School board approves parameters resolution to finance artificial turf field

The Long Prairie‑Grey Eagle School District board on Monday approved a parameters resolution authorizing the issuance of certificates of participation to finance construction of an artificial turf athletic field.

A presenter at the meeting said the district expects to issue about $1,000,125 in certificates and that the resolution before the board includes a $1,175,000 amount as a ceiling if the sale does not include a premium. "The resolution that you have before you does include a $1,175,000 amount in case we don't get a premium bid," the presenter said, explaining the parameters give flexibility on the day of sale.

The presenter cited statutory authority for lease‑purchase financing ("465.71, which is the lease purchase statute"), described the rating and sale process for certificates of participation (which are annual appropriation obligations rather than general‑obligation bonds), and recommended taking competitive bids on April 16, ratifying the award at the April board meeting and closing the financing around May 15 so construction could proceed over the summer.

After the presentation a board member moved to adopt the resolution as presented; the motion was seconded and the board approved the measure by voice vote.

The board's action establishes parameters for staff and bond counsel to proceed with underwriting, rating agency work and the competitive sale, but it does not finalize terms until the district accepts an actual bid and ratifies the award at a future meeting. Administration said either the superintendent or business manager, together with a board member, would sign the proposal form if a bid produced a rate at or below the district's threshold for proceeding.

Next steps outlined by the presenter include a due‑diligence call with the rating agency, distribution of the official statement, receipt of bids in mid‑April, ratification at the April board meeting and a closing in May.