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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 The meeting can be viewed on Cedar Falls cable channel 15 or its YouTube live stream.

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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.

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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.

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