The bulk of the loans are to fund the construction of a new Storm Lake Learning Center. Currently, Storm Lake students take classes in three separate locations — the AEA building, Storm Lake High School and on the campus of Buena Vista University.

“Our goal is to get everyone into one central location and this building will allow us to do that,” said Stacy Mentzer, vice president of instruction at Iowa Central.

The new Storm Lake Learning Center will be built at 323 W. 20th St., near the Iowa Central Industrial Training Center that opened in July 2021.

The board approved the sale of an $8,000,000 tax-exempt general obligation bond to Janney Montgomery Scott, of Philadelphia, Pennsylvania, at an interest rate of 2.9999%. The tax-exempt general obligation bonds will be used for the Storm Lake Learning Center.

The loan will have a maturity date of June 2034.

Five other financiers submitted bids for the sale, according to Maggie Burger, senior vice president of Speer Financial, the college’s financial advisor. Those interest rates vary from 3.0955% to 3.3959%.

The $6,000,000 taxable general obligation bond also approved by the board on Tuesday will provide cash flow for the Center for the Performing Arts and Decker Auditorium renovation project.

Northland Securities Inc., of Minneapolis, was the winning bidder for that sale with an interest rate of 4.2967% and maturity date of June 2030. The other five bids ranged from 4.3487% to 4.8777%.

The second bond is taxable because the Center for Performing Arts is a source of revenue for the college.

The loans will be paid through the 20.25-cent plant fund tax levy approved by the voters in the college’s service area in 2010.