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Annandale board approves bonds to fund high school HVAC and indoor-air-quality upgrades
Summary
The Annandale Public School District board approved a resolution to seek long-term facilities maintenance bonds to fund a high-school mechanical and indoor-air-quality project estimated at just under $4.4 million; the district says the tax impact would be under $3 per month on an average $450,000 home.
The Annandale Public School District board on March 3 approved a resolution of intent to issue long-term facilities maintenance (LTFM) bonds to fund a building-wide HVAC and indoor-air-quality project at the high school.
The board’s chair introduced the resolution and Rick, a district presenter, described the project’s background: failing gymnasium and commons cooling units prompted a shift to a whole-building solution. “The project is slated to start June 8, and then finished by the time school starts with the final punch list being done by September 17,” Rick said.
Jody of Ehlers, the district’s financial advisor, told the board the estimated project cost is “just under 4,400,000” and that the par amount for the bonds in the resolution is “just over 4,600,000,” which includes the first interest payment rolled into the bonds. Jody said the district must still submit required LTFM documentation to the Minnesota Department of Education (MDE) and that the district plans to update its financial schedules at the April meeting, put the bond sale on the May calendar and close in June so proceeds are available when invoices arrive.
On tax impact, Jody said the district’s current debt structure allows the project to be wrapped into existing levies and that for an average home value cited by the county of about $450,000, the tax impact starting with taxes payable in 2027 would be “less than $3 a month.”
Board members moved and seconded the resolution; the chair conducted a roll-call vote and announced the motion carried.
Why it matters: The board is using statutory LTFM authority to fund projects considered critical to staff and student health and safety — indoor air quality, fire safety and similar projects are eligible — and the approved action lets the district proceed with the MDE approval and bond issuance timeline.
Next steps: The district will file the required narrative, engineer readings and updated expenditure and revenue schedules with MDE, present more detailed financial schedules in April, hold a bond sale in May and close by June so work can start in June and finish before the school year.
