A goal of moving forward with the project is to ensure the community remains informed. We will use this site to keep our community informed.
It currently contains reference to the preliminary plan and a timeline for construction planning.
Later we will add information updates and progress photos.
We will also share updates on our school website: www.newfolden.k12.mn.us and on Facebook: www.facebook.com/mcc441
Bonds are sold!
The district received an A1 rating by Moody's Bond Rating Agency. This is an excellent rating for small schools making our bonds a very attractive investment. See Moody's Investor Services Credit Opinion.
The bond pricing and sales went very well. All the building bonds were sold and underwriters at Baird were able to earn additional premium which will be used to enhance the project fund support the project while keeping the borrowed amount at the 18.9 million the community approved. The true interest cost was locked in at 4.41% which was under the projected market conditions of 4.5%. A higher than estimated Enbridge tax evaluation allowed the term of the bond to be 22 years instead of 25 at a similar cost to our homeowners, farmers, and businesses.
#BuildMCCStrong to Improve Learning & Safety for Our Students