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Committee recommends $10 million bank-qualified borrowing for Phase 2 facilities plan
Summary
District financial adviser Public Financial Management (PFM) presented financing options for Phase 2 of the facilities plan; the committee consented to recommend a $10,000,000 bank‑qualified borrowing to the full board and scheduled formal approval via resolution in November.
At a Committee of the Whole meeting, Melissa Mays of Public Financial Management (PFM) updated the Erie City School District on interest‑rate conditions and financing options for Phase 2 of the district's facilities plan and the committee gave consent to recommend a $10,000,000 bank‑qualified borrowing to the full board.
Mays told the committee the municipal bond market is near long‑term averages, and said the district faces a policy choice between larger near‑term borrowings and a gradual, “wrap‑around” approach using smaller bank‑qualified issues. “We are at the 30 year historic average for interest rate,” Mays said, adding that “that $10,000,000 number … is the bank qualified, limit for the year.”
PFM presented two illustrative paths: a larger program of borrowings (examples included a $30,000,000 step) and a smaller bank‑qualified borrowing that takes advantage of the federal…
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