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Revere to issue $75 million in short-term notes for new high school; MSBA reimbursements expected later this year
Summary
CFO Rich Vasquez told the subcommittee the city will borrow $75 million in temporary bond notes to pay for progress on the new high school while the project remains in design and state reimbursements from the Massachusetts School Building Authority are queued; the school building committee reduced the project estimate by $10 million.
Revere City plans to issue $75 million in temporary bond notes to finance early construction costs for the new high school, CFO Rich Vasquez said during the budget hearing on June 5. The borrowing is short-term financing intended to fund work in advance of the city's full permanent bond sale and MSBA reimbursements.
Vasquez told the committee, "The city is about to borrow $75,000,000, in temporary bond notes to, begin payments of the high school construction. Right now, it's in the design and…
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