The Riverside Local Board of Education approved two separate financing resolutions after a lengthy discussion about project scope, guaranteed maximum price information and whether available proceeds will cover renovations beyond the known new-construction work.

At a special business item, the board voted to authorize tax-anticipation notes (TANs) with a not-to-exceed cap of $4,000,000 and to approve a separate resolution authorizing tax-exempt installment/lease-purchase financing — often structured as certificates of participation — to fund approved school projects. The actions clear the way for the district to proceed with short-term borrowing and longer-term lease-purchase obligations to finance construction and renovation work.

Why it matters: the measures establish formal authority for Riverside Local to borrow in advance of tax receipts and to use tax-exempt lease-purchase structures to finance construction and equipment. Board members debated timing, potential interest rates and how far proceeds will stretch, given the district’s large facility needs.

Votes at a glance

- Tax-anticipation notes (authorization not to exceed $4,000,000): approved. Roll call recorded in the meeting: Denise Bueschiff — Aye; Melinda Grossi — Nay; Eric Krenisky — Nay; Scott Fischel — Aye; Ben Skeney — Aye. Outcome: approved.

- Tax-exempt lease-purchase financing (resolution authorizing installment payment/lease purchase or COPS): approved. Roll call recorded: Glenn Bosley — Nay; Lori Kaneski — Nay; Scott Fisher — Aye; Dennis Keeney — Aye; [another board member recorded as] Kenoski — Aye. Outcome: approved.

Board discussion and concerns

Several board members and district staff described the projects proposed under the plan: an eight-classroom addition, a new gymnasium and targeted building upgrades (HVAC, windows, roofing and other repairs). The board repeatedly raised a central concern: without a guaranteed maximum price (GMP) and final bid tabulations, they could not yet determine whether projected proceeds will be sufficient to cover both the new construction and the renovations staff discussed.

During discussion, staff said the estimated cost for the classroom addition plus gym was approximately $7,000,000 (summary estimate provided by the district’s owner’s representative), and an engineering study identified roughly $98,000,000 in total recommended capital work across district facilities. Staff also said a recent bond-market rally had reduced yield assumptions and that an interest-rate quote used in the financing schedule was likely conservative.

District officials told the board they expect to receive guaranteed-maximum-price documents and firm alternate bids in the coming days. Staff said an updated GMP and alternates were due and under review; the board was told to expect documents within roughly two weeks.

Other board action

- The board approved the consent personnel agenda by roll call earlier in the meeting.

- The board appointed Denise Brewster as treasurer pro tempore after amending the agenda to add that item. The appointment was moved and seconded and recorded on the meeting roll.

What the board directed next

Board members asked staff to prioritize delivering the GMP and alternate-bid information to the board and to time any bond or lease issuance to market conditions. Staff said they would return with the GMP documentation and additional cost detail and that the district’s owners’ representative and finance team were working to extract alternates and potential savings from the construction package.

Context and caveats

Staff noted that construction estimates can change when renovating older buildings because hidden conditions (asbestos abatement, utility relocations or structural repairs) often appear once work begins. Staff also said some items (for example, school trailers that have been removed from service) were being addressed immediately and that certain infrastructure tasks — including an Enbridge gas trunk connection for the CTE area — were underway and expected to be resolved quickly.

The board set follow-up meetings and asked for continued updates on timing and price certainty before finalizing a full financing plan.