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Chisago City approves conduit revenue bonds to help TRIO Wolf Creek charter school buy its building
Summary
The Chisago City Council voted to approve issuance of conduit revenue bonds, with no repayment obligation to the city, to enable TRIO Wolf Creek Distance Learning Charter School to purchase its building; the city noted adequate debt limit for the estimated $1 million bond.
The Chisago City Council voted to approve issuance of conduit revenue bonds to support TRIO Wolf Creek Distance Learning Charter School’s purchase of a building after Associate Planner Leah Nelson presented a letter request submitted by the school and legal counsel.
Daniel Burns of Fryberger Law Firm appeared on behalf of TRIO Wolf Creek and requested the city act as conduit issuer for an estimated $1 million bond. Nelson told the council the city has used conduit financing in the past and that the city assumes no repayment risk for conduit revenue bonds; Mayor Jeremy Dresel reiterated that point during discussion.
Council member Mark Anderson moved to approve issuance of the conduit revenue bonds; Council member Marie Rivers seconded, and the council approved the motion with all ayes. The minutes record that the city does not plan to issue municipal debt for the remainder of 2025 and that adequate debt limit exists to accommodate the projected bond amount. No additional terms of the bond issuance were discussed or approved at the meeting.
Next steps reported by staff included coordination with counsel and the applicant on financing documents; no municipal debt or city-backed obligations were authorized beyond serving as conduit issuer.
