District 2184 requests rest of bond referendum money

When voters approved Luverne School District’s $23.3 million bond referendum in 2017, a state enhancement credit program kept $405,000.
At a special meeting Thursday night, board members voted to take the money back from the Department of Education.
“Statute language held that money from us,” Superintendent Craig Oftedahl said. “Since that time, there have been legislative changes to the statute which now gives us the chance to recover what our voters intended to authorize.”
Ehlers Inc. of Roseville, Minnesota, a public finance adviser who coordinated the original bond sale for Luverne Schools, also coordinated the pre-sale report given at Thursday’s meeting.
Awarding of the bond sale will take place at the board members’ upcoming Aug. 25 meeting.
Up until recently, the state kept a portion of any bond sales to leverage against potential default on the bond repayments.
The program also has an additional benefit.
“The credit enhancement program allows the school to essentially piggyback on the state’s AAA rating to ensure we have the best interest rates possible,” said business manager Tyler Reisch.
The $405,000 is to be used for the betterment of school sites and facilities.
 
In other business, the board:
•accepted the resignation of Crystal Holtz as full-time cook effective Aug. 5.
•hired Zoe Debates as middle school tennis coach and Betania Topete as a paraprofessional effective Aug. 9.