The Dover School Board accepted a bid from Community State Bank (Dover branch), in association with UMB Bank, N.A., Kansas City, Mo., Monday for the purchase of $540,000 Combined All Purpose Bonds of 2019.

The winning bid was the lowest of four bids submitted with an interest rate of 2.330051 percent, that will produce a net interest cost of $31,921.70.

Other bidders and their bids included:

The Baker Group, Oklahoma City – average rate of interest 2.436496 (net interest cost $33,380).

BOK Financial Securities, Inc., Oklahoma City – average interest rate 2.904745 (net interest cost: $39,795.04).

Legacy Bank, Hinton – average interest rate 2.989051 percent (net interest cost $40,950.84).

The bonds will mature annually $250,000 two years from their date and each year thereafter until paid.

The bonds will be used to buy three school buses to replace the district’s aging route buses, an activity bus, vo-ag pickup truck, stock trailer and a utility vehicle.

Dover patrons approved the bond issue on Jan. 8 by an 88-4 vote.

Supt. Max Thomas expressed appreciation to Community State Bank for its support of the local school and to other bidders for their competitive bids.

He said the bond interest rate had been estimated at 3 percent so the lower bids were especially welcome, allowing the bond funds to go further.