The first series of school bonds were sold Friday afternoon at a percentage rate considered one of the lowest in several years.
Stephen Smith, the school's bond consultant, said the lowest bidder for the $1.2 million in bonds was United Missouri Bank of Kansas City with a .85 percent interest rate.
"This may be the lowest or second lowest that I have seen in over a year," he said. "A few years ago we had some at seven percent."
Three bids were submitted to school board members at the special meeting Friday.
The first was a joint effort with American Exchange and First National banks of Henryetta and Country Club Bank of Kansas City. That bid was an average of .935 percent.
Second lowest bidder was Bank of Oklahoma's Security Corporation with a .90 percent bid.
Smith told the board that, because both Henryetta banks participated, it caused the other two bidders, "to sharpen their pencils more."
The $1.2 million is part of the bond package approved by voters earlier this month. Bonds will be sold each year throughout the next ten years.
Initially, the interest rate had been estimated at 1.25 percent. With the lower interest rate, the school will not be paying as much interest. United Missouri Bank will be charging $20,400 in interest.