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The Bartlesville City Council approved a resolution on behalf of the Bartlesville Education Authority for the issuance of its 2021A Note for Bartlesville Public Schools. This was done on the recommendation of the BEA, which met prior to the council on Tuesday night.

Jon Wolff from Municipal Financial Services acted as the city’s financial advisor. He said that five different banks were bidding but Armstrong Bank put together the best package for the city.

The lease revenue note is in the aggregate principal amount of $13.9 million. The bulk of the principal would not need to be paid until July 2026.

Wolff further explained that if the 1.129% interest rate stays that low there is potential for this indenture to be paid off early. The advisor also told the council that it is required by state law that the resolution be approved by the beneficiary.