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Alma School Board approves move to pursue second-lien bonds to match state facility grants
Summary
After extended discussion about size, timing and cash flow, the Alma School Board voted to proceed with applications for state ‘warm, safe and dry’ partnership funding and to pursue issuance of second-lien bonds to finance the district’s share.
The Alma School District board voted to move forward with applying for state partnership funding for facility projects and to begin the process for issuing second-lien bonds to cover the district’s share.
Administrators told the board the state partnership program typically covers about 75% of qualifying ‘warm, safe and dry’ projects, with districts responsible for the remaining roughly 25%. Staff estimated qualified project costs at about $7.4 million, meaning the district’s share would be roughly $1.8 million, and explained a proposed financing package could generate roughly $4 million of available project funds…
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