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Board approves $6.01M GMP amendment for elementary mechanical work and authorizes account for $42M bond proceeds
Summary
The board approved a guaranteed maximum price amendment of $6,013,970.30 covering mechanical systems for three elementary schools and passed a resolution authorizing the treasurer to open a local account to receive about $42 million in bond proceeds; the district noted IRS arbitrage limits on interest earnings.
The Sunman‑Dearborn Community School Corporation board approved a guaranteed maximum price (GMP) amendment and authorized a local bank account for bond proceeds at its Sept. 12 meeting.
Dr. Jackson, superintendent, told the board the GMP before them covers mechanical systems work at Summit, Bridal and North Dearborn elementary schools and that Exhibit C shows the amount to be approved is $6,013,970.30. He said roughly $4,997,000 of that figure represents the mechanical work while the remainder covers soft costs, reimbursables…
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