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Board approves $26.8 million long-term facilities maintenance bonds
Summary
The board adopted Resolution authorizing General Obligation Long-Term Facilities Maintenance Bonds, Series 2024B, in the principal amount of $26,810,000 to finance projects in the district’s approved ten‑year facilities plan; the resolution records MDE approval of the plan and selects TD Securities as purchaser in the sale process.
On Dec. 10, 2024 the Minneapolis Public Schools Board adopted a resolution authorizing General Obligation Long‑Term Facilities Maintenance Bonds, Series 2024B, with an initial aggregate principal amount of $26,810,000. The board moved and adopted the resolution by voice vote.
The resolution states that the board previously approved a ten‑year facilities plan and received written approval from the Minnesota Department of Education; the bonds will finance projects included in that plan. PFM Financial Advisors conducted a solicitation of competitive proposals and the resolution identifies TD Securities (USA) LLC as the purchaser whose proposal the board found most favorable. The resolution sets out bond maturities, interest payment dates, registrar appointment, debt service fund provisions, and the requirement that any excess debt service revenue reduce the general fund levy as provided by statute.
District officers were authorized to complete closing documents, maintain project and debt service funds, and make the disclosures required for municipal bond issuance.
