Indianola board authorizes sale of $30 million in sales‑tax revenue bonds to fund high‑school construction

The Indianola Community School District board voted unanimously to authorize the sale and issuance of school infrastructure sales‑tax revenue bonds totaling about $30,000,000 to finance the high‑school construction project.

Administration told the board the bond proceeds will fund the remaining costs for phase 1 of the construction and roughly $2,000,000 of phase 2, covering architect fees, construction mobilization and early project needs. Finance staff said Piper Sandler advised the district on the sale timeline and structure. "This will fund all of phase 1 and about 2,000,000 of phase 2," an administrator explained during the presentation.

Because the bond sale was scheduled for Dec. 1, the board approved a resolution at the meeting to authorize the sale and approved a special meeting for Tuesday, Dec. 2 to accept the winning bidder and execute the bond purchase agreement. Board members said they would offer an electronic/phone option for the short special meeting so members could participate remotely.

The motion to authorize the sale and approve the official statement passed 7–0. The board also approved the district's depository resolution and depository limits earlier in the meeting and confirmed that the district's A+ S&P Global rating supports repayment capacity despite some enrollment fluctuation.

What happens next: staff will proceed with the sale process and present the winning bidder and purchase agreement at the special meeting scheduled for Dec. 2 for formal acceptance and approval.