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Board approves 10-year LTFM plan and declares intent to issue up to $17.5M in bonds to fund high‑school indoor‑air‑quality work
Summary
The board approved its annual 10-year long-term facility maintenance plan and a resolution declaring intent to issue general obligation facilities maintenance bonds not to exceed $17.5 million to fund indoor-air-quality mechanical upgrades (estimated $17.27M) and related classroom remodels; the vote was taken by roll call and recorded as unanimous among members present.
The Little Falls Public School District board approved a 10-year long-term facilities maintenance (LTFM) plan for fiscal year 2028 and passed a resolution declaring official intent to issue general obligation facilities maintenance bonds with principal not to exceed $17,500,000 to finance indoor air quality projects at district facilities.
Heidi, district staff responsible for facilities revenue planning, told the board LTFM funding comes from a mix of state aid, levy and prior debt-service allocations and that the district projects a fund balance of about $1,000,000 in LTFM reserves. Mark and a Contegrity representative described the indoor-air-quality project scope at the high school — covering roughly 110,000 square feet — with major new air-handling equipment accounting for about $9.6 million of the work and a total project estimate of about $17,272,000.
Steve Pumper of PTMA Financial Advisors explained financing options and estimated homeowner impact under current assumptions. Using a sample $225,000 home, Pumper said the estimated annual tax increase would be about $119 under the illustrative structure discussed. He explained the district may issue LTFM bonds and capital-facility bonds for associated classroom remodels; the board will return in the fall to approve any bond sale after Minnesota Department of Education review and approval.
The board read and adopted the resolution authorizing submission of the facility plan to the Minnesota Department of Education and declaring intent to issue bonds. A roll-call vote recorded Dan, Doug, Julie, Sharon, Mark and Kelsey as voting yes; the resolution passed. The resolution text sets the district's not-to-exceed principal at $17,500,000 and requires publication of a notice of intent in a local newspaper as part of the next steps.
