School board authorizes preliminary sale steps for $14.285 million in bonds to fund facility work

The Minnetonka School Board voted on May 29 to authorize preliminary actions needed to sell general obligation bonds up to $14,285,000 for facility maintenance and projects planned for fiscal 2027.

Executive Director of Finance and Operations Paul Bourgeois told the board the district's 10-year facilities plan identifies roughly $14,285,000 in projects for the coming fiscal year and that the board's adoption of the authorizing resolution would allow preliminary work — including coordination with bond counsel — to proceed so the district could issue bonds quickly once it receives required state approval.

Bourgeois emphasized the authorization is contingent on final approval of the district's 10-year plan by the Minnesota Department of Education (MDE). He also noted that the district's plan and the bond authorization are linked to a separate calendar decision: Minnetonka may seek a waiver to start the 2026 school year before Labor Day if construction spending exceeds $400,000.

"This is actually a contingent authorizing resolution," Bourgeois said. "By approving this, you'll give us the ability to actually do some preliminary work so that when we do get our approval letter, we'll be able to sell right away."

Board members voted in favor of the resolution; the motion was made and seconded during the meeting and the board stated the motion carried.

The authorizing resolution directs staff to proceed with preparatory steps; a formal bond sale will follow only after required state approvals and the district’s formal sale process.