CEDAR FALLS — The final steps formalizing a $69.9 million bond issue were taken Monday by the Board of Education.
The general bond bonds, which will be purchased by Citigroup Global Markets of Los Angeles, will help pay for construction of a new Cedar Falls High School underway.
“This is our final step and this is final approval,” Denelle Gonnerman, financial director of Cedar Falls Community Schools, told board members.
The bond sale was approved at a special meeting on May 11. The funds will be repaid from the property tax fund over 20 years at an interest rate of approximately 3.98%.
Cedar Falls School Board locks in interest rate of just under 4% on $70 million in bonds
Citigroup’s total purchase price was $70.04 million, including a bonus payment to the district of $136,000. The district’s interest payments will total $32.79 million over the life of the bonds.
On Monday, the board appointed UMB Bank of West Des Moines as paying and transfer agent and bond registrar, approved tax exemption and continuous disclosure certificates, and amended the resolution to authorize the issuing bonds and collecting taxes.
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“It doesn’t change any details,” Gonnerman said of the amendment. Instead, the action added the interest rate the district will pay and the dollar amount of taxes to be collected each year. According to the resolution, this amount will total $5.09 million for the 2022-2023 fiscal year and will increase by approximately $50,000 to $5.14 million in each of the following years.
Gonnerman noted that Cedar Falls Schools had already received a “good faith deposit” of $1.3 million from the company into its bank accounts. The rest will be transferred when the process is completed early next month.
Voters in the district approved the bond issue in a referendum in June 2019. It is one of the sources of revenue for the $112.71 million construction project, along with tax proceeds 1% sale. The school site is located on 69.6 acres north of West 27th Street and west of PE Center Drive.
The board also approved a one-year contract with the Cedar Falls Education Association that includes a 3.43% salary increase and non-insurance benefits for its 467 full-time equivalent teachers, guidance counselors , librarians and educational coaches. Base salaries will be increased by $750 when the contract takes effect on July 1 and salaries will increase for current employees due to factors such as another year of experience and academic advancement.
The current actual starting salary for teachers new to Cedar Falls schools with a bachelor’s degree and zero to three years of work experience is $42,578. The salary at the top of the pay scale for those with a master’s degree plus 45 credits is $86,896.
The contract increases are expected to cost the district $1.28 million.
Aerial drawing of Cedar Falls High School
An architect’s drawing shows a view of the planned Cedar Falls High School with a pool addition that boosters are currently raising funds for.
The site plan for Cedar Falls High School was presented to the Cedar Falls Planning and Zoning Commission on Wednesday.
New SSFC exterior entrance
An architect’s drawing showing the facade of the planned new Cedar Falls High School.
New CFHS entrance and lobby
Architect’s drawing showing the entrance and hall of the new Cedar Falls High School.
New CFHS Learning Studio
Architect’s drawing of a classroom, or “learning shop”, in the new Cedar Falls High School.
New common CFHS exterior
Architect’s drawing of the rear exterior common area wall of the planned new Cedar Falls High School.
New SSFC co-learning studio
An architect’s drawing of a “co-learning studio” in the planned new Cedar Falls High School. These flexible breakout spaces will be outside…
A photo rendering by Invision Architecture in Waterloo shows a planned co-working space in the new Cedar Falls High School…
New Common CFHS Interior
Architect’s drawing of the common area of the new Cedar Falls High School.
New CFHS Gymnasium
Architect’s drawing of the gymnasium of the new Cedar Falls High School.
New CFHS Learning Wing
Architect’s drawing of the entrance to the “learning wing,” or classroom, of the planned new Cedar Falls High School.
New CFHS Main Corridor
Architect’s drawing of the main hallway of the new Cedar Falls High School.
New CFHS Office
Architect’s drawing of the office for the new Cedar Falls High School.
Cedar Falls High School Pool Drawing
An architect’s drawing shows a view of a future pool planned for the new Cedar Falls High School.
This rendering by Invision Architecture shows the planned main entrance to the new Cedar Falls High School building.
This rendering from Invision Architecture shows the planned dining hall, now referred to as the common area, in the new Cedar Falls High School.
Artist’s rendering of solar panels on the new Cedar Falls High School
An artist’s rendering of the possible placement of solar panels on the roof of the new Cedar Falls High School was shown at Cedar Falls Uti…