Mounds View board approves sale of certificates to finance Northeast Youth and Family Services building purchase

The Mounds View School Board on May 27 approved a resolution awarding the sale of certificates of participation to finance the district’s lease-purchase of the Northeast Youth and Family Services building.

Administration recommended awarding the sale to Northland Securities Inc., following work with municipal advisor Baker Tilly. Superintendent Lennox presented the recommendation and the resolution that was included in the board packet.

The board chair called for a motion to authorize execution and delivery of the lease and creation of the certificates; a motion was made and seconded, and the board approved the resolution by voice vote. There was no extended public discussion recorded during the item.

The resolution documents provided to the board contain the detailed terms and all required information for the financing; administration recommended approval as presented. The motion record shows the action carried at the meeting, with the chair announcing the motion carries.

Next steps described in the packet and during the presentation included executing the documents necessary to close the financing and proceed with the lease-purchase. Specific dollar amounts, interest rates, and closing dates were included in the resolution packet but were not read into the record at the meeting summary provided.

Administration identified Baker Tilly as the district’s municipal advisor; Northland Securities was named as the purchaser in the board motion and resolution.