Fargo board approves $9.195 million bond sale resolution for building fund
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Summary
The Fargo Board of Education unanimously approved a resolution authorizing issuance and sale of General Obligation Building Fund Bonds, Series 2025; Piper Sandler won the sale with a 4.06% true interest rate and the district issued $9,195,000 after premium adjustments.
At the meeting, finance staff presented revised bond-sale results for the district’s General Obligation Building Fund Bonds, Series 2025. Jackie introduced a revised memo and explained that bids were received earlier the day of the meeting. The board heard a presentation from Anne Wolett of PFM, who said the district took bids on about $9.93 million in par but revised the par amount to $9,195,000 because the winning bid included a larger-than-expected premium.
Anne Wolett told the board that Piper Sandler was the winning bidder with a true interest rate of 4.06 percent; the sale produced about $800,000 in premium. The consultant described the bid spread as tight and characterized the market response as competitive.
Board member Nikki moved to approve the sale and to adopt the resolution authorizing issuance and sale of the bonds; the roll-call vote was unanimous, 9-0. Ann Marie conducted the roll call and the motion carried, with board members voting in favor and the chair declaring the resolution approved.
The board’s action authorizes the administration to complete the issuance and sale under the terms presented; staff said the proceeds and premium will be used in accordance with the building fund plan and bank-qualified issue limits.
What happens next: administration and bond counsel will proceed with closing under the approved resolution and complete any ministerial steps required to deliver the bonds to the purchaser.
