School board approves $9M financing for special education program
The Woodbury School Board unanimously approved a $8.98 million financing package on January 16 to acquire and renovate a building for the district's special education transition program. The deal secured a favorable 4.03% interest rate, saving the district nearly $300,000 compared to earlier estimates.
The board's 6-0 vote on the Certificate of Participation Series 2025a represents a significant step forward for the district's special education services. The financing will consolidate the transition program into a single location, creating operational efficiencies while providing dedicated instructional space for students. The district came in under its authorized borrowing limit of $9.445 million, issuing $8.98 million instead.
Jody Zba, presenting the financing details, highlighted the favorable market conditions that allowed the district to secure better terms than anticipated. "The true interest cost of 4.03% is lower than the 4.33% we were estimating about a month ago," Zba said, noting that principal and interest payments will be nearly $300,000 less annually than projected a year earlier. Credit rating agency Moody's assigned the district an A2 rating, citing strengths including a strong local economy, growing enrollment, and voter support for education funding.
The board also unanimously approved the district's 2023-24 audit results, which received a "clean opinion" on all financial statements. Additionally, the board approved 2025 committee assignments and passed four policy updates in a 4-2 vote, though the latter decision proved contentious. Board members Eric Tesmer and Pat Driscoll voted against the policies, specifically objecting to Policy 102 on equal opportunity education. Tesmer expressed concern that the policy "opens a door to persons with male genes and male anatomy into women's sports in the school district as well as women's locker rooms," citing safety concerns for female students. Driscoll suggested the board "pull this back and fully understand what this means and what type of risk this brings to our district." Board Chair Katie Schwarz noted that these concerns had not been raised during earlier review periods, suggesting the objections came late in the approval process.
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Other Topics from This Document
School District Financing and Capital Projects
Annual Financial Audit Review
Board Committee Assignments for 2025
School Board Policy Updates, particularly Policy 102
Superintendent's Report and Upcoming Events
Also from this meeting
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