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Board approves 10‑year facilities plan, authorizes sale of roughly $131.8 million in bonds
Summary
The board approved the district’s FY27 long‑term facility maintenance plan and a bond resolution authorizing the sale of general obligation school building and facilities maintenance bonds, series 2026A, to fund construction and maintenance projects.
South Washington County Schools’ board voted to approve its long‑term facility maintenance (LTFM) expenditure plan and the sale of general obligation school building and facilities maintenance bonds, series 2026A, at a meeting at the District Service Center in Cottage Grove.
Chris Blackburn, the district’s director of business services, presented the LTFM materials and said the Northeast Metro intermediate school district had approved an LTFM program budget of $597,600 for fiscal year 2027; the district’s proportionate share is $118,183.53 and will be levied with taxes payable in 2026. Blackburn told the board the state LTFM program is established by statute and administered by the Minnesota Department of Education and that LTFM revenue may be used for health and safety, deferred capital, and maintenance projects but not for remodeling or new construction.
The board approved the FY27 LTFM 10‑year plan by roll call. Blackburn recommended approval of an attached resolution authorizing inclusion of the district’s proportionate share in the district’s FY27 LTFM revenue application.
On a separate but related action, the board approved a resolution to proceed with the sale of general obligation school building and facilities maintenance bonds, series 2026A, with an approximate principal amount of $131,820,000. Blackburn said voters approved two ballot questions on Nov. 7, 2023, authorizing up to $200 million for expansions and renovations; the proposed 2026A sale will use remaining authority of about $101,225,000 for the building program and approximately $30,595,000 to fund LTFM projects in fiscal year 2027 per the board’s approved 10‑year plan.
The bond resolution included authorization to provide for credit enhancement and to establish compliance and reimbursement bond regulations under the Internal Revenue Code. The board voted by roll call to adopt the resolution authorizing the sale. All recorded votes on the LTFM items and the bond resolution were in the affirmative.
