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Board states intent to issue about $4.9M in facilities maintenance bonds
Summary
Board approved a resolution declaring intent to issue General Obligation Facilities Maintenance Bonds, Series 2026A, in an approximate principal amount of $4,900,000 to fund deferred capital maintenance projects, including roofing, and to comply with reimbursement-bond regulations under the Internal Revenue Code.
The Chisago Lakes School Board on April 16 adopted a resolution stating its official intent to issue General Obligation Facilities Maintenance Bonds, Series 2026A, in an approximate principal amount of $4,900,000 to finance deferred capital maintenance, including roofing projects across district sites.
Member Lori Berg introduced the resolution and Member Jeff Lindeman seconded it. The minutes state the resolution was approved and record affirmative votes by Board Members Sarah Aadland, Josh Soderlund, Jennifer Penzenstadler, Jeff Lindeman and Lori Berg. The resolution cites authorization under Minnesota Statutes, Section 123B.595 and Chapter 475 and includes a determination that district indebtedness as of April 1, 2026, was $49,555,000.
The motion language included the title "RESOLUTION RELATING TO GENERAL OBLIGATION FACILITIES MAINTENANCE BONDS, SERIES 2026A" and indicates the bonds would be used, together with any district funds required, for deferred capital projects described in the district's revised ten-year facility plan for FY 2027. The meeting minutes note full resolution text is available on BoardBook.
Next steps: adopting the intent resolution allows the district to proceed with planning and potential issuance; the minutes do not include final sale details or debt service impacts in the public minutes provided.
