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School board approves intent to issue up to $1.175M in certificates to finance turf and track project
Summary
The Long Prairie‑Grey Eagle School Board adopted a resolution authorizing the issuance of Certificates of Participation, Series 2025A, in a principal amount not to exceed approximately $1,175,000 to finance an artificial turf athletic field; the board set parameters including a 5.00% true interest cost cap and authorized its municipal advisor and bond counsel.
The Long Prairie‑Grey Eagle School Board voted to adopt a resolution stating its intention to issue Certificates of Participation, Series 2025A, to finance construction of an artificial turf athletic field, with the principal amount not to exceed approximately $1,175,000.
The resolution, presented by Jodie Zesbaugh of Ehlers & Associates, authorizes use of lease‑purchase financing and cites Minnesota Statutes Section 465.71 and Section 126C.40 as the legal basis for the proposed transaction. The board authorized the municipal advisor to solicit proposals and set a financing parameter that the true interest cost shall not exceed five percent (5.00%).
Motion and procedural details were recorded in the meeting minutes: "Motion by Zastrow and seconded by Levin to accept the resolution stating the intention of the School District to issue certificates," and the resolution text later states the District's intent to issue Certificates in the principal amount not to exceed approximately $1,175,000. The minutes also identify Kennedy & Graven as bond counsel to be engaged to assist with required documents and disclosures.
Board members authorized the Interim Superintendent or Business Manager and any Board member, with the advice of the municipal advisor, to review purchase proposals and award the sale to a purchaser within the stated parameters. The resolution states the Certificates will be special, limited obligations payable solely from annual appropriations for lease payments and amounts held by the Trustee, and that the District may exercise a non‑appropriation option under the Lease‑Purchase Agreement.
Next steps recorded in the minutes: the Authorized Officials will review proposals and, once a proposal is accepted, the Board will meet to ratify acceptance and take any additional action needed to issue the Certificates.
