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District says early bond sale, lower interest rate will save community about $5.5 million; PMA recommended to manage funds
Summary
School district officials told the board they sold referendum bonds in late January and expect interest savings of roughly $5.5 million; administrators recommended PMA as the financial manager and described next steps for hiring a project manager and contracting construction and owners-rep firms.
West Allis-West Milwaukee School District officials reported to the school board that the district issued referendum bonds in late January and that a lower-than-expected interest rate is expected to reduce the community’s interest costs by roughly $5.5 million.
The district’s finance staff said the sale timing and the board’s recent actions improved the district’s borrowing terms. “That 1% in interest ... is nearly almost $5,500,000 the community will save in interest,” Aaron Norris said during the workshop update, noting the savings result from a…
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