School Board Approves Issuance of Bonds, Refinancing of Old Debt

 

–The Algona School Board approved a resolution directing the sale of over $8.8 million in school infrastructure bonds during their meeting Monday night. The bond issuance will finance Phase II of the outdoor facilities upgrade while also refinancing the district’s debt from the Performing Arts Center and Middle School construction projects. Matt Gillespie with Piper Sander presented the details of the refinancing to the board.

The refinancing will allow the district to have all of the debt paid off in less than 10 years. Construction on Phase II of the outdoor facilities upgrade is scheduled to begin this spring. It will include brand new restrooms that are ADA compliant along with a new concession area and paved walkways. It will also move the softball field from its current location to the grass field currently used as a football practice field.

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