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Audit committee reviews bond propositions and NYSERDA grant plan for geothermal work at two schools
Summary
The Newburgh City School District Audit and Finance Committee discussed voter authorization and funding plans for proposed geothermal conversions at two district schools, including NYSERDA Clean Green Schools grant applications and the use of a bond plus capital reserves to cover local costs.
The Newburgh City School District Audit and Finance Committee on a Tuesday evening discussed voter authorization and funding plans for proposed geothermal conversions at two district schools, including grant applications to the New York State Energy Research and Development Authority (NYSERDA) under the Clean Green Schools program and the use of a bond and district capital reserves to cover local costs.
District staff said the district has applied for the Clean Green Schools grant and that the request is for up to "$5,000,000 per building." "So the grant has already been applied for," a district staff member said. Another district staff member summarized the financing sequence: voter authorization for the proposition is required before the district can seek New York State building aid, and those building-aid payments would be used over time to cover the local share of the project.
Committee members pressed for clarity on potential tax impacts and…
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