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Finance committee recommends $30 million initial draw to fund middle school project
Summary
Board finance report recommended structuring the middle school financing with an initial $30 million draw to maximize capitalized interest and lock current interest rates; next funding rounds expected to use a mix of local reserves and possibly another smaller bond.
The Abington Heights School District finance committee on June 18 outlined a financing strategy for the district’s planned middle school project that begins with an initial $30 million borrowing, finance staff said. The committee — reporting to the board — recommended structuring the borrowing to capitalize interest and lock in current rates to limit market risk.
The finance update, read into the record by an absent committee member’s report and discussed by Superintendent Doctor Schaefer and finance staff, said the board…
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