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Board approves banking designations, authorizes finance designees and adopts bond-sale resolution after favorable rate
Summary
The Columbia Heights board approved depositories and electronic-transfer designees, designated legal counsel, renewed contracting authority up to $175,000, and approved a bond sale for Valley View Elementary with a winning bid at a 3.57% interest rate; members noted a Moody's rating upgrade reduced the anticipated levy impact.
The Columbia Heights Public Schools Board on Jan. 6 approved several finance and governance items that set the district’s fiscal operations for 2026 and beyond.
Director of Finance recommended designated bank depositories — Northeast Bank, U.S. Bank, MSDLAF Plus, Wells Fargo and Bank of America — and PMA Financial Network as the authorized investment broker. The board approved the resolution by roll call. "Be it resolved that the following be designated as depositories for certain monies of this school district…" the chair read during the resolution presentation.
The board also approved appointment of electronic-transfer designees: the director of finance and operations (Brian Hennikins/Hennigan, as referenced) and deputy director Kate Wesper, clarifying that both designees receive notifications for transfers and that controls exist to prevent improper splitting of purchases to avoid thresholds.
For legal representation, the board approved designated counsel from Ratwick, Rosick & Maloney, P.A. (including Margaret Skelton, Joseph Langel, Laura Tubbs Booth) and Andrea Hedke and others from Dorsey & Whitney LLP to provide bond, levy, employment, contract and special-education legal services.
The board renewed its annual delegation, authorizing the superintendent and the director of finance and operations to lease, purchase and contract for budgeted goods and services up to $175,000 as permitted under Minnesota statute; director Hennekens described internal checks and auditor review to limit splitting purchases to circumvent thresholds.
On capital financing, Matthew Hammer of Ehlers reported competitive bids for the Valley View Elementary bond sale and said the district received five bids with Fidelity as the winning bidder at a 3.57% interest rate, better than the presale estimate of 4.05%. "We were offered a 3.57% interest rate, which is an outstanding rate," Hammer said. The board approved the bond-sale resolution by roll call vote. Hammer and administration highlighted a recent Moody's rating upgrade that helped lower borrowing costs and preserve capacity for future project phases.
