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Rushford-Peterson approves bond sale


By Kirsten Zoellner

Mon, Jan 26th, 2015
Posted in Rushford 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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Rushford approves sale of HBC building

By Kirsten Zoellner

Mon, Jan 19th, 2015
Posted in Rushford Government

The first Rushford Council meeting of 2015, January 12, brought the expected annual housekeeping of boards, committees, meeting dates, and more. It also brought an opportunity for the city to sell a viable piece of downtown property and get the pr ..... 
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Lester P. Ulvestad

Mon, Jan 5th, 2015
Posted in Rushford Obituaries

Lester P. Ulvestad passed away on Dec. 30, 2014, at the age of 98 years at Good Shepherd Lutheran Home in Rushford, Minn. He was a longtime former resident of Glendale, Wisc. Beloved husband for 39 years of the late Shirley M. Ulvestad (nee Weber ..... 
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Juried High School Art Show opens January 10

Mon, Jan 5th, 2015
Posted in Rushford 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 Rushford 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 Rushford 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 hits at rate changes, law enforcement trends

By Kirsten Zoellner

Mon, Dec 29th, 2014
Posted in Rushford Government

Discussion from the December 8 council meeting, regarding water and sewer rate structure and charges, continued December 22. The city is eyeing plans to address operating needs, capital improvement, debt service, and existing shortfalls. Any rate ch ..... 
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Rushford-Peterson faces tough questions on new school issues

By Kirsten Zoellner

Mon, Dec 22nd, 2014
Posted in Rushford 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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Fire Department receives massive donation

By Kirsten Zoellner

Mon, Dec 22nd, 2014
Posted in Rushford Government

Christmas has come early for the Rushford Fire Department. December 17, representatives from Farmers Co-op Elevator (FCE) presented the department with a $20,000 donation to the volunteer department to be used for the purchase of equipment. Seizin ..... 
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