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School board approves $5 million EdTech lease-purchase with New Mexico Finance Authority at 2.48%
Summary
The board approved a lease‑purchase agreement, escrow agreement and related resolution to borrow $5 million for classroom technology through the New Mexico Finance Authority at a 2.48% interest rate over four years; mill levy impact described as about 0.8 mil (about $26.40 per $100,000 home).
The CCSD Board of Education approved a resolution authorizing a lease‑purchase agreement, the lease‑purchase contract itself and an escrow agreement tonight to finalize an EdTech financing package with the New Mexico Finance Authority (NMFA). The vote was 4–0 to approve the three documents that will let the district borrow $5,000,000 for technology equipment, with the NMFA interest rate locked at 2.48% over a four‑year term. The loan closing will follow board approval and — if final documents are executed — staff said the district is scheduled to receive the loan proceeds on Sept. 19. The district’s finance director, Dominic Satania, introduced municipal bond advisor representatives from Stifel…
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