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Board approves short-term note plan to bridge construction contracts; district to issue long-term bonds later
Summary
The Bedford Board of Education voted to authorize short-term notes not to exceed $95 million to bridge construction certifications while the district prepares a larger bond sale, district finance advisers said during a work session.
The Bedford Board of Education voted unanimously to authorize the issuance of short-term notes not to exceed $95,000,000 to cover contract certifications for the district’s school construction program, presenters said at the board’s work session.
The resolution clears the way for the district to borrow now and set permanent interest rates later. District finance advisers told the board they plan to print a preliminary offering document immediately, market the notes to investors, price and sell the note issue on March 5, 2025, and carry the six-month note to a planned $158 million long-term bond sale later in the year.
Why it matters: The temporary borrowing will allow contract work to proceed while the district completes audit and bond-preparation steps that delayed an earlier long-term sale.…
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