district's elementary schools currently have more than 600 students, according to the school district, but the overcrowding will be eliminated with the new bond-financed facilities.
Canadian County Independent School District No. 69's GO debt is rated AA-minus by Standard & Poor's. Debt issued by Canadian County Educational Facilities Authority is rated A-plus by Standard & Poor's.
The new debt will add $20 a year to the property tax bill for a home valued at $100,000.
The district serves a portion of Oklahoma City and the suburb of Mustang.
