9/19/2020

The Gibbon Fairfax Winthrop (GFW) school board will consider refinancing of OPED (Other Post-Employment Benefits) bonds on Monday, Sept. 21. The meeting starts at 6:30 p.m. in the Gibbon Elementary School gym. It will be streamed on the school district’s Facebook website. Refinancing the bonds would save about $5,500 a year. Total estimated gross savings is $27,500 based on estimated rats for a private placement on Sept. 12, 2020, according to a refunding analysis by PMA Securities. Interest rate of the current bonds is 5.42%. The estimated all-inclusive cost of bond refunding is 2.76%, based on estimated rates. The resolution provides authorization to Supt. Jeff Horton and an office to execute a bond purchase agreement with a minimum savings target of $15,000 and includes action to apply for state credit enhancement program. The deadline for banks to respond and award sale to the best bid is noon, Oct. 14. Call notices will be published Oct. 20. Bond closing date is Nov. 18. Bond call date is Nov. 20. The board will also consider: • Selling the Gibbon football field. • Preliminary levy certification for taxes payable 2021. The maximum amount is recommended. The actual certification amount will be determined in December. • Facility Manager Dave Sellner reported Araceli Ruiz was hired for the Gibbon daytime position.

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