School Board ratifies $1.275 million Certificates of Participation to fund track and turf project

The Long Prairie-Grey Eagle School Board on April 21, 2025 ratified a resolution authorizing the issuance and sale of Certificates of Participation, Series 2025A, in the aggregate principal amount of $1,275,000 to finance construction of an artificial turf athletic field at district property. The Purchase Contract in the meeting record shows a purchase price of $1,290,211.80 for the certificates and the board set a true interest cost cap of 5.00 percent.

Jodie Zesbaugh of Ehlers explained the bond/certificate sale process to the board before the motion (moved by Wolf, seconded by Hollenkamp). The resolution authorizes execution of core financing documents including an Indenture, a Ground Lease with Zions Bancorporation as Trustee, and a Lease‑Purchase Agreement under which the District would make lease payments subject to a right of non‑appropriation. Kennedy & Graven was named bond counsel and the resolution requires continuing disclosure per Rule 15c2‑12.

The board record specifies administrative safeguards: Certificates will be issued as fully registered obligations in $5,000 denominations, the Lease‑Purchase Agreement will not constitute a general obligation or pledge of the district's full faith and credit, and the District must include lease payments in annual budgets subject to appropriation. The board also received an equipment list for the Track and Turf project and scheduled a special meeting on April 28, 2025 to approve equipment bids and finalize procurement.

Action and next steps: the board voted to ratify the sale and authorized district officers to execute closing documents. The district intends to proceed with contracting and construction planning; final award of equipment bids will be considered at the April 28 special meeting.