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Timberlane board votes to prepay phase 1 of energy lease to save roughly $1.2 million in interest
Summary
At its June 19 meeting the Timberlane Regional School District School Board approved prepaying phase 1 of the district's $25 million energy lease, using fiscal 2025 funds, a move administrators said will reduce future interest costs by about $1.2 million over the term.
The Timberlane Regional School District School Board on June 19 approved prepaying phase 1 of the district's $25 million energy lease, authorizing a one-time payment of $3,077,415 to reduce long-term interest costs.
Administrators and board members described the payment as an opportunity to reduce the district's debt service over the lease term. The administration told the board the prepayment would produce about $1.2 million in interest savings. The recommendation called for using available fiscal 2025 capital lines first and, only if required, drawing from…
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