Sioux Falls school bond sale a record for district
SIOUX FALLS (AP) — The Sioux Falls School District has sold $54 million in bonds to fund the construction of three elementary schools — the largest such sale in the district's history.
The bonds were sold competitively, a process in which the issuer sells its bonds to the bank offering the lowest interest rate. That's a rarity in South Dakota. Cities, counties and school districts in the state typically choose a buyer first and negotiate later when borrowing money.
Board President Doug Morrison tells the Argus Leader the board opted to sell the bonds competitively to make the process more transparent.
Robert W. Baird & Co. Inc. won the bond issue with an interest rate of 4.06 percent. The school district will make $4 million annual payments for the next 20 years.