Several items related to the financing of the high school renovation were on the agenda of the Decorah Community School Board Monday night. The board formally approved the issuance of general obligation bonds, not to exceed $6.5 million. The bond bids are due on March 14, and will be acted on during the board meeting on the same date. These bonds are the second stage of bonds for the project, and are leveraged against PPEL (Physical Plant and Equipment Levy) funds. $10.4 million in bonds were issued last fall. A third stage of bonding will be needed in the summer of 2012. The current bond money will also result in early payoff of earlier higher interest bonds, thereby saving considerable money.
In other discussions the board moved forward in steps to approve working with either the ISJIT Fixed Term Automated Payment Program, or more likely, Decorah Bank and Trust/Bankers Trust Capital Management in the management of received school bond monies prior to their expenditure on construction. The Decorah Bank partnership was more favorable because of better interest rates, as well it benefitting a local enterprise.