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Syracuse City board approves M&T Bank disbursement agreement for phase 3 bond proceeds
Summary
At a Syracuse City board meeting, members unanimously approved Resolution No. 1 of 2025 authorizing the commissioner of finance and the JSCB secretary to execute a disbursement agreement with M&T Bank to hold and disburse bond proceeds tied to phase 3; staff said a bond anticipation note is closing next week.
At a Syracuse City board meeting, members unanimously approved Resolution No. 1 of 2025 to authorize the commissioner of finance and the Joint School Construction Board (JSCB) secretary to execute a disbursement agreement with M&T Bank related to phase 3 bond proceeds.
Secretary Joe told the board the agreement would allow M&T Bank, which has served as trustee for prior phases, to hold the proceeds and disburse funds as bills come due under Board approval. “This agreement has been reviewed by our outside bond counsel, Ted Trespass, and of…
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