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Committee recommends reappropriating $8.161 million in school bond savings to capital projects
Summary
The committee voted to recommend that the full Gardner City Council reappropriate $8,161,000 in unspent school bond proceeds to other capital projects. Bond counsel required engineer‑stamped certifications showing a 30‑year useful life for projects eligible to receive the reallocated funds.
The Gardner City Finance Committee voted Jan. 15 to recommend that the full city council reappropriate $8,161,000 in unspent school bond proceeds to other capital projects.
A city finance presenter told the committee the school replacement project came in just over $8 million under the authorized loan amount and that the Massachusetts School Building Authority (MSBA) reimbursed about 80% of eligible costs. "The school building project came in just over $8,000,000 under budget," the presenter said.
Bond counsel and city staff told the committee state rules require a project to have a minimum 30‑year…
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