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Pequot Lakes board approves $1.985 million general obligation bonds to fund indoor air quality work
Summary
The Pequot Lakes Public Schools board unanimously adopted a resolution to issue $1,985,000 in General Obligation Facilities Maintenance Bonds, Series 2024A, to finance indoor air quality projects. The sale was awarded to BNY Mellon Capital Markets with a reported true interest cost of about 2.6963%.
The Board of Education of Independent School District No. 186 (Pequot Lakes Public Schools) unanimously adopted a resolution on Oct. 21, 2024, authorizing $1,985,000 in General Obligation Facilities Maintenance Bonds, Series 2024A, to fund indoor air quality projects described in the district's revised ten-year facility plan. The motion to adopt the resolution was moved by Director Dena Moody and seconded by Director Pamela Johnson; a roll-call vote showed all members present voted in favor (4-0).
According to the bid tabulation included in the meeting record, the sale was awarded to BNY Mellon Capital Markets at a purchase price of $2,129,138.86 and a true interest cost of approximately 2.6963216%. The resolution prescribes maturities that begin Feb. 1, 2026, and continue through Feb. 1, 2030, and levies debt service collections across calendar years 2025–2029 to secure payment. The bond documents state proceeds will be used together with any district funds required to complete the specified indoor air quality projects.
Board materials show the district retained PMA Securities, LLC as independent municipal advisor and included a parity tabulation of eight bids. The resolution also establishes a Construction Fund and a Debt Service Fund, requires tax levies to support debt service, and includes normal tax-levy and arbitrage covenants under Minnesota law. The board certified that the Projects are part of the district's facility plan approved by the commissioner as required under Minnesota Statutes, Section 123B.595.
District officials noted the financing allows the district to move forward with the targeted facility improvements; the minutes record that the board will present a full recommendation on facilities in November and that the district will continue to monitor funding and expenditures related to the Projects.
