NORMAN — The Cleveland County Education Authority on Monday approved issuing lease revenue bonds of up to $100 million in support of Norman Public Schools.
The trust, which includes all three county commissioners, had a special meeting Monday morning. Commissioners later approved the project during their regular meeting Monday afternoon.
Norman voters recently passed a $126 million, five-year bond issue that will renovate Norman schools, as well as update security and technology and pay for annual expenditures.
To finance these projects, the resolution passed by the Cleveland County Education Authority states that the Trustees of the Cleveland County Educational Facilities Authority will issue the lease of revenue bonds, notes or other evidences of indebtedness on a tax-exempt or taxable basis in the total amount, not to exceed $100 million.
The remainder of the bonded amount was issued in general obligation bonds by the school district.
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