Skip to main content
You are the owner of this article.
You have permission to edit this article.
Edit
top story

Cedar Falls board to consider $33 million revenue bond sale to help fund high school construction

Cedar Falls Schools academic logo NEW

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.

WE Build Waterloo home tour.

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.
0
0
0
0
0

Want to see more like this?

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Education Reporter

I cover local schools and higher education for The Courier, where I’ve been a reporter for the past two decades. I’m a Minnesota native and have previously worked for newspapers there and in Illinois.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News