Northfield sells $39 million in bonds at 3.97% and sets change‑order limits for Reimagine High School project

The Northfield Public School Board voted Monday to approve a resolution authorizing $39,000,000 in general obligation school building bonds, Series 2025A, and adopted formal change‑order approval limits for the Reimagine Northfield High School construction project.

The board approved the bond resolution after the district completed a bond sale earlier the same day. Shelby McWay of municipal advisor Ehlers told the board the sale produced a 3.97% interest rate for the $39,000,000 issuance, lower than the pre‑election estimate of 5% and better than the pre‑sale expectation of roughly 4.38%. McWay said the lower rate on this portion of borrowing reduces expected borrowing costs by about $8 million relative to earlier assumptions and that sale proceeds will be available to the district starting March 20.

Board members also heard that the district received a double‑A rating from S&P on the bonds and that a national group of bidders participated; McWay identified Robert W. Baird as the winning bidder and noted competitive bids from firms including Wells Fargo, JPMorgan and Jefferies. The board approved the resolution by roll call vote; members recorded as voting aye in the transcript were Butler, Epstein, Nelson, Quinell and Gonzales George.

Separately, the board adopted change‑order approval thresholds for the Reimagine Northfield High School project. Under the adopted limits, administrative staff (Director of Finance Val Mertesdorf, the district’s director of buildings and grounds Justin Robeli, and the superintendent) may approve change orders under $100,000 when they jointly agree. The Project Oversight Committee — which includes board representatives — may approve change orders between $100,000 and $175,000, and the full board must approve change orders above $175,000. The board directed administration to report any administratively or committee‑approved change orders at the next regular board meeting.

The board also approved related budget and facilities items earlier in the meeting, including the 2025–26 operating capital and long‑term facilities maintenance budgets and the district’s 10‑year long‑term facilities maintenance and indoor air quality plan (items were approved by voice vote). The bond resolution and the change‑order limits are intended to fund and manage the first phases of the Reimagine High School construction authorized by the November 5, 2024 bond referendum.

No new operational flexibility was authorized to shift bond proceeds into the district’s general operating fund; administration reiterated that state law and bond rules restrict bond proceeds to capital uses only.