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Economy

GFW's new GO Bond saves taxpayers $152,723

Winthrop News of Winthrop, Minnesota

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Lower interest rates has helped the GFW School Board save taxpayers $152,723.

In September the School Board passed a resolution to award the sale of bonds to replace the District's current $4,303,000 General Obligation School Building Bond, that was taken out in 2008.

The Board had hoped to save approximately $71,700 with the new GO bond sale. First the District did the paperwork to review its credit rating and received a favorable bond rating from Standard & Poor's Credit Markets of AA+ and an underlying rating of A+. This new rating increased the number of bidders to nine with the low bid coming in from Security Bank & Trust Co of Glencoe for 1.2451 percent. The pre-sale estimates were for an interest rate of 2.12 percent. The principal amount of the bond was $2,095,000.

The new bond will run from 2017 to 2023. While the money for the bond will come to the school in November, the bond can not be paid off until

February 1, 2016. The interest saved will be money returned to the District taxpayers through decrease property tax levies.

In other business the Board was looking for a new bid to handle the wiring of the security equipment. The system is part of the Amersco project and the first bid came in higher than expected. A lower bid was reviewed at facilities' meeting on Monday evening.

The Board approved the resignation of Betsy Hennen, who is the DCD teacher at the middle school. Hennen has worked for the District since August of 2012. Two leave requests were also approve, one for Imia Mages, starting next April and one for Jeanette On-stad. Mages is a social worker at the middle school and On-stad is a paraprofessional at the middle school.

Superintendent Tami Martin stated she had been to a law conference. Topics discussed included medical marijuana, Americans with Disabilities Act and employee rights, and gender fairness for access.

The cooperative with New Ulm Public and New Ulm Cathedral for wrestling is now official. GFW is in the process of advertising for and interviewing for a wrestling coach.

During the principal reports, Jennifer Thompson stated that the early childhood program for three and four year olds has 95 students. At the middle school Ralph Fairchild reported that Representative Tim Miller attended the October student of the month awards program. He stayed around to visit with kids about government and the legislative process. Bernardine Sauter reported that high school teachers have made reading a priority again this year by designating 30 minutes of the day on Wednesdays to Sustained Silent Reading. She stated it is time to unplug, enjoy reading and improve skills.

Finally a parent from Pipestone, the opposing football team in the playoff game, took the time to send the high school an email, praising the GFW football players for their clean play and good character.

All three GFW sites will be honoring our military with Veteran's Day programs on Wednesday, Nov. 11.

The first will be held at GFW Middle School. Doors open at 8 a.m. and the student-run program will begin at 8:30 a.m. The program will take place in the auditorium and is open to the public.

There will be performances by the seventh/eighth grade band, seventh/eighth grade girls choir and seventh/eighth grade boys choir. Joe

Aylsworth, a parent of two GFW students, will be the main speaker and Dan Meyer will announce the winners of the Patriot Pen contest.

GFW High School will hold its program at 10:15 a.m. in the gymnasium. Lisa Klenk, Sibley County Service Officer, will be the guest speaker. Winthrop Honor Guard will post and retire the colors and the GFW High School band will play the National Anthem and another musical selection.

The day of programs will conclude at GFW Elementary School at 2:30 p.m. Torrey Pitchford, a special education teacher at GFW Elementary School and currently serving with the Air Guard will be the guest speaker. Students will also be singing during the program along with teacher Jaci Krueger and her grandmother Sharon Carr playing trumpet. The Winthrop Honor Guard will be posting and retiring the colors for the ceremony.

Each of the three programs is open to the public.



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Original Publication Date: November 4, 2015



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