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Owatonna board approves $7.055 million general obligation bond sale to fund facility maintenance, school building projects
Summary
The Owatonna Public School District board voted 7-0 to award the sale of Series 2025A general obligation bonds after staff review of bids; proceeds fund indoor air quality and other facility maintenance projects and remaining authorization from a past school building referendum.
The Owatonna Public School District Board on March 24 voted unanimously to award the sale of $7,055,000 in general obligation bonds, Series 2025A, to an underwriting group led by Baird of Milwaukee.
Jeff Seeley of Ehlers, the district’s municipal advisor, told the board the district received six bids on sale day and the winning bid produced a true interest cost of about 3.55 percent, below pre-sale estimates. Seeley said the bond proceeds combine two authorizations: roughly $5.085 million for facility maintenance (including indoor air quality and asbestos mitigation) and about $1.97 million from prior school-building authorization that remains available.
The sale generated a premium that…
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