FACILITIESAPPROVED

Independent School District No. 16 Resolution Approving Sublease Purchase Agreement

District approves $18 million facilities sublease financing

Not to exceed $18,000,000 principal (Sublease Purchase Agreement; related GO bonds not to exceed $195,000,000)Stillwater Public SchoolsPAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITYApril 14, 2026

Trusted by teams at

Description

The Stillwater Board of Education approved a Sublease Purchase Agreement and Ground Lease with the Payne County Economic Development Authority to finance up to $18 million of school facility projects. The Authority will issue bonds repaid from the district’s rental and acquisition payments, supported by portions of a voter-approved $195 million general obligation bond program running through 2033.

Contract Details

Contract Amount

Not to exceed $18,000,000 principal (Sublease Purchase Agreement; related GO bonds not to exceed $195,000,000)

Vendor

PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY

Agency

Stillwater Public Schools, OK

Contract Type

FACILITIES

Document Date

April 14, 2026

Contract Term

From closing through Maximum Term ending not later than September 1, 2033; rental payments annually each September 1 beginning September 1, 2027

Renewal Date

2033-09-01

Renewal Info

Maximum term of the Sublease Purchase Agreement ends no later than September 1, 2033, with annual rental payments beginning September 1, 2027; additional project components will be added via supplemental schedules without further board approval.

More from PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY