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Board approves $50.5 million school building bonds to fund facility projects
Summary
The Minneapolis board adopted Resolution 2024A on Dec. 10, 2024 authorizing General Obligation School Building Bonds, Series 2024A, in the principal amount of $50,465,000 to finance rehabilitation, remodeling, and other facility projects; bond sale terms and issuance details appear in the resolution.
The Minneapolis Public Schools Board approved Resolution 2024A on Dec. 10, 2024 to issue General Obligation School Building Bonds, Series 2024A, with an initial aggregate principal amount of $50,465,000. Director Abdul Abdi moved to approve the resolution; the board adopted the motion by voice vote with eight ayes.
The resolution finds that issuance of the bonds is in the district’s interest to finance rehabilitation, remodeling, expansion and equipping of existing school buildings; it notes that the Minnesota Department of Education provided a positive review and comment on portions of the project requiring MDE review. The resolution includes underwriting details and names J.P. Morgan Securities LLC as the purchaser whose proposal the board found most favorable in the competitive process. The bond terms, interest payment dates, registrar appointment (U.S. Bank Trust Company), and redemption provisions are set out in the resolution.
The board pledged the district’s full faith and credit and authorized district officers to take closing and tax‑compliance steps required to issue the bonds.
