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Molalla River board hears $95M middle-school project update as bond proceeds and contingencies grow
Summary
Board members were briefed on a middle-school capital project now presented with roughly $95.18 million in total project revenue (bond proceeds, premium, interest, grant), and staff described contingency buckets and options for unspent funds; no new levy was proposed and contingencies were framed as reserves for the project.
The Molalla River SD 35 board received an update Dec. 12 on the middle-school capital project and the district's project finances, which staff presented with a $95,179,772 project total composed of bond proceeds, bond premium, interest earnings and a state grant. Speaker 5 summarized the financials, stating the bond proceeds line in the district's financial summary appears as $76,926,667, the bond premium at about $7,000,013, and interest and grant proceeds shown as additional revenue that bring the project total to approximately $95.18 million.
The board discussed contingency planning…
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