School District receives better credit rating, refinancing saves money

Jess Bengtson
Crookston Times

Crookston School District recently received an upgrade of their Minnesota Credit Enhancement Rating with Moody's Investor's Service from A2 to A1 which will allow them to refinance their interest rate and save around $500,000, Ehlers Public Finance Advisor Jodie Zesbaugh shared with the School Board this week. The district will refinance bonds from 2014 at 1.43% with Piper Sandler & Co. of Minneapolis and the approximately $41,000 in savings will be passed on to district taxpayers.

Zesbaugh said she was happy with the results and thanked Superintendent Jeremy Olson and Business Manager Laura Lyczewski for their work.

The refunded bonds were originally issued to finance the acquisition and betterment of school facilities including improvements to the district's elementary and high school buildings as approved by the electors at a special election held on November 5, 2013.

District Business Manager Laura Lyczewski, Superintendent Jeremy Olson and Ehlers Senior Advisor Jodie Zesbaugh pose with the credit rating upgrade certificate during this week's School Board meeting
A view of the credit rating upgrade certificate the school district received