South Winneshiek School Board Finalizes $10 Million Bond Sale for High School Expansion

The South Winneshiek school board voted 4-0 on Oct. 14 to sell $10 million in general obligation bonds. Five firms bid, and Robert W. Baird & Co. won with a true interest rate of 4.7063%. This is the first sale from the $13 million bond measure voters approved in November 2025. The money will go toward a $23.5 million renovation and expansion of the high school in Calmar. That work is tied to a plan to move seventh and eighth graders to Calmar and turn the Ossian campus into a preschool-through-sixth-grade building. The board president joined by video to make a quorum, and one member was absent due to illness.

The district's municipal adviser said the underlying S&P rating is A-, but Baird bought bond insurance that lifted it to AA. A premium brought total proceeds to $10,143,787.90. Of that, $9,783,806.65 is for construction, $220,381.25 covers the underwriter's discount, and $139,600 covers issuance costs. The project covers 81,610 square feet, including science and arts labs, special education classrooms, a larger gym, a new library and a secure entrance.

The district expects to sell about $6.63 million in sales tax bonds in February 2027, backed by state SAVE revenue and a local levy. The last $3 million is tentatively planned for spring 2028, perhaps sooner if property values grow quickly. The adviser said rising values could push the needed tax rate below the $2.70 per $1,000 ceiling voters set, which might let future boards repay early.