The Exchange Bank in Skiatook will be purchasing $1,025,000 in Henryetta school bonds. 
That decision was reached Tuesday at a special school board meeting with three financial institutions bidding on the latest series of bonds. They come from the 2015 and 2019 school bond elections for new classrooms and busses.
Steven Smith, the school bond accountant, said the bonds were sold at one of the lowest rates he has seen in recent years. That rate was .55 percent, well below the three percent used for the original elections. That lower rate is desinged to save the school money on interest. Through the Skiatook bank, the interest cost will be $11,275.
There were three firms placing bids. In addition to the Skiatook bank, bids were placed by First National Bank in Okmulgee partnering with Country Club bank in Kansas City and The Baker Group from Oklahoma City. First National had a bid of .6 percent and the Baker Group bid in at .638387 percent.
Under the law, the board is required to go with the lowest bider and not consider anyone higher.
"This is a great time to sell these bonds," Smith said. Recent sales he has been involved in included .55 percent and .73 percent in Bartles ville.
Board members approved that sale then set May 27 at 7:30 a.m. for a reduction in force proposal for ERin Logan. She is a school nurse.