School Board approves bond sale proposal for RBMS addition

Following a presentation from a representative of Piper Jaffary, the Eagle Grove Board of Education approved the sale of bonds for School Infrastructure Sales, Services and Use Tax Revenue Bonds in the amount of $6.043 million to JP Morgan Chase.

The average interest rate will be 2.2 percent, with the total interest cost at $933,552.09. Prior to that vote, the Board executed an engagement agreement with Piper Jaffray for their services on this matter. They will now prepare the legal documents on the bond sale for the Board to sign at a special meeting on August 28. Also approved at that time was an agreement with Ahlers Law Office to serve as bond counsel for the sale.

“This action helps us proceed forward towards the actual construction process,” stated Superintendent Jess Toliver.

The Board approved a 28E agreement between them and the City of Eagle Grove for the sharing of services of Logan Willard. He is the new buildings and grounds director for the district, but will also keep part of his City position of Recreation Director. The time allocation for Willard is set at 75 percent to the school district and 25 percent to the City. The city council has yet to approve the document.

Read the full article in the August 17 edition of the Eagle.