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Eden board authorizes up to $19.3 million facilities maintenance and upgrades project
Summary
Board approved a bond resolution authorizing a district facilities maintenance upgrades project with an estimated maximum cost of $19,300,000 and detailed use of capital reserves and bond issuance to cover the balance; the president of the board is authorized to issue notes and obligations as needed.
The Eden Central School District board voted to adopt a bond resolution authorizing a district facilities maintenance upgrades project with an estimated maximum cost of $19,300,000. The resolution, read at the meeting, specified the project's scope as reconstruction, rehabilitation and renovation of various district buildings and sites and authorized use of capital reserve balances and serial bonds or other obligations to finance the work.
The resolution identified funding sources and caps: the district will apply the remaining balance from its capital reserve fund 2014 (approximately $2,360,539 as of 06/30/2024), up to $1,200,000 from capital reserve 2024, and issue serial bonds or similar obligations not to exceed $15,739,461 to finance the remaining costs. The board also delegated authority to the president of the board of education to issue bond anticipation notes and related obligations as necessary.
