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Superintendent outlines plan to spend lease‑purchase funds; warns of arbitrage penalty if unused
Summary
Superintendent Dr. Collins said the district received $35 million from a lease purchase, generated about $1 million in interest, and must spend remaining interest quickly to avoid an estimated $377,000 arbitrage penalty; proposed uses include a high‑school parking lot, district office roof repairs and buyouts of vehicle leases.
Superintendent Dr. Collins updated the board on spending options for interest generated by a $35 million lease‑purchase related to Lewis Elementary construction. Collins said the district invested the lease proceeds and that investment earnings produced “just over a million dollars” in interest; state or federal rules on tax‑exempt financing mean the district must spend the funds within a prescribed window or face an arbitrage fee Collins estimated at about $377,000.
Collins outlined candidate uses for the…
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