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School Board moves toward sale of bonds

The Bemidji School District is a step closer to issuing bonds that will help it pay for post-employee benefits in the future.

The Bemidji School Board voted unanimously Monday to approve a resolution calling for the sale of general obligation Other Post Employee Benefits bonds in the amount of $4.95 million.

The board plans to consider approving the sale of bonds and approving an irrevocable OPEB trust agreement June 15.

The Governmental Accounting Standards Board requires the district to put a current value on the amount of health insurance it will provide for retirees in the future, said Chris Leinen, the district's director of business services.

He said the district would place the proceeds from the bonds in a trust and use the proceeds to pay for existing OPEB liabilities as they come due throughout the next 15 years.