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BASD moves $5.065 million into escrow to defease 2019 refunding bonds, board approves resolution
Summary
The board authorized establishing an escrow account and transferring $5,065,000 to defease outstanding general obligation refunding bonds originally dated April 1, 2019, a move the district said will remove debt from its books and save about $2.01 million.
The Burlington Area School District board on May 12 approved a resolution to transfer $5,065,000 into an escrow account and defease outstanding general obligation refunding bonds dated April 1, 2019.
Ruth (Business Services) told the board the levy for the current year included an extra $5,065,000 designated for debt defeasance; those funds were…
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