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West Warwick discusses $55M–$65M school bond scenarios as RIDE Stage 2 deadline nears
Summary
The Town Council received an update on the school building committee's Stage 2 submission to the Rhode Island Department of Education and a detailed presentation from financial adviser Hilltop Securities on bond-size and timing options, reimbursement mechanics and potential budget impacts.
The West Warwick Town Council reviewed the School Building Committee's plan to submit Stage 2 to the Rhode Island Department of Education (RIDE) and heard detailed financing options from Hilltop Securities on Jan. 21.
The committee plans to file its Stage 2 submission with RIDE by Feb. 15 and scheduled a joint meeting of the school committee and council for Feb. 12 so the council can act on the committee's recommendation. Matt Belace, a municipal finance adviser with Hilltop Securities, walked the council through several bond-issue scenarios, potential reimbursement levels and the timing implications for town budgets.
Why it matters: the school projects under consideration are large and the town expects a substantial RIDE reimbursement. That reimbursement — discussed in the meeting as about 65%, and cited elsewhere in the discussion as 68.3% for West Warwick for the relevant fiscal year — would significantly reduce the town’s net debt burden but creates a cash-flow pressure in the years before full reimbursement arrives.
Belace told councilors the town has a…
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