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Indianola board accepts bond sale for high‑school project, approves 2023 audit
Summary
The board accepted a low bid for voter-approved general obligation bonds (resized to $14,645,000) and approved the FY2023 audit (unmodified opinion); the finance presentation included an affirmed AA3 rating and discussion of future bond sales.
The Indianola Community School District board accepted the low bid for a series of voter-approved general obligation bonds and approved the district’s FY2023 audit at its Sept. 9 meeting.
Finance staff and an external advisor reviewed the results of a sealed bond sale. The district received seven bids; the packet identified the low bidder in the meeting as Janney Montgomery Scott LLC (reported in the meeting as "J. Montgomery Scott"). The bond issue was resized to $14,645,000 and the average rate reported in the presentation fell near 3.8141 percent. The board moved to accept the sealed bid and authorized the sale; the motion was approved by roll call.
The finance advisor said the district’s bond rating had been affirmed at Aa3 by Moody’s Investors Service and noted the sale keeps the district within its debt-service levy cap. The advisor also outlined the district’s plan to sell the remaining voted debt in 2025 and discussed investment income from proceeds already on hand.
In separate business, the board’s audit committee reviewed the fiscal-year 2023 audit, which carried an unmodified opinion and two small findings the district will address. A motion to accept the audit was made and carried unanimously.
Other financial items included approval of a resolution updating authorized officers at the district’s bank to add Chad Stacy and a Kathy (last name not specified in the transcript) to signatories.
What’s next: The board set a special meeting on Oct. 3 to close the bonds and complete required documentation; finance staff and the bond advisor will manage the closing and continued cash-flow monitoring for the construction project.
