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Fillmore Central approves bond sale for retiree benefits


Fri, Nov 28th, 2008
Posted in Education

HARMONY - The Fillmore Central School Board approved the sale of general obligation (Other Post Employment Benefits) bonds totalling $1,180,000 at their November 25 meeting. The bonds will be used to pay retiree benefits over the next 20 years, freeing up money in the General Fund for educational purposes.

Jim Schmitt from Springsted, Inc., who handled the bond sale, said the bond carries an average interest rate of 6.7674-percent over the 20-year life of the bonds. He said that this was a very competitive sale compared to other districts his company has sold bonds for.

The bond money, minus underwriters fees of $15,340, will be administered by the Public Employees Retirement Association in a trust and can be drawn down by the district as is necessary. Schmitt said that the funds in the trust could be expected to draw an interest rate in the 4.5-percent range annually, but cautioned about managing risk in these volatile financial times.

Board member Ron Stevens asked if the bonds could be refinanced during the 20-year life of the bond, and Schmitt assured him that they could.

The 2008 Minnesota legislature passed legislation allowing school districts to pay off OPEB bonds through a local tax levy.

It is estimated that the tax impact on a $100,000 home would be $24 per year and the impact on one acre of Ag land would be 50¢ per acre. Taxes payable in 2009 will be the first year effected by the bond sale.

Wind Resolution

The board passed a resolution calling on state legislators to support efforts to restore Wind Energy Production Tax funds to school districts.

Board member John Torgrimson reported that in lieu of property taxes, wind turbines are assessed a wind energy production tax at the rate of 12¢ per kilowatt hour of electricity produced. In 2005, a formula for distributing revenues to local taxing jurisdictions was set as follows:

• 80-percent to counties;

• 14-percent to cities and townships; and,

• 6-percent to school districts.

In 2007, legislation was changed taking away any benefit school district's could receive in WEPT funds, as an equal amount a district could receive in state aid would be deducted. Efforts to get this changed in 2008 failed.

Torgrimson reported that there are three wind companies developing wind fields in Fillmore County and believed that there was legislative support from area legislators to take up .....
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Lanseboro School Board discusses test results

Fri, Nov 21st, 2008
Posted in Education

At its regular meeting on November 20, the Lanesboro school board discussed the results of 11th grade scores on math in MCA state standard testing, with scores falling slightly below a statewide average of 30-percent. Seventh and Eighth graders did ..... 
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Kingsland School Board holds November meeting

Fri, Nov 21st, 2008
Posted in Education

Spring Valley - The Kingsland School Board met at its regular meeting on Monday, November 17 at the Kingsland High School District Conference Room. No changes were made to the agenda and it was approved.

In an effort to go paperless at futur ..... 
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Rushford-Peterson school board looks at district goals at monthly meeting

Fri, Nov 21st, 2008
Posted in Education

It was a time to get philosophical as the Rushford-Peterson school board discussed district goals at the last regular meeting, November 17.

Superintendent Chuck Ehler had previously informed the board that staff had been surveyed for their t ..... 
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Fillmore Central to bond for retiree benefits

Fri, Oct 31st, 2008
Posted in Education

PRESTON - The Fillmore Central School Board passed a resolution to set the sale of OPEB (Other Post Employment Benefits) Bonds at its October 28 meeting. The bonds will be used to pay for retirees' health insurance for the next 20 years. The 2008 Mi ..... 
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Students celebrate healthy choices during Red Ribbon Week

Fri, Oct 31st, 2008
Posted in Education

A swarm of kids dressed from head-to-toe in red flooded the halls at Fillmore Central last Wednesday. Fortunately, it's not a crazy new style trend or due to a mishap in the cafeteria; the students were in the midst of a week long celebration called ..... 
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Rushford-Peterson studies district goals

Fri, Oct 24th, 2008
Posted in Education

RUSHFORD - Darwin Viker of Larson Allen Weishair gave his annual auditor's report to the Rushford-Peterson school board prior to their monthly meeting last Monday.

Not surprisingly, Viker recommends caution in spending over the next several ..... 
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Kingsland board challenged on jersey issue

Fri, Oct 24th, 2008
Posted in Education

WYKOFF - The Public Comment period of the Monday, October 20 Kingsland School Board meeting period brought forward concerns from family and friends of the retirement of the football jersey number 28 previously worn by Dustin Atwood before his tragic ..... 
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FC Knowledge Bowl teams known for "kicking brain"

Fri, Oct 3rd, 2008
Posted in Education

Not every team at Fillmore Central has to deal with wild fans and sweaty gym bags; the Fillmore Central Knowledge Bowl teams don't need much to succeed in "kicking brain".

Knowledge Bowl is a trivia competition where three teams of five comp ..... 
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