The Nevis School District approved a resolution awarding the sale and providing for the payment of general obligation facilities maintenance and tax abatement bonds series 2019-A presented by Ehlers finance company at the July 22 meeting.
“We had great results from the sale,” Ehlers senior municipal advisor Jodie Zesbaugh said.
The district received five bids for the bond sale, and accepted the 2.68 percent interest rate from Woodlands National Bank of Hinckley following a review of the districts audit, finances and fund balances.”
“Because we got that low bid the principal and interest payments are $12,000 lower than we estimated, so that’s nice to see,” Zesbaugh said.
The $380,000 in general obligation facilities bonds debt service schedule is for 5.619 years. Interest was calculated at $57,223 for a total payment of $437,223.
The tax abatement estimated bond schedule for the $95,000 parking lot paving project includes $9,080 in interest and total payments of $104,080 on the initial debt services levy of $109,284. This bond will be paid over five years.
The board approved a work order with the Anderson Brothers construction company for parking lot grading and paving at a total cost of $97,542. Work on the parking lot paving project is expected to start this week and be completed before the start of school.
Superintendent Gregg Parks updated the board on progress, stating the electrical systems for the parking lights were being worked on. He said the higher cost is due to the fact that Anderson was not able to have a plant in this area and are hauling from Brainerd.
“We also had some upgrades,” he said. “It will be curbed all around the west end of the gym going to the west end of the tennis courts. That’s about $5,000 worth of curbing.”
The Nevis district ended the month of June with over $2 million. The monthly cash balance report showed a total actual balance of $2,106,737.
“We’re off to a good start,” Parks said.
The Bayer Fund donated $2,500 for staff wellness and Arvig Enterprises donated $1,325 to the district’s Early Childhood Family Education program. This is the money received about every six months from people who are enrolled in Arvig services and designate Nevis School as their recipient.
The school board approved payment of bills for the past month totaling $289,173.
The next school board meeting will be at 7 p.m. on Monday, Aug. 26 in the school media center.