Stillwater Public Schools Board of Education Agenda May 12 2026
District Ratifies $79M High School Lease-Purchase Financing
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Description
Stillwater Public Schools proposes to ratify a Sublease Purchase Agreement with the Payne County Economic Development Authority, backed by $79 million in lease revenue bonds, to finance construction and equipping of a new high school campus and related facilities through 2032. The ratification for FY 2026–2027 maintains the district’s lease payments and acquisition schedule for project components A through H under the existing 2024 agreement.
Contract Details
Contract Amount
$79,000,000 (original principal amount of Educational Facilities Lease Revenue Bonds) plus Annual Fee of $15,000 per year for 2025–2028 and $20,000 per year for 2029–2032, and trustee fees
Vendor
PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY
Agency
Stillwater Public Schools, OK
Contract Type
FINANCIAL_SERVICES
Document Date
May 12, 2026
Contract Term
Commencement Date June 6, 2024; Maximum Term through September 1, 2032; ratification requested for fiscal year ending June 30, 2027 with annual renewal options
Renewal Date
2032-09-01
Renewal Info
Original term began June 6, 2024; the lease term continues through successive one-year Renewal Terms aligned to fiscal years, each requiring mutual ratification by the Lessee and Lessor under Oklahoma statutes. Lessor has ratified all Renewal Terms through the Maximum Term; the board action extends the Agreement through the fiscal year ending June 30, 2027, with remaining renewal options annually until the last payment due September 1, 2032. Nonrenewal or cancellation triggers return of the property and termination without penalty beyond appropriated funds.
More from PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY
Related Contracts
Glencoe Public Schools Board of Education AgendaPacket 2026-06-15
RENEWEDIndependent School District No. 16 Resolution Approving Sublease Purchase Agreement
APPROVEDstillwater_public_schools_2024_2025_financial_audi.pdf
ONGOINGstillwater_public_schools_board_minutes_may_13_202.pdf
RATIFIEDstillwater_public_schools_bond_2023_review.pdf
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Independent School District No. 16 of Payne County Agreement School Resource Officer Program 2026-07-01
Independent School District No. 16 of Payne County, Oklahoma Agreement Consultant Services for Hearing Impaired Students 2026-07-01
Independent School District No. 16 of Payne County Agreement Independent Contractor's Agreement to Provide Psychology Services 2026-07-01
Independent School District No. 16 of Payne County, Oklahoma Agreement Consultant Services for Interpreting Services for Staff Members 2026-07-01
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