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Treasurer outlines $2.53 million tax-anticipation note to finish athletic upgrades
Summary
District treasurer presented details of a $2,534,000 tax-anticipation note to complete athletic facility work, including bids, estimated interest and repayment timing; board was informed but took no separate vote on the financing.
Amy, the district treasurer, told the Amherst Exempted Village Board of Education that the district received seven bids for a tax-anticipation note to finish athletic upgrades and that the district’s low bid was from Webster Bank at a 4.11 percent interest rate.
The treasurer said the actual tax-anticipation note amount is $2,534,000. She gave the board an estimate of total interest over a six-year payoff at about $462,000, said estimated cost-of-issuance would range between $50,000 and $134,000, and noted the structure includes a call date as early as Dec. 2027 with no penalty for early payoff. She also said the first…
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