BIG savings for Decorah School District on $7 million in bond bids

Decorah School District officials are overjoyed with the results of a bid opening for $7,410,000 in school infrastructure bonds.

The district's consultant had predicted an interest rate of 4.13 percent on the bonds, even calling that estimate "conservative."  But when bids were opened Monday morning, all three bids submitted were a full percentage point lower than the estimate.

The apparent low bid came from Northland Securities of Minneapolis--2.90 percent.  The school district's bonding consultant called the bid "unbelievable" and "remarkable."

The lower-than-expected interest rate will free up more money for annual building projects in the future, since the school district will spend less on interest.

School board members officially accepted the bid at a Monday afternoon meeting.