Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Construction topic
No spam. Unsubscribe anytime.
Fargo board authorizes $3.5 million low‑interest construction loan for Horace Mann project
Summary
The Fargo Board of Education unanimously approved a resolution authorizing a $3.5 million school construction loan at roughly 2% over 20 years to fund the second phase of the Horace Mann project, a move district officials said will save the district significant interest costs over time.
The Fargo Board of Education on June 14 adopted a resolution authorizing a $3,500,000 school construction loan from the state to fund the second portion of the Horace Mann project, saying the loan carries a low interest rate and a 20‑year repayment schedule.
Jackie Gapp, who explained the financing, told the board the loan is a low‑interest state school construction loan: “we were fortunate to receive, $3,500,000 in school construction loan, through the state, and, the benefit of that is it's a low interest rate. It is it will be 2% over 20 years.”
Board member Greg Clark moved the resolution and, during discussion, praised staff for securing the funding. Clark said, “this this is going to save the the school district, like, tens, if not hundreds of thousands of dollars over 20 years.” Robin Nelson also complimented the business department on quickly filing and securing the limited construction funds.
The resolution on the agenda authorizes the issuance of general obligation building fund bonds series 2026, establishes a sinking fund and levies taxes for repayment. Ann Marie Campbell conducted the roll call; the motion passed 9-0.
Why it matters: Board members framed the financing as a rare opportunity to secure low‑cost capital for a continuing construction project at Horace Mann. Administration said the loan is the second portion of the bond issue for that project and will reduce long‑term interest costs.
Next steps: The resolution authorizes the district to set the debt schedule and proceed with the bond issuance and related administrative steps required to effectuate the loan and repayment plan.
