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Mahtomedi board approves parameters resolution for roughly $22.36 million bond refunding
Summary
The school board approved a parameters resolution for a general obligation school building refunding, setting a true interest cost parameter of 3.7% and authorizing staff to proceed with a planned bond sale contingent on market results.
The Mahtomedi Public School District board on Monday, Jan. 6, 2025, approved a parameters resolution stating the board's intent to issue general obligation school building refunding bonds, Series 2025A, in an aggregate principal amount of approximately $22,360,000 and set parameters for sale and execution.
The district's financial adviser (Tim) told trustees that market rates have shifted since the district's earlier planning and that the parameters resolution increases the true interest cost (TIC) parameter to 3.7% from the prior 3.15% so the district will not need to reconvene the board if market bids fall modestly above the earlier threshold. "Rates have changed. Unfortunately, they've popped up a little bit," Tim said, adding that the district planned an estimated sale date of Jan. 22, 2025, and would use…
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