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Northern Lebanon SD says $6 million remains to finish renovations; board to consider $3 million loan and $3 million transfer
Summary
Leanne Martin, the district’s finance presenter, told the Northern Lebanon School Board on Nov. 11 that about $6 million remains to complete secondary-school renovation work and close out contractor payments.
Leanne Martin, the district’s finance presenter, told the Northern Lebanon School Board on Nov. 11 that about $6 million remains to complete secondary-school renovation work and close out contractor payments. “So while we have $3,100,000 still in our capital projects fund, we can’t really access that,” Martin said, adding that the funds are tied up in escrow and will return only after final engineering and approvals.
Martin proposed a two-part approach to cover the shortfall: borrow $3 million through bank financing (not a bond) and transfer $3 million from the general fund. “One of the recommendations that we came up with is we can borrow…
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