Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Sale topic
No spam. Unsubscribe anytime.
Indianola board authorizes $30 million SAVE bond sale, approves depository limits and schedules special meeting to accept bid
Summary
Board approved a resolution to authorize the sale of $30,000,000 in SAVE (sales-tax) revenue bonds to fund high-school construction phases, set a special meeting to accept the winning bidder, and unanimously approved depository limits and other finance items.
The Indianola Community School District board unanimously approved a set of finance actions at its Nov. 17 organizational meeting, including a resolution authorizing the sale of $30,000,000 in school infrastructure sales-tax (SAVE) revenue bonds and a roll-call approval of depository limits.
Finance committee members reported that the bond proceeds will fund the remainder of phase 1 of the high-school project and about $2,000,000 of phase 2. A Piper Sandler representative briefed the committee on process, timing and restrictions; members noted enrollment declines could affect bonding capacity but cited the district’s recent S&P Global A+ rating as supportive of repayment.
The board voted to authorize staff to proceed with the bond sale and to approve the official statement, then scheduled a special board meeting (to be held electronically with a call-in option) on Dec. 2 to accept the winning bidder and approve the bond purchase agreement after bids are received on Dec. 1. The board also approved a depositories resolution setting maximum deposit limits (TrueBank, IceJet/Iowa School Investment Trust, Peoples, UMB) in a roll-call vote that passed 7–0.
Other finance items reported: the board was notified of an emergency purchase of a middle-school dishwasher (purchase price reported at $58,899 plus installation of nearly $11,000) that exceeded the superintendent's usual approval limit but had been approved in advance by two board members due to immediate operational need. The board approved routine calendar and annual appointments and set regular board meetings for the second Monday of each month at 5:30 p.m.
