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MSD Warren Township holds second preliminary hearing on up to $40 million in bonds for school expansions and athletic facilities
Summary
At a second required preliminary determination hearing, district counsel outlined a proposed maximum $40,000,000 borrowing (20-year term) to finance four elementary school additions, an indoor activity center and a youth athletic complex; board recorded a motion on a preliminary determination resolution but the transcript does not show a final roll-call tally.
Hannah Clendening, of law firm Barnes and Thornburg, told the MSD Warren Township board during a second required preliminary determination public hearing that the district is seeking flexibility to borrow up to $40,000,000 on a maximum 20-year term to fund a package of school construction projects.
Clendening said the district set conservative assumptions for planning: “So the maximum borrowing amount would be $40,000,000. This is a maximum 20 year term. The total interest expense, the absolute maximum, assuming there's a 7% rate, which is the maximum authorized, would be about $45,000,000,” and she noted current market rates are closer to roughly 4.5–5 percent.
The bond proceeds would support an…
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