After Patrick Lawton and Jason Manuel exchanged mutual admiration, the results were announced. In a competitive bidding process that drew six bids for two bonds: $4M for GMSD and $8M for the City of Germantown. FTN Financial won both bonds with Raymond James coming in second. The interest rate will be 3.11% for 30 year series B bonds. Closing date is set for March 7th.
The GMSD board approved the Inter-fund Reimbursement Agreement for GMSD to repay the $4M bond as well as the associated finance costs. The agreement specifies the use for the funding: $11M will be used for the Riverdale expansion project and $1M will be used for GMSD deferred maintenance projects. After the school board adjourned, the agreement was presented to the Mayor and Board of Aldermen meeting where it was also approved. But the deal is not without controversy as one citizen is now complaining the bidding process was not transparent. More here.