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Board ratifies $35.5M facilities maintenance bond; sale produced lower interest and ~$4.7M lifetime savings
Summary
The board ratified the general obligation facilities maintenance bond sale to finance HVAC and facility maintenance projects at four elementary schools. District financial advisers reported a 3.75% winning bid and projected about $4.7 million in interest savings and a modest reduction in the annual tax impact for a $300,000 home.
The Mankato Area Public Schools board ratified the release of proceeds from the recently completed general obligation facilities maintenance bond sale to fund planned HVAC and facility projects at Bridges, Kennedy, Eagle Lake and Hoover elementary schools.
Michael Hart, vice president with the district’s financial advisor, reported that the sale attracted 12…
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