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District accepts BNY Mellon bid for $5.3M note to finance HVAC referendum; funds expected Dec. 23
Summary
After voters approved an HVAC referendum Nov. 4, the district completed a competitive note sale Dec. 11; BNY Mellon was the low bidder at 2.71% and the temporary note of $5,345,031 is expected to settle Dec. 23, with construction bidding to follow.
Marlboro Township School District officials told the board Dec. 11 that the financing process for the already-voter-approved HVAC referendum is advancing on schedule.
Administrators said the district received a favorable credit opinion from Moody’s (A2) and conducted a competitive sale on Dec. 11. BNY Mellon Capital Markets was the low bidder, offering a rate of 2.71% on the temporary note; the note principal cited in the meeting was $5,345,031 with a maturity date of July 15,…
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