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Riverside board approves up to $4 million in TANs and lease-purchase financing after debate over costs and timing
Summary
After extended discussion about construction costs, interest rates and how far district funds will stretch, the Riverside Local Board approved a resolution authorizing up to $4 million in school improvement tax anticipation notes and a separate tax-exempt lease/lease-purchase financing resolution to fund building projects, including an 8-classroom addition and a new gymnasium.
The Riverside Local Board of Education voted to authorize not-to-exceed tax anticipation notes (TANs) of up to $4,000,000 and separately approved tax-exempt lease/lease-purchase financing (certificates of participation) to fund school-improvement projects after an extended debate over cost estimates, guaranteed maximum price (GMP) timing and market interest rates.
Board members and staff described the immediate priorities: constructing an eight-classroom addition and building a new gymnasium, removing students from moldy trailers and addressing infrastructure needs such as HVAC, windows and potential asbestos abatement. One board member…
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