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Pequot Lakes board authorizes up to $55M in school building bonds for voter-approved projects
Summary
The Pequot Lakes School Board voted May 19 to authorize General Obligation School Building Bonds, Series 2025A, for up to $55,000,000 to fund school site and facility improvements approved by voters; PMA Securities will serve as municipal advisor and the board capped true interest cost at 5.50%.
The Pequot Lakes School Board on May 19 adopted a resolution authorizing the issuance and sale of General Obligation School Building Bonds, Series 2025A, in an amount not to exceed $55,000,000 to finance acquisition and betterment of school sites and facilities approved by voters on April 8, 2025.
The resolution names PMA Securities, LLC as the district's independent municipal advisor and authorizes the superintendent or business manager and any board officer to approve the sale and execute a bond purchase agreement provided the aggregate principal does not exceed $55,000,000 and the true interest cost does not exceed 5.50%. The board also authorized PMA and the underwriter to prepare and distribute a preliminary and final Official Statement in compliance with SEC Rule 15c2-12.
The resolution includes a declaration of intent under federal tax rules (IRS Reg. Section 1.150-2) allowing the district to reimburse prior project expenditures from bond proceeds, and it binds the district to Minnesota Statutes, Section 126C.55, for state credit enhancement notice procedures. The authorization will expire if a bond purchase agreement has not been executed by Dec. 31, 2025.
The minutes record the bond resolution as duly passed and adopted with the six board members listed in the minutes voting in favor.
