M-P board approves sale of $12.7 million in revenue bonds

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The Mid-Prairie school Board approved the sale of $12,780,000  in school infrastructure Sales, Service & Use tax  revenue bonds at the June 13 school board meeting.

Robert W. Baird & Co., Milwaukee, WI, was the successful bidder of the 20-year bonds with a net interest cost of $6,935,164.37 with net interest rate of 4.355913%.

There were only two bidders in the bond sale held prior to the board meeting. The unsuccessful bidder was Huntington Securities, Inc. Chicago, IL with a net interest rate of 4.481043%.

Max Gillaspie of Piper Sandler gave a detailed report to the board on the financial package and on how the recent interest rate increases have caused higher costs to the district.

The bond issues will finance the cost of the additions to the Middle School and East Elementary buildings as well as improvements to athletic facilities approved earlier by the board.

In a related matter, the M-P board voted raised the cap on deposits in Hills Bank & Trust Co.  from $12 million to $25 million to allow for the deposit of the balance bond funds in July. Baird will wire Mid-Prairie  $126,250 escrow deposit once their bid was accepted Monday afternoon.

 

Sharing with Lone Tree

The M-P Board approved 80%-20% sharing agreement with the Lone Tree School District for contracts for Transportation Director Teresa Hartley and Special Education Director Amy Shalla.

Hartley will go from part time employee to full time employee. Her salary will go be $84,855 plus benefit and $8,000 a year (paid monthly) to a tax deferment investment.  Lone Tree will pay Mid-Prairie $16,971 as their 20% share.

Shalla will be paid $145,227 and Lone Tree will pay $29,045 to Mid-Prairie as their 20% share.

In addition Mid-Prairie and Lone Tree school districts will receive additional state school aid equal to six additional students $46,800 ($7,800 per student, according to M-P Business manager Jeff Swartzentruber.

 

Central Office pay hikes

The board also approved pay hikes for Central  office staff, activities and transportation directors including the following:

Business Manager Jeff Swartzentruber, base from $95,400 to $100,900; with benefits his new package is $143,828, up a net of 5.2%.

Nutrition Director Cory Evans, base $50,000 to $54,000; with benefits total package is $73,215 for net pay hike of 7.2%.

Transportation Director Teresa Hartley, base from $60,391 to $65,085; with benefits total pay package is $84,855 (20% paid by Lone Tree) for net pay hike of   19.2%.

Asst. Principal/Activities director Tyler Hotz base goes from $93,320 to $96,410; with benefits total pay is $138,571, net pay hike of 3.2%.

Human Relations Coordinator & HSAP Coordinating Secretary (share with Clear Creek-Amana) Carmela Ulin base goes from $52,465 to $61,860; with benefits total pay is $98,014 for net pay hike of 13.5%.

Assistant business manager & HSAP Business Secretary Cindy Malichky base from $56,360 to $61,860; with benefits total pay is $81,156 for a 9.0% hike.

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