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Board hears $95M bond program update; encumbrances at about $88M with $7M contingency
Summary
Project team told the Molalla River SD 35 board the middle-school project is in design development (roughly 50%), current projected encumbrances are about $88 million and a $7 million contingency remains in a $95 million program total (bond principal plus premiums and special revenue).
Molalla River SD 35’s board received a detailed capital projects update on the bond-funded middle-school project and asked questions about budget, contingency and project scope.
Presenters said voters approved $77,460,000 in general-obligation bonds and that, combined with roughly $18,000,000 in additional special revenue and interest, total program funds are being treated conservatively and bring the program near $95,000,000. At the time of the update the project team reported about $88,000,000 in committed or projected encumbrances and a $7,000,000 contingency reserve pending further design and negotiation.
The team said the…
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