Mankato Area Public Schools Board Approves Bond Sale, Saving Nearly $4.7 Million for Taxpayers

The Mankato Area Public Schools (MAPS) Board of Education has approved the sale of its Series 2025A General Obligation Facilities Maintenance Bonds, achieving a lower-than-expected interest rate and saving local taxpayers nearly $4.7 million over the 20-year bond term.

The bonds will fund indoor air quality improvement projects at Kennedy, Hoover, Eagle Lake, and Bridges schools. During the competitive bond sale, held October 27, the District received 12 bids. The most favorable offer came in at an interest rate of 3.75 percent, nearly one percent lower than previous estimates.

“This is a great outcome for our community,” said Amanda Heilman, Director of Business Services. “The lower rate means meaningful savings for taxpayers and supports important projects that enhance healthy learning environments for students.”

The lower interest rate also means the District’s first-year payment will be less than projected in the preliminary levy. Overall savings total approximately $4.688 million, significantly reducing long-term costs.

MAPS Business Services is working with the Minnesota Department of Education to update levy figures. The revised amounts will be reflected in the December levy presentation, which is expected to show a lower overall levy percentage increase than previously projected.

For more information contact Melanie Helling, Director of Communications at mhelli1@isd77.org or call (507)387-1868.