Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Financing topic
No spam. Unsubscribe anytime.
District 196 authorizes solicitation of proposals for 2026 school building bonds and refunding
Summary
The board authorized staff to solicit bids for general obligation school building bonds (series 2026A) and refunding of callable 2016 bonds, with officials estimating about $1 million in taxpayer savings to be passed through as reduced levies; the resolution passed 7–0.
The Rosemount-Apple Valley-Eagan School Board on Feb. 9 approved a resolution authorizing the district’s financial advisers to solicit proposals for the sale of general-obligation school building bonds (Series 2026A) and a refunding of callable 2016 bonds.
Christopher Angaria, director of finance and operations, and municipal advisor Jodi Zesper summarized the plan: the building bonds would finance projects voters authorized in 2023 with 20-year terms and a call date provision; the refunding component would seek to refinance callable 2016 bonds that are eligible for prepayment beginning Feb. 1, 2026.
Zesper said the district estimates the true interest cost on new refunding bonds to be “just slightly under 2.5%,” producing roughly $1 million in net savings after costs; state law requires refunding savings to be passed to taxpayers through reduced debt-service levies.
Administrators said they plan to prepare the official statement, solicit competitive bids and return to the board in March to award the sale; the proposed closing date is April 2, 2026. Board members asked about market sensitivity; advisers said they will monitor rates and can remove the refunding component or delay its sale if conditions change.
The board approved the solicitation resolution by voice vote, recorded as 7–0. A press release was planned after the actual bond sale results were known.
