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Kenyon-Wanamingo board authorizes up to $2.5M aid-anticipation borrowing
Summary
The Kenyon-Wanamingo School Board adopted a resolution June 23 authorizing issuance of up to $2.5 million in General Obligation Aid Anticipation Certificates, Series 2025A, to bridge delayed state aid; the board voted unanimously to approve the measure.
The Kenyon-Wanamingo School Board on June 23 adopted a resolution authorizing the issuance of General Obligation Aid Anticipation Certificates of Indebtedness, Series 2025A, for up to $2,500,000 to anticipate state aids receivable for fiscal year July 1, 2025–June 30, 2026. Member Marilyn Syverson introduced the resolution and Member James Jarvis seconded; the resolution passed with Syverson, Jarvis, Lurken, Aronson and Paquin voting in favor and none opposed.
The resolution, drafted under Minnesota Statutes Sections 126C.50–126C.56, authorizes negotiated sale or private placement, retains PMA Securities, LLC as municipal advisor and appoints Northland Bond Services as initial registrar. It caps the principal at $2.5 million and limits true interest cost to no more than 5.00%; the certificates are dated Sept. 18, 2025 and mature Sept. 30, 2026, and are to be used to cover operating fund cash needs until state aid receipts arrive. The board recorded the conventional pledge of the District's full faith and credit and related continuing-disclosure covenants to the MSRB.
