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School board ratifies $995,000 bond sale to fund roofing projects
Summary
Pipestone Area Schools’ board on June 22 ratified the sale of $995,000 in General Obligation Facilities Maintenance Bonds, Series 2026A, to fund roofing projects in the district’s FY2027 facility plan; the bonds were awarded to TD Financial Products LLC and carry a 5.00% interest rate across maturities 2027–2036.
The Pipestone Area Schools Board of Directors on June 22 adopted a resolution ratifying the sale of $995,000 in General Obligation Facilities Maintenance Bonds, Series 2026A, to fund roofing projects included in the district’s approved FY2027 facility plan. Member Katie Wiese introduced the resolution and moved its adoption; Member Mark Hiniker seconded, and the motion passed on a recorded 7-0 vote.
The board recorded the purchaser as TD Financial Products LLC, agreeing to a purchase price of $1,082,426.16. The resolution sets the bonds’ interest rate at 5.00% and lists maturities from 2027 through 2036 with scheduled principal amounts (for example, $85,000 due in 2027 and $125,000 due in 2036). The bonds are non-callable under the terms adopted and will be registered with Zions Bancorporation, National Association, acting as initial registrar, transfer agent and paying agent.
The board resolution directs that bond proceeds be placed in a Construction Fund to pay project costs, with any remaining proceeds credited to a Debt Service Fund used only to pay principal and interest. The resolution also pledges the district’s full faith, credit and taxing power and outlines tax levy procedures and continuing-disclosure obligations required by securities law; the district’s municipal advisor is PMA Securities, LLC.
The resolution references prior board authorizations (including an authorizing resolution adopted July 28, 2025 and amended April 27, 2026) and explicitly states that the bonds will finance roofing projects described in the district’s ten-year facility plan. The board’s action completes the board-level ratification required before delivery and closing on the bonds.
