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Board hears second-lien financing options for Dayspring facility purchase
Summary
Consultant Scott Beardsley briefed the Siloam Springs School District board on second-lien borrowing as a way to fund purchase and renovation of the Dayspring facility, outlining scenarios between $15M and $23M and estimated annual debt-service costs without requiring a voter millage increase.
Consultant Scott Beardsley told the Siloam Springs School District Board that Arkansas law allows many school districts to borrow through a 'second lien' without submitting the proposal to voters, as long as the board believes the district can afford the payments. "Arkansas school districts are allowed to borrow money through what's called a second lien without going to get voter approval," Beardsley said.
Beardsley walked trustees through five sample scenarios for possible district…
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