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Board sets parameters to sell roughly $118.6 million in SAVE‑backed bonds for five school projects
Summary
The Cedar Rapids Comm School District board adopted a resolution establishing parameters for a roughly $118.59 million sale of SAVE‑backed bonds to finish five school infrastructure projects and authorized related bond‑sale steps, including a preliminary official statement and redemption of Series 2019B refunding bonds.
The Cedar Rapids Comm School District Board of Education on March 30 approved a resolution establishing parameters to sell approximately $118,590,000 in school infrastructure sales, services and use tax revenue bonds (Series 2026) to fund five capital projects: Jefferson, Washington, Harrison, Van Buren and Hoover.
Staff explained the bonds will be repaid from SAVE, the state’s dedicated 1¢ sales tax for school infrastructure, and are not backed by property tax. Staff…
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