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Greeley-Evans School District 6 approves $43 million COPs to finance new administration building
Summary
The board approved a resolution to issue approximately $43 million in certificates of participation (COPs) to finance a new administration building, collateralizing Winograd and Maplewood schools until the new building is completed; anticipated annual payments are roughly $3.1 million over a 25-year term.
The Greeley-Evans School District 6 Board of Education voted 5-0 to approve a resolution authorizing the execution of documents to finance construction of a new administration building through certificates of participation (COPs).
District finance staff told the board the financing package would total $43,000,000 with a 25-year repayment term and level annual payments. "The total amount of the financing will be $43,000,000 over a term of 25 years," the finance director said during the presentation. The plan uses certificates of participation — a lease-based financing vehicle that does not require voter approval — and would collateralize two…
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