Detroit Lakes School District Reorganizes and Moves Forward With Financing of Voter-Approved Building Project
Carol McCarthy | Jan 10, 2019 AT 7:45 am
DETROIT LAKES, MN--Two new members of the Detroit Lakes School Board were sworn in Wednesday night at a special school board meeting and without missing a beat the business of financing the $49.8 million district building project moved forward.
Superintendent Doug Froke swore in newly elected members April Thomas and Jennifer Petersen.
The school board reorganized its officers and Amy Erickson was elected Board Chair of the six-member board, John Steffl was named Vice Chair, Kyle Johnson was named Clerk and Jane Foltz Treasurer.
MEETING DATES AND TIMES TO CHANGE
In light of the reorganization and preparation for the the extensive building project, Chairwoman Amy Erickson suggested the board the board add a work session each month along with their regular meeting. Board members unanimously agreed. Beginning in March, the school board will begin meeting the second Monday of the month for a work session at the District Office and their regular meeting will be held the third Monday of the month at Detroit Lakes City Hall both meetings will begin at 5:30 pm, which is an hour earlier than it's been for at least the last 15 years.
The School Board will still hold it's regular January meeting this Monday, January 14th at 6:30 pm at Detroit Lakes City Hall.
FINANCING OF BUILDING PROJECT
Another item on the Detroit Lakes School Board's agenda Wednesday was the approval of the financing of the voter-approved $49.8 million building project. Earlier Wednesday, the bids were opened for sale of General Obligation Bonds. The sale of the bonds was handled by Ehlers and Associates. An Ehlers representative at last night's meeting said there were 10 bidders on the bond. Which was exceptional as good response is usually three or four. The lowest bidder was Baird, which has locations in Minnesota, Wisconsin and New Jersey. The New Jersey Baird was the lowest bidder with an interest rate of 3.16%.
Superintendent Froke says that's good news for tax payers as the original annual tax impact will decrease from their original figures that were presented prior to voter approval. He says it means they had projected the tax impact for the owner of a $150,000 home to be $172 a year, the 3.16% interest rate on the sale of the bond Wednesday means that tax impact figure will be about $158 a year for the 20-year pay back.
The School Board unanimously accepted the bid and approved the sale.