Moorhead board approves $1.57 million certificates sale and backs bill to allow internal fund transfers

The Moorhead Area Public Schools Board of Education on April 14 voted to authorize the issuance of Certificates of Participation (Series 2025A) in a maximum principal amount of approximately $1,570,000 to finance outdoor education facilities, and separately approved a resolution supporting House File 957 to permit limited internal transfers of district funds for fiscal years 2025 through 2029.

The issuance resolution, presented by Beth Downs of Ehlers, described the offering as a lease-levy backed financing distinct from the district’s general obligation school building bonds. "I am here to talk about your certificates of participation that you'll be issuing to finance some outdoor education facilities, including turf softball fields," Downs told the board. The presale report in the board packet shows a par amount of $1,570,000, an estimated reoffering premium of about $73,000, and an estimated deposit to the project construction fund of just under $1,500,000. Downs said the bonds were being marketed with coupon rates in the mid-4% range (approximately 4.5%) and that the first interest payment is expected in April…