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Official: District debt at $25.613 million

Special election could add more debt for Marshall schools

MARSHALL — The Marshall Public School District’s total indebtedness is currently at $25.613 million, according to its director of business services.

Bruce Lamprecht said that total includes debt for major building projects like the construction of Marshall High School, other updates to school buildings, capital leases and insurance benefits for retired employees.

On April 18, the district will hold a special election on whether to issue up to $39.415 million in building bonds for projects including the construction of a new elementary school and additions to Park Side Elementary, Marshall Middle School and Marshall High school. The election will also have a second question, on whether to issue up to $1.025 million in building bonds to convert the unused swimming pool facility at the middle school into multi-purpose space.

Lamprecht said Marshall Public Schools’ current debt comes from several different sources. The $25.613 million total can be broken down in more detail, to building and other bonds.

The Marshall school district currently has a balance of $15.925 million in general obligation building bonds, which are to be paid off by Feb. 1, 2024, Lamprecht said. Those building bonds were issued for construction of the Marshall High School building, as well as renovations to convert the former high school into the current Marshall Middle School, and other projects.

Voters approved the building bonds back in 2003, in two separate questions, Lamprecht said. The first question included $32 million in building bonds for construction of the high school, renovations at the middle school, and other school building projects like a roofing update at Park Side Elementary. The second question included $5 million in building bonds for construction of the Schwan Community Center for the Performing Arts and the north gymnasium at Marshall High School.

“That question was contingent on the first question passing,” Lamprecht said. The $5 million bond also had a $5 million match from the Schwan Food Co., he said.

Lamprecht said another thing to note about the 2003 building bonds was that the district refinanced them in 2012. The refinancing will save taxpayers $2.8 million over 10 years, he said.

While the building bonds are the biggest source of debt for the school district, it also has debt from other types of bonds, and from capital leases. Lamprecht said the Marshall district currently has $360,000 in general obligation bonds from 2009. The bonding money funded insurance benefits for retired district employees, Lamprecht said.

The Marshall district also has $7.938 million in capital facilities bonds and alternate facilities bonds, which will be paid off in 2026, 2027, and 2030. Of those bonds, $5 million have a net zero interest rate, Lamprecht said. The remainder have a 2.65 percent interest rate.

The facilities bonds were for a variety of updates at school buildings, Lamprecht said. One was a major update to the ventilation system at Marshall Middle School. The bonds also funded a variety of energy-saving measures at school buildings, including installing new lights and lighting controls, faucets and toilet flush valves that use less water, and new weather stripping and insulation. Lamprecht said those projects were primarily done at Park Side and Marshall Middle School, but there were also exterior lighting fixtures replaced at the high school.

Finally, Lamprecht said, the school district also has $1.39 million in capital leases. The majority of these leases are for equipment like computers, including many devices for Marshall’s one-to-one technology program. Capital leases have also gone toward a roofing project at the middle school, technology infrastructure and a van lease, he said.

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