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FinCom reviews MVRHS financing scenarios; bond counsel shows level-principal borrowing could save the Island about $47 million
Summary
The FinCom reviewed preliminary bond-counsel financing scenarios for the Martha's Vineyard Regional High School project; level-principal borrowing was shown to reduce overall Island debt-service costs by roughly $47 million compared with alternative structures, and MSBA grant rules and 30-year bonds were discussed.
FinCom members reviewed preliminary financing charts from MVRHS bond counsel showing that level-principal borrowing would front-load principal payments but yield an estimated Island-wide savings of about $47 million versus other borrowing structures. The analysis—preliminary and subject to change—was circulated to Tisbury Finance Director Jon Snyder and members of the Tisbury School Committee; MVRHS Project Committee Chair Skipper Manter and Sam Hart were noted as planning to meet Town Select Boards with further project updates.
Members also discussed Massachusetts School Building Authority (MSBA) grant parameters, including that MSBA grants are 'up-to' amounts and the MSBA now allows 30-year bonds. FinCom asked for follow-up documentation from bond counsel and for representation on relevant county committees; Nancy Gilfoy and Russ Hartenstine were assigned follow-up actions.
