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Huntsville City Schools board approves agreement with city to govern bond-funded school construction
Summary
The Huntsville City Schools board approved an intergovernmental agreement with the City of Huntsville that requires the district to use bond proceeds only for stated capital projects, meet spend-down benchmarks and coordinate regularly with the city and bond counsel.
At a special-called meeting, the Huntsville City Schools Board of Education approved an agreement with the City of Huntsville that governs how the district will use proceeds from a city-issued bond for school capital projects.
The agreement, recommended by the superintendent, formalizes that the district must spend the funds only for the capital purposes described in the bond documents — “the construction, the design, the building, the fitting of all those new facilities related to the capital plan,” a board member said during the meeting. The board approved the…
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