ITEM NUMBER: 6.E.
School Board Regular Meeting
- Meeting Date:
- 04/18/2022
- Prepared By:
- Tom Sager
Item Type:
Subject:
Resolution Relating to General Obligation Facilities Maintenance Bonds
Background:
At the February 22, 2022 School Board meeting, the School Board received information pertaining to an upcoming bond sale for purposes of obtaining the resources for ongoing Long Term Facility Maintenance relating to Indoor Air Quality projects. At the February 22 meeting, the School Board approved a resolution that authorized the Superintendent/Director of Business Services and a Board Officer to execute a Bond Purchase Agreement for the stated purposes. The sale of these bonds commenced on Wednesday, April 13, 2022 and met all the parameters approved by the School Board to complete this sale.
The Indoor Air Quality work for Phase 2 will be done primarily at Lincoln Community Center and Roosevelt Elementary School starting this spring. Similar to Phase 1, this new debt will be serviced through the District's LTFM revenue. The District's LTFM revenue and expense plan has been updated to reflect Phase 2’s LTFM revenue and has been approved by the Minnesota Department of Education.
The Indoor Air Quality work for Phase 2 will be done primarily at Lincoln Community Center and Roosevelt Elementary School starting this spring. Similar to Phase 1, this new debt will be serviced through the District's LTFM revenue. The District's LTFM revenue and expense plan has been updated to reflect Phase 2’s LTFM revenue and has been approved by the Minnesota Department of Education.
Recommended Action:
The administration recommends that the School Board approve the attached resolution relating to $19,750,000 General Obligation facilities maintenance bonds, ratifying the award of sale.