Minnetonka sells 2025D long‑term facility maintenance bonds; district to fund roofing, mechanical and window projects

The Minnetonka Public School District sold its 2025D general‑obligation long‑term facility maintenance bonds and the board approved the sale resolution prepared by bond counsel.

Executive Director of Finance and Operations Paul Bourgeois summarized the sale and the planned uses of the proceeds. Bourgeois said the district had expected a sale yield of 4.64% but "actually ended up selling at a total of 4.46%," and that demand in the market heavily oversubscribed the offering. He described the sale as a favorable result that slightly lowered the district’s borrowing cost.

Bourgeois outlined projects the bond proceeds will fund in 2026, estimating roughly $4.5 million for roofs, about $1.2 million for paving, $3.3 million for boiler and mechanical replacements, $2.6 million for window replacements and approximately $2.6 million for cabinets, flooring and painting. He also said a large share of the district’s building space is aged and requires steady maintenance; Bourgeois noted that the high‑school core is about 72 years old, middle‑school cores about 64 years old, and most elementary cores between about 58 and 60 years old.

Superintendent Law and staff recommended the board approve the sale resolution as prepared by Dorsey & Whitney. A motion to approve the 2025D sale resolution passed by voice vote after a second; the board chair declared the motion carried.

District staff said proceeds will support long‑term maintenance projects scheduled for next summer and that the sale proceeds will be invested and applied to planned projects consistent with stated long‑term facilities priorities.