CEDAR FALLS — A proposed buyer for $32.9 million in revenue bonds to help fund the new high school’s construction will be considered Monday by the Board of Education.
The board meets at 5:30 p.m. in the council chambers of Cedar Falls City Hall, 220 Clay St. The public can only access the meeting electronically to protect against the spread of the COVID-19.
Details on how to connect through Zoom video conferencing can be found at the top of the meeting agenda posted on Cedar Falls Community Schools’ website at cfschools.org/school-board/meetings. The meeting can be viewed on Cedar Falls cable channel 15 or its YouTube live stream.
Regions Capital Advantage of Birmingham, Ala., has submitted a proposal to purchase the sales tax revenue bonds. They would be repaid with proceeds from the district’s portion of statewide 1% sales tax over an 18-year period at an interest rate of 2.14%. That would add $7.78 million in interest by 2039 for total repayment of $40.68 million.
Construction of the school, located on 69.6 acres north of West 27th Street and west of PE Center Drive, will cost an estimated $112.71 million — $89.35 million of which has been awarded in builder contracts.
The district previously issued $10 million in sales tax revenue bonds. It will also sell $69.9 million in general obligation bonds, which be repaid with property tax dollars.
In other business, the board will consider approving:
- Contracts with two employee bargaining groups, Cedar Falls Education Support Professionals and the Chauffeurs, Teamsters and Helpers Local 238. Wage and non-insurance benefit increases total 3.74% for CFESP and 3.5% for the Teamsters. That translates to a 40- to 50-cent raise for education support staff and a 50- to 60-cent increase for Teamsters.
- A contract with Rafael Benitez-Reyes as associate principal at the high school starting July 1. His annual salary will be $87,500.