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ELC board OK’s capital loan notes

By Staff | Nov 5, 2009

The Estherville Lincoln Central Community School District board of Education in special session Wednesday night approved issuing $525,000 in general obligation school capital loan notes.

The winning bidder was United Missouri Bank of Kansas City, Mo., which bought the notes for $519,855 at a net interest cost of $58,650 with an interest rate of just over 3 percent.

The bonds, which will pay for a most of the cost of the geothermal system on the new middle school, will be repaid with the physical plant and equipment levy.

One other bidder, Northland Securities of Minneapolis, bid a purchase price of $519,750 with net interest of $62,775 at a 3.25 interest rate.