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Belleville board closes hearing and approves second reading of $38M refunding school bond ordinance
Summary
After a public hearing in which residents questioned projected savings and municipal debt impacts, the Belleville Board approved the second reading of a refunding ordinance authorizing up to $38 million in refunding school bonds; bond counsel said the transaction proceeds only if statutory net-present-value savings meet or exceed 3%.
The Belleville Board of Education on Tuesday closed a public hearing and approved the second reading of an ordinance authorizing the sale of not-to-exceed $38,000,000 in refunding school bonds.
The hearing drew questions from residents about the mechanics and net savings of the transaction. Michael Sheldon, a resident and former board member, asked how the district could project roughly $1.48 million in debt-service savings when a supplemental municipal debt statement included a large estimated increase in gross municipal debt. “If the town hall is incurring nearly … $285,000 … as a…
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