(Spencer)– The Spencer school board Monday awarded the sale of General Obligation and Sales Tax Revenue Bonds for the Middle School project.
Rex Ramsey of Piper Jaffrey informed the board they received seven bids for the four million dollars in General Allocation Bonds. The low bid came from Bank One Capital Markets in Chicago with an interest rate of 4.48 percent.
Two bids were received for the 5.9 million dollars of Infrastructure Services and Sales Tax Revenue Bonds. The low bidder was Harris Trust Bank at an interest rate of 3.93 percent.
The Spencer school board will now meet July 8th at 7:00 a.m. to sign additional papers authorizing sale of the bonds. The district will receive the money July 27th.
The board also received an update Monday on the Middle School project. City Engineer Jim Thiese presented the proposed site plan for the project, which the board approved. The plan now goes to Spencer’s Planning and Zoning Commission for action on July 14th. It will go before the city council at their meeting July 19th.
Work on the new Middle School will begin as early as this fall.
