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Alma School District board approves plan to pursue second‑lien financing for state partnership facility projects
Summary
The board voted to move forward with a financing plan that would let the district pay its 25% share on state partnership "warm, safe, and dry" projects. Staff estimated $7.4 million in qualified costs; the district's share was estimated at about $1.8 million and members discussed issuing up to $4 million.
The Alma School District board voted to authorize staff to pursue second‑lien bond financing and related approvals to participate in the state facilities partnership program for prioritized "warm, safe, and dry" projects.
District staff said the state program reimburses roughly 75% of approved, qualified costs and the district must provide the remaining 25%. Staff presented a preliminary qualified cost estimate of about $7,400,000 and said the district share would be about $1,800,000. In discussion, staff explained the program is reimbursement‑based: contractors are paid and the district files pay requests to the…
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