USD 470 officials are working with bond consultants to determine the best time to sell bonds authorized in a special election earlier this year to fund district-wide improvement projects.
“We want to do what is in the best interest of the taxpayers while still moving quickly to fulfill the needs of our students,” Dr. Ron? Ballard, superintendent, said. “We are working with the bond consultants to determine the best time to move forward.”
The school board met Monday night with bond consultant Greg Vahrenberg to discuss the sale of the bonds. Vahrenberg told the board he feels confident the district will be able to offer the approximate 6.12 mill levy proposed at election time.
The $35.8 million bond issue will fund plumbing, lighting, windows, roof repairs and restroom upgrades in existing buildings, a new athletic complex which will include a football and soccer stadium and track, a softball complex, tennis courts and cross country path and technology upgrades. Improvements to the 26-year-old high school will cost $8.8 million.
The district still has to decide whether the bonds will be sold in lump form or if there will be multiple sales.?A bond rating will be obtained once the school board authorizes the sale to begin. A bond insurance policy may also make the bonds more marketable to potential buyers.
A bond resolution will be considered after the preliminary steps are completed. The sale may be held within a few weeks after the final statement is sent to potential buyers.
The improvements will be staggered over a three-year period.
