Cerro Gordo supervisors set public hearing to sponsor bonds for Newman Catholic school renovations
MASON CITY — The Cerro Gordo County Board of Supervisors has set a public hearing on issuing up to $10 million of private school facility revenue bonds on behalf of the Newman Catholic schools in Mason City.
County budget director Heather Mathre says the bonds will be used by the Newman schools as part of the renovation and updating of their 63-year-old building. “Newman asked to issue bonds through the county. We are just simply a conduit, an instrument that they can use our name and our good credit rating to get better interest rates and be bank qualified.”
Mathre says Newman has utilized the county before when dealing with bonds. “We have done this, about five years ago or so, and they requested it again, so this is the proceedings for that.”
The public hearing on the bonds is scheduled for the supervisors’ February 27th meeting.