La Crosse school board OK's sale of bonds to fund new school - WXOW News 19 La Crosse, WI – News, Weather and Sports |

La Crosse school board OK's sale of bonds to fund new school

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LA CROSSE, Wisconsin (WXOW) -- The La Crosse School board has approved the sale of $6.9-million in bonds to pay for the new, north side elementary school.

La Crosse voters approved the $15.7-million project in a November. 

The school board approved the second round of bond sales Monday at an interest rate of 2.34%. 

The board also approved the sale of almost $9-million in bonds in March at a 2.28% interest rate. 

Factoring in interest, the school will cost $18.5-million to build. 

But school board members say the interest rates were a welcome surprise, as the project was initially estimated to cost around $24-million. 

"Interests were low and I think the administration and all of us have done a great job being good stewards for the taxpayers' money -- the money they were so gracious to give us for this new school through our last referendum," said school board member Dr. Tom Thompson. 

"The timing is right and I think it's just being good stewards at this point," Thompson said. "The money is already accounted for. We're just taking action." 

The bonds will be issued for a 20-year period. They were bought by financial giant Raymond James. 

The new school, which will serve the student population now split between two, north side campuses -- Franklin and Roosevelt elementary schools -- is expected to be complete by fall, 2014. 

Superintendent Randy Nelson said the school is on track to be ready for the start of the 2014/15 school year. 

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