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April 22, 2014

School board approves date for building bonds sale

CLAREMORE —

The Claremore Board of Education approved May 14 as the set date for the sale of district building bonds, issued in November 2007 for the construction of Catalayah Elementary, the new Claremore High School gymnasium, Lantow Field expansion and other district renovations.
The $42,645,000 in bonds has been issued throughout the six-year period with the next amount series of $3,750,000 to be sold on May 14. The last series of bonds are expected to be issued in 2016, said Claremore Superintendent Michael McClaren. 
The $3.75 million will become due $930,000 in two years from the date and $940,000 annually each year after until paid. Bids are taken from interested buyers, usually large institutional investors, and are sold at the lowest interest rate offered.
McClaren said funds from the sale of bonds will be used to pay for the constructed facilities.
He said the district keeps tax levy from the sale of bonds; however, Claremore schools cannot use the money for additional expenses or teachers’ salaries. Part of the amount will be placed in the district’s sinking fund.
 

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