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PBA advisory board approves using reserve funds to replace $250,000 forfeiture
Summary
The advisory board approved replacing $250,000 in expended bond funds — previously used as earnest money on a failed Allen Contracting purchase — with $250,000 from the PBA reserve to stop ongoing interest charges and free bond proceeds for other projects.
The Public Building Authority Advisory Board voted July 25, 2025, to replace $250,000 of expended bond funds with $250,000 from the PBA reserve. The funds were originally used as earnest money on a contract to purchase property from Allen Contracting; when that contract failed, the earnest-money payment was forfeited and the PBA continued to incur interest on the borrowed amount.
The action matters because replacing the forfeited bond-funded earnest money with reserve…
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