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Piedmont board approves plan to pursue underwritten bond option for $70M construction financing
Summary
Trustees authorized the district to pursue Option 1 — an underwritten revenue bond with an anticipated S&P rating and an estimated average rate near 3.45% — to deliver upfront construction funding tied to the bond program; administration said rate lock expected in two to three weeks.
The Piedmont Board of Education voted to approve a financing plan that will allow the district to secure upfront construction funding for bond projects. Administration and the district’s financial advisor presented eight underwritten bond options and a private bank placement; the board approved pursuing Option 1, an underwritten revenue bond structure that administration characterized as the…
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