a sign on the side of a building

Milford School District issues initial bonds for Middle School renovations

Education, Headlines

by Terry Rogers

 

 

a sign on the side of a building

Milford School Board approved the sale of bonds to begin the process of renovating the former Milford Middle School

Milford School District Board of Education voted unanimously to approve the sale of a 20 year bond issued to the State of Delaware in the amount of $1,743,900 at a rate of 2.28%. This is the local share of the estimated costs for the renovation of the former Milford Middle School.

“Delaware Code Title 29 Chapter 75 provides in part that the Board may issue bonds for the purpose of raising money to pay the local share set forth in such school construction bond Authorization Act for the purpose of school construction,” Dr. Sara Croce, Chief Financial Officer, read from the proclamation presented to the board. “Now therefore, be it resolved that the Milford School District Board of Education authorizes the sale of a 20 year bond issued to the state of Delaware in the amount of $1,743,900 at a rate of 2.28% per annum. This amount represents the local share of the fiscal year 2022 Bond and Capital Improvements Act allocation to revitalize Milford Middle School authorized by the October 27 2021 referendum.”

Board member Dr. Adam Brownstein reminded the board that he had expressed concerns about material costs at a previous meeting.

“I had expressed concerns about material costs and our ability to complete the project with continuing escalation of material costs,” Brownstein said. “And at that time, you had said that should material costs go up that we would simply go to the state and they would adjust and therefore all those extra funds would essentially be coming from the state and I just want to clarify that that is still the case.”

Croce stated that the finance office is in discussions with the Department of Education as well as the construction management firm regarding applications for market pressure funds that will be issued in June as part of the bonding capital improvements process. She explained that those discussions will continue but the district was already in the process of proactively applying for the market pressure funds.

“And that was one of the reasons why we got that group on board as early in the process that we did so that they could help us through navigate and make these excellent recommendations and get us the market pressure funds,” Miller stated.

Croce explained that this was the first of three bond issuances the board would need to approve. The board approved the sale of the bonds unanimously.

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