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Finance update: district refunds bonds, reports $1M savings; custodial contract and building cleanliness flagged
Summary
District finance staff reported a successful bond refunding that will save about $1 million; facilities staff and trustees raised concerns about custodial services, outstanding equipment repairs and school cleanliness metrics.
Finance staff told the board that a recent refunding of installment-purchase revenue bonds yielded a savings of more than $1 million. The district plans to appropriate those savings to upcoming bond issues over the next five years, and staff said documents to close the refunding would be signed the following week.
Board members asked for clarification on how the refunding produced principal savings; the financial adviser prepared…
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