Bond Series: 2014 Series
Closed: March 31, 2014
Bond Size: $7,000,000
Credit Rating: Not Rated
Credit Enhancement: None
Purchaser: Berkshire Bank
Interest Rate: Tax-exempt vairable rate converted to a synthetic fixed rate through an interest rate swap with the purchaser
Final Maturity: 2044
Purpose: The bonds will be used to fund: i) the construction of the Patti Kaltsas Memorial Student Center; ii) construction of the Air Awareness Training Center; iii) other routine capital expenditures; iv) refund the outstanding 2004 bonds; and v) pay for issuance costs related to the financing.
Project Benefit: The new Student Center will provide students with a new academic facility that will benefit the School’s fine arts curriculum and facilitate collaboration and community within the SMS campus. The Air Awareness training facility will provide a safe and effective learning environment for students enrolled in the
snowboard and freestyle programs.
Economic Benefits: The construction projects are expected to create approximately 40 jobs in the community during construction and the creation of 3 permanent jobs upon completion.