Independent School District No. 698 - Floodwood School District Finance Agreement 2026-05-15
Floodwood Schools Approves $298K Solar Finance Agreement
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Description
Independent School District No. 698 entered into a Finance Agreement with Ideal Energies, LLC for a $298,910.00 single-advance loan at 6% interest to bridge the district’s receipt of a federal elective payment tied to a solar Energy System. The obligation is secured by a security interest in the Energy System and is due upon federal payment receipt or within 24 months of substantial completion.
Contract Details
Contract Amount
$298,910.00
Vendor
IDEAL ENERGIES LLC
Agency
Floodwood Public School District, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 15, 2026
Contract Term
Single, non-revolving advance; principal and interest due on the earlier of (i) ten (10) days after Customer’s receipt of the federal elective-payment proceeds, or (ii) twenty-four (24) months following the Substantial Completion Date
Renewal Info
No revolving or renewal feature; agreement explicitly states it is not a revolving line of credit and contemplates a single advance repayable upon federal elective-payment receipt or within 24 months of substantial completion. No automatic renewal or extension terms are provided.
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