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Erie City SD readies $10M bond for renovations as officials warn of limited reserves amid state budget standoff
Summary
CFO Brian Cheese told the board the district expects a $10 million bond issue (with a not-to-exceed $12 million resolution) to fund renovations at Strong Vincent and Grover Cleveland and said reserves may carry the district only into early next year unless the state resolves its budget impasse.
CFO Brian Cheese said the district is finalizing documents for an anticipated $10,000,000 bond issue to fund construction and renovations at Strong Vincent and Grover Cleveland and that the board will review the documents at next week’s meeting.
Attorney counsel explained the bond resolution will include a technical "not to exceed" figure of $12,000,000 to accommodate financing…
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