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Board authorizes $1.57 million certificates to fund athletic complex phase 2; sale reported at 4.13%
Summary
The Moorhead Area Public Schools board approved a resolution authorizing lease‑purchase financing and $1,570,000 in certificates of participation (Series 2025A) to fund phase 2 of the athletic complex. The district received a competitive bid with a winning true interest cost reported at 4.13% and an anticipated closing of June 18, 2025.
The Moorhead Area Public Schools board on May 27, 2025, approved a resolution authorizing lease‑purchase financing and the issuance of $1,570,000 in certificates of participation (Series 2025A) to finance phase 2 of the district’s athletic complex.
Matt Hammer of Ehlers presented the sale results to the board, saying two bids were received and the winning bid produced a true interest cost of about 4.13 percent — very close to the district’s presale estimate. Hammer reported the district’s underlying rating for the issue was “A2, one notch,” and that proceeds will be available after a scheduled closing on June 18, 2025. He also said the district established a parameter in an earlier resolution that allowed staff to accept the sale if the TIC remained below five percent; administration executed the sale under that parameter earlier the same day.
Board member Dave moved to approve the resolution, Melissa seconded. After discussion concluded there was a voice vote and the motion carried. Administration will return closing documentation to the board as required after the mid‑June closing. No roll‑call vote tally was recorded in the meeting transcript.
Why it matters: The certificates provide near‑term financing to complete phase 2 of a previously planned athletic complex project. The speaker noted that proceeds will be used for either direct payment of project costs or reimbursement of costs previously paid by the district; the sale was presented as meeting parameters the board previously set.
