September 26, 2019
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The Northampton Board of Supervisors discussed the financial details for the efforts to renovate Northampton’s High School.
According to the resolution, the 20 year bond will not to exceed $28,925,000 for high school renovation.
According to Finance Director John Chandler, the first five years of the bond will be interest only, and then a structured debt repayment will begin to eat away at the principle.
A discussion ensued about lowering the proposed tax increase following the end of the interest only period, but Chairman Spencer Murray cautioned against making that call now:
The money will not be spent immediately. The bond funds will be in a snap account under US Bank’s control, earning interest, while the School Board decides how best to proceed with the renovation.
Supervisor John Coker called this the best move at the moment:
The resolution was moved by Coker, seconded by Dave Fauber and passed unanimously. The County expects to hold a public hearing on October 8, 2019, on the issuance of the Local School Bond to gather public input.
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