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JCCR Gives Tentative Approval For 32 School Projects
Arizona Capitol Reports Staff//August 15, 2003//[read_meter]
JCCR Gives Tentative Approval For 32 School Projects
Arizona Capitol Reports Staff//August 15, 2003//[read_meter]
The Joint Committee on Capitol Review has given tentative approval to a School Facilities Board plan for building 32 facilities in 23 school districts during the next year.
The approval is contingent on the School Facilities Board whittling down the list of projects so they can be covered by the $200 million in certificates of participation that the board plans to issue.
Total value of the facilities currently in the plan is $215 million.
Before trimming, the plan calls for 25 new schools, one replacement school and additions to six schools. Nine of the projects are already under construction and 22 are in the design phase.
The certificates of participation will be issued over the next seven years and will finance lease/purchase agreements for the facilities. The term of the agreements will be 15 years.
The School Facilities Board is projecting the certificates will have an interest rate of 4.16 per cent with an annual interest payment of $18 million. Total debt service will be about $280 million. —
