The Mankato Area Public Schools board ratified the release of proceeds from the recently completed general obligation facilities maintenance bond sale to fund planned HVAC and facility projects at Bridges, Kennedy, Eagle Lake and Hoover elementary schools.

Michael Hart, vice president with the district’s financial advisor, reported that the sale attracted 12 bids and that the winning bid from Piper Sandler came with a 3.75% interest rate. Hart told the board the lower rate compared with estimates will save taxpayers “almost $4,700,000 over the life of these bonds” and will reduce the previously projected annual tax impact on a $300,000 home by about $8 (from $82 to $74 annually over a 20‑year schedule).

Hart and district staff said the bonds will fund an estimated $37.5 million in project costs and that the district received an Aa1 rating from Moody’s Analysts (reported as an A1 rating in the board presentation). Staff also emphasized the requirement to segregate bond proceeds and comply with IRS rules for tax‑exempt bond funds and described plans to invest proceeds for short periods during construction.

Superintendent Peterson and board members framed the work as part of a broader indoor‑air‑quality and facilities strategy; the district noted it manages roughly 1.8 million square feet of facilities with an average age of about 53 years. The board approved a resolution to ratify the award of sale and to accept the funds when received.