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Rushford-Peterson approves bond sale


By Kirsten Zoellner

Mon, Jan 26th, 2015
Posted in Peterson Education

A special meeting of the Rushford-Peterson School Board was called Thursday, January 15 for the purpose of adopting a debt compliance policy and to approve the sale of bonds. All members of the board were present, including new directors Joyce Iverson, Dean Mireau, via Skype, and Jon Pettit. Also present were Greg Crowe and Gary Olson of Ehlers financial firm.

The first order of business was for the board to take action on a resolution adopting a Post-Issuance Debt Compliance Policy for Tax-Exempt and Tax-Advantaged Governmental Bonds. Olson spelled out the purpose of the policy, noting its relation for the state credit improvement program. “The district agrees to make bond payments three days early. If not, the paying agent notifies the state and pays on your behalf.”

“This is not connected to state aid,” added Crowe, following some question over the policy’s enforceability of law-appropriated funding by Board Director Taylor Peterson. “Every school district has this. It’s just a backup. No district has ever defaulted and triggered it.”

The board approved the policy in a 5 to 2 vote with directors Peterson and Pettit opposed.

Facilitated sale of the bonds, the second half of the two-part agenda, garnered the most discussion. A 17-page presale report from Ehlers documented results from seven qualified bids, as well as details of credit rating, bond premium, updated debt service and tax impact schedule.

The winning bidder for the project was Piper Jaffray & Co. of Minneapolis. Actual bond issuance amount was decreased, subsequent to bid opening, to $36,030,000. Projected bond issue size had been estimated at $38,165,000, but a $2,138,411 underwriter’s premium and $152,286 in estimated investment earnings reduced the issuance amount. A premium bond is one traded above par value due to interest rates and it’s one investors will pay more for. Due to the bond structure, the premium will allow for the flexibility for the district.

The term of the bond is 20 years. The “true” interest rate for the bonds is 2.72 percent, although the rate is scheduled to fluctuate between two percent (2017-2019), three percent (2020-2022), and four percent (2023-2029), before dropping back to three percent for the remainder of the term. During the referendum, the financial firm had used 3.9 percent for preliminary calculations. “It was a great day to be out in the market, .....
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Peterson dives in with new council, projects, plans

By Kirsten Zoellner

Mon, Jan 19th, 2015
Posted in Peterson Government

The new Peterson Council, including Mayor Tim Hallum, dove into a heavy agenda at their first meeting of the year, January 14. Following the official swearing in of Hallum and councilors Gail Boyum and Dave Colbenson who were reelected, the council ..... 
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Juried High School Art Show opens January 10

Mon, Jan 5th, 2015
Posted in Peterson Education

Lanesboro Arts will present the Annual Juried High School Art Show, showcasing work by 9-12th grade students from Chatfield, Fillmore Central, Lanesboro, and Rushford-Peterson High Schools. The show opens with a reception on Saturday, January 10 fro ..... 
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Rushford-Peterson responds to concerns; renews superintendent contract

By Kirsten Zoellner

Mon, Dec 29th, 2014
Posted in Peterson Education

Due to time constraints at the December 17 school board meeting, a special meeting was called December 22. The meeting was well attended by the public, as was the previous meeting, with more than 20 citizens waiting to hear the district’s respon ..... 
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Journal Writing Project: Not just a ‘New’ Year

By Jeremiah Munson

Mon, Dec 29th, 2014
Posted in Peterson Journal Student Writing Project

Most people are aware of and participate in the tradition of a “New Year’s Resolution.” Whether you want to exercise more, spend more time with your family, or be a little more adventurous, New Year’s resolutions can cover just about every ..... 
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Rushford-Peterson faces tough questions on new school issues

By Kirsten Zoellner

Mon, Dec 22nd, 2014
Posted in Peterson Education

Talk moves swiftly in tight-knit communities and recent rumblings over potential problems with Rushford-Peterson’s New School Initiative, and the subsequent referendum, led more than 55 citizens to pack into the high school biology room for the ..... 
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Peterson looks at nuisance abatement

By Kirsten Zoellner

Mon, Dec 15th, 2014
Posted in Peterson Government

The city of Peterson has spent more than a year, in some cases, trying to find a remedy to properties that are deemed in violation of the nuisance ordinance. The properties in question, 10 originally, were in violation according to the city, with ..... 
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Parade of Lights to benefit SEMCAC Food Shelf in Rushford

Mon, Dec 8th, 2014
Posted in Peterson Arts & Culture

RUSHFORD, MN – Merchants Bank is once again helping to organize the Rushford Parade of Lights at 7 p.m., Saturday, December 13 in downtown Rushford. Cookies, cocoa and cider will be served at the Rushford Fire Hall during and after the parade. ..... 
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Students can win with Merchants Bank Money Ball in Rushford

Mon, Dec 1st, 2014
Posted in Peterson Education

RUSHFORD, Minn. – Area students will have a chance to win some money with Money Ball from Merchants Bank. The first chance comes during halftime of the Rushford boys basketball game against Lanesboro, Friday, December 5. Three participants, 5th ..... 
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