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Pipestone Area Schools board authorizes up to $975,000 in bonds for roofing projects
Summary
The Pipestone Area Schools board unanimously adopted a resolution authorizing up to $975,000 in General Obligation Facilities Maintenance Bonds, Series 2026A, to finance district roofing projects and set parameters for sale, credit-enhancement and IRS reimbursement compliance.
Member Mark Hiniker introduced and the board adopted a resolution authorizing the issuance of General Obligation Facilities Maintenance Bonds, Series 2026A, in a principal amount not to exceed $975,000 to finance roofing projects included in the district’s FY2027 facility plan.
The resolution authorizes PMA Securities, LLC to solicit proposals for the bonds and allows the superintendent or business manager and a board officer to approve a bond purchase agreement provided the aggregate principal does not exceed $975,000 and the true interest cost does not exceed 6.00 percent. The board also confirmed the district’s total indebtedness as of August 1, 2025 would be $23,845,000 in connection with the authorization.
The measure also details state credit-enhancement procedures under Minnesota Statutes and the district’s commitment to comply with the state’s requirements for guaranteeing payment if necessary. It includes language to comply with IRS reimbursement rules (Treas. Reg. §1.150-2) for expenditures made before bond issuance and sets deadlines for reimbursement allocations.
The motion to adopt the resolution passed unanimously, 7–0. Chairman Brad Carson presided over the vote.
