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Committee advances bond authorization to reimburse school district for phase‑3 modernization preliminary costs
Summary
The committee approved a bond ordinance to issue up to $55 million in bond anticipation notes to reimburse the Rochester City School District for preliminary costs tied to phase 3 of a six‑school modernization program; council discussed scope, phasing, construction risks and reimbursement process with Mayor Tom Richards.
The Budget, Finance and Governance Committee approved a bond ordinance authorizing issuance of up to $55 million in bonds and bond anticipation notes to provide interim financing for preliminary planning and development costs tied to phase 3 of the Rochester City School District facilities modernization program.
Mayor Tom Richards, who chairs the Facilities Modernization Board, told the committee the financing is intended to reimburse the school district for preliminary “soft” costs it has already advanced to the Rochester Joint Schools Construction Board and to preserve the district’s place as the…
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