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Board authorizes up to $17.9M in certificates of participation to finish four school projects
Summary
The board approved a parameters resolution allowing issuance of up to $17.9 million in certificates of participation (Series 2026A) to complete four facility projects, with final sale to be ratified after the March sale process and funds expected to be received in April.
The St. Paul Public School District Board of Education on Feb. 17 approved a parameters resolution authorizing the district to issue certificates of participation not to exceed $17.9 million to finish construction or renovation on four projects: the new Bruce Vento Elementary; Brock and Michelle Obama Elementary; Hidden River (Bridal?) School; and Highland Park renovation projects.
Michael Hart, municipal advisor, told the board the financing is part of a multi-year plan tied to the district’s achievement and integration plan approved by the Minnesota Department of Education. Administration asked for authority to proceed with the parameters that include (1) a cap of $17.9 million, (2) an interest cost not to exceed 5%, and (3) authority to apply for state credit enhancement, which lowers interest rates in the unlikely event the district cannot pay bondholders.
Tom Seager, executive chief of financial services, said the resolution allows the district to prepare sale documents and proceed through the rating and sale process the week of March 9; the full board will be asked to ratify any successful sale at its regular March 17 meeting. The funds, if the sale is successful, are expected to be received by the district on April 8.
The motion to approve the parameters resolution passed unanimously.
