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East Marshall advances $7.5M SAVE bond proposal; board clears $1.75M athletic facility plan
Summary
At a public hearing Jan. 21 the East Marshall board opened and then approved resolutions to support issuing approximately $7.5 million in SAVE (school infrastructure sales/use tax) bonds and a proposed $1.75 million athletic facility project; the board noted petition rights under Iowa Code and is moving ahead with bond planning.
The East Marshall Community School District on Jan. 21 held public hearings and passed resolutions supporting the proposed issuance of approximately $7.5 million in School Infrastructure (SAVE) sales‑and‑use tax revenue bonds and a separate resolution for the proposed use of SAVE funds on a $1.75 million athletic facility infrastructure project.
District officials read the formal notice at the board meeting and opened the required public hearings. Administrators explained the athletics project estimate of $1,750,000 and outlined Iowa petition rights: eligible electors may file a petition with the board secretary seeking a referendum on the proposed use of SAVE revenue under Iowa Code; petitions must be filed by close of business Feb. 4, 2026 and require signatures equal to the greater of 100 electors or 30% of those voting at the last school elections under Iowa Code 277.1.
No petition was filed at the meeting and no public speakers objected to the issuance during the hearing. Board members passed the two resolutions by voice/roll call votes. Officials said the resolutions set the district up to move forward with bond issuance planning; they also stressed the importance of demonstrating fiscal health and a solid financial plan to prospective purchasers and bond rating agencies, since better credit metrics can lower interest costs and preserve more bond proceeds for projects.
The finance presentation earlier in the meeting provided context: the district reported a current SAVE balance of roughly $2.1 million, though administrators indicated roughly $1.1 million would remain after paying outstanding SAVE obligations; the district said passing the SAVE resolution now could allow it to lock in projects before possible legislative changes to SAVE distributions were enacted later this year.
Next steps: the district will finalize bond documents, meet with municipal advisors and lenders, and proceed toward formal issuance. Officials noted that petition filings by Feb. 4 would require the district to hold an election on the proposed SAVE use if petition requirements are met.
