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Board reviews construction fund budget for Reimagine Northfield High School; project cost estimated at $121.6 million
Summary
At the May 27 meeting the board reviewed the construction fund for the Reimagine Northfield High School project, including bond sales, a $2 million pledge from Carlton, projected interest earnings, a required 5% retention on contractor invoices, and a multi-year draw schedule; the item will return for action on June 9.
The Northfield School Board received a briefing on the construction fund for the Reimagine Northfield High School project on May 27, as the district works to track bond proceeds, project expenditures and scheduling ahead of future work and planned bond sales.
Val (district finance staff) said the construction fund is “a completely separate fund that tracks all of the bond funding that comes in and all the construction and related expenditures for the Reimagine Northfield High School projects.” The board approved a successful bond…
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