School Board moves ahead with bond financing for high school project

Bond counsel Beth Grob from Ahlers and Cooney law firm walked the Decorah Community School Board through the complicated world of bonding scenarios at their meeting Monday night. In the end the Board moved ahead authorizing two bond issues:

•    The first board resolution authorized directing the advertisement and sale, and approving electronic bidding procedures for $10,405,000 General Obligation School Bonds, Series 201A. Bids would be opened and acted upon November 8, with the bonds being issued December 16. This was the amount authorized in the recent election.
•    The second resolution authorized directing the advertisement and sale, and approving electronic bidding procedures for $3,300,000 General Obligation Refunding Bonds, Series 2010B. Bids would be opened and acted upon November 8, with the bonds being issued December 16. In essence this is refinancing the remaining General Obligation Bonds on Carrie Lee through June, 2015. Due to favorable interest rates, this could save the district between $90,000 and $100,000.

Additional bonds will be issued in 2011, for about $6,000,000 that will be backed by the PPEL (Physical Plant and Equipment Levy) that was extended in the recent referendum, and the Statewide Penny sales tax.