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Board approves $99.145M school building and refunding bond issue after sale yields savings
Summary
School board approved a $99,145,000 general obligation school building and refunding bond issue, reporting a true interest cost near 3.42% and approximately $1,072,000 in refunding savings; proceeds will fund voter‑approved building projects and refund prior debt.
The Osseo Public School District board voted to authorize the issuance and sale of $99,145,000 in general obligation school building and refunding bonds, series 2026A, following a presentation that reported stronger-than-expected sale results.
Jody Zesbaugh of municipal advisor Ehlers told the board the sale combined two purposes: financing voter‑approved school building projects and refunding existing debt. “We have great results to share from the bond sale today,” she said, and reported a true interest cost of about 3.42%—below the presale estimate—and refunding savings “we're over $1,000,000 So $1,072,000.” She said the low bidder was Huntington Securities and that the district will close the issue on March 19, with a redemption/call schedule beginning Feb. 1, 2034 for certain maturities.
John Morrissette, the district's executive director of finance and operations, said the bond proceeds include roughly $60 million for site acquisition and facility betterment authorized by voters in 2023 and that the district will retain capacity for future capital needs because of the lower rates. The board approved the resolution on a 6‑0 vote.
What happens next: bond closing is scheduled for March 19; refunding proceeds will be placed in escrow and the district will issue formal call notices for refunded maturities.
