September 25, 2020 at 9:00 AM - Independent School District 507 Special School Board Meeting
| Agenda |
|---|
|
1. CALL TO ORDER
Agenda Item Type:
Procedural Item
|
|
2. ROLL CALL
Agenda Item Type:
Procedural Item
|
|
3. APPROVAL OF AGENDA
Agenda Item Type:
Action Item
|
|
4. RESOLUTION STATING THE INTENTION OF THE SCHOOL BOARD TO ISSUE GENERAL OBLIGATION BONDS CONSISTING OF ONE COMPONENT TO FINANCE PROJECTS INCLUDED IN THE DISTRICT’S APPROVED TEN-YEAR FACILITY PLAN AND ANOTHER COMPONENT TO FINANCE CERTAIN OTHER CAPITAL PROJECTS; COVENANTING AND OBLIGATING THE DISTRICT TO BE BOUND BY AND TO USE THE PROVISIONS OF MINNESOTA STATUTES, SECTION 126C.55 TO GUARANTEE THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THE BONDS
Agenda Item Type:
Action Item
Description:
This resolution is in support of the facilities improvement plan authorized by the school board on August 12th. The resolution for the sale of bonds approved at that meeting approved the sale of bonds for the protion of the project affiliated with indoor air quality improvements. This resolution approves the sale of bonds for the portions of the project not affiliated with indoor air quality improvements.
LTFM revenue will pay for General Obligation Capital Facilities Bonds. Capital Appreciation Bonding (CAB) would extend the bond debt scheduled to expire in 2026 by 6 years. The funding strategy would utses the Ag2School Credit. As a result, taxes will decrease for non-homestead agricultural property (65% of our district) and be cost neutral for other property. The superintendent recommends approving the attached resolution.
Attachments:
()
|
|
5. ADJOURNMENT
Agenda Item Type:
Action Item
|
