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Nassau school district weighs $9.8 million bus purchase, financing options
Summary
At a board workshop, transportation staff outlined a plan to replace part of the fleet with 60 new buses and presented financing options including a revenue anticipation note; no formal vote was recorded.
Nassau County School District transportation staff presented options to buy new buses and finance them during a board workshop, saying the district could buy 60 buses at today’s prices and that several financing approaches — including a five‑year revenue anticipation note — are available to lower borrowing costs.
District staff said replacing older vehicles has cut maintenance, warranty and warranty‑service costs but that higher market prices and rising interest rates will increase near‑term borrowing costs if the board chooses to finance a large purchase.
Transportation director John Underhill said the district previously bought 55 buses by financing $6,250,000 at 1.8 percent, paying roughly $114,000 per vehicle. “We bought 55 buses. We placed, just under half the fleet and we paid $114,000 for each of those buses,” Underhill told the workshop, and he said warranty…
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