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Germantown board approves $1.9M defeasance move and several technology and service contracts
Summary
The Germantown School District board on April 28 approved a resolution to defease part of its 2021 refunding bonds, several capital and technology purchases and multiple service contracts; the defeasance passed by roll call with one abstention.
The Germantown School District Board of Education approved a resolution April 28 to transfer funds into an escrow account and defease a portion of its taxable general obligation refunding bonds dated Nov. 15, 2021, a finance presentation said. The committee estimated the transaction amount at about $1.9 million and said the district’s cumulative debt‑reduction efforts since 2021 could yield larger taxpayer savings and shorten the referendum payoff timeline.
The finance committee presented the defeasance plan and recommended the board authorize an escrow agreement and related professional services. The board approved the resolution by roll call (majority yes; one abstention). The resolution directs the district to…
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