District 196 reports bond‑program progress and secures favorable bond sale with more than $1.0M refunding savings

The Rosemount‑Apple Valley‑Eagan School District updated the board on construction progress under the 2023 bond program and approved bond resolutions after a successful bond sale that yielded more than $1 million in refunding savings.

Christopher Angra, the district’s director of finance and operations, and Carol Housechild, coordinator of project management and purchasing, summarized milestones across the bond program: project work at Scott Highlands Middle School, Rosemount Middle School, Apple Valley and East View activity centers, and foundations and lab spaces at Rosemount High School. They noted contractor safety practices and student engagement opportunities at job sites and said a large number of projects have advanced to bidding or construction phases.

On the financing side, municipal advisor Aaron Bushberger reported bids for the issuance that combined $100 million in school‑building bonds and $45.7 million of refunding. The sale produced a true interest cost near 3.78%, below earlier estimates, and generated $1,037,481 in estimated present‑value savings on the refunding. Moody’s affirmed the district’s rating and the board approved the bond resolutions unanimously.

Why it matters: The bond proceeds finance new activity centers, classroom additions and other long‑term facilities work across District 196. The lower borrowing cost and achieved refunding savings reduce the program’s net financing cost to taxpayers.

Board action: After the presentation the board moved and approved the bond sale and refunding resolutions 6‑0; proceeds will be delivered into district accounts in early April and refunding moneys placed in escrow as required.

What to watch: Construction schedules (noted on multiple projects) and monthly/quarterly finance reports that track actual expenditures against the voter‑approved budgets.