Norwich gets $7.4 bond for capital projects
(Shawn Magrath Photo)
NORWICH – The Norwich City School District is one of 54 districts statewide on the receiving end of $482.4 million in tax-exempt bonds issued by the Dormitory Authority of the State of New York.
Bonds were recently announced as part of DASNY's School Districts Revenue Bond Financing Program which gives public schools a financing alternative for capital projects. Norwich has received $7.4 million.
Funds collected by NCSD will pay back several short-term investments made in recent years. The district has undertaken multiple capital projects over the last ten years, including emergency roof repairs, window replacements, and renovations of the cafeteria at the middle and high schools.
“We had been borrowing on a short-term, knowing that we were going to go to a bond down the road,” said NCSD Deputy Superintendent Robert Wightman. “The money's already been committed and paid off our short-term obligations. Now we're beholding to the Dormitory Authority.”
The agreement between NCSD and DASNY stretches over a 20-year period.
School districts across the state benefit from DASNY bonds when spearheading projects like fire prevention, security, or air system upgrades, interior and exterior renovations, athletic field improvements, and technology enhancements.
Gov. Andrew Cuomo said bonds are essential to improve public education.
“The classrooms, technology and recreations facilities our students use every day are integral to their educational experiences,” said Cuomo. “By modernizing critical educational infrastructure and hardware, we are building strong foundations for the next generation of leaders to learn and innovate and set them on the path to success.”
Nine other school districts in New York's southern tier also received DASNY bonds, including the neighboring Unadilla Valley ($6.9 million) and Sidney ($9.8 million) school districts.
Bonds were recently announced as part of DASNY's School Districts Revenue Bond Financing Program which gives public schools a financing alternative for capital projects. Norwich has received $7.4 million.
Funds collected by NCSD will pay back several short-term investments made in recent years. The district has undertaken multiple capital projects over the last ten years, including emergency roof repairs, window replacements, and renovations of the cafeteria at the middle and high schools.
“We had been borrowing on a short-term, knowing that we were going to go to a bond down the road,” said NCSD Deputy Superintendent Robert Wightman. “The money's already been committed and paid off our short-term obligations. Now we're beholding to the Dormitory Authority.”
The agreement between NCSD and DASNY stretches over a 20-year period.
School districts across the state benefit from DASNY bonds when spearheading projects like fire prevention, security, or air system upgrades, interior and exterior renovations, athletic field improvements, and technology enhancements.
Gov. Andrew Cuomo said bonds are essential to improve public education.
“The classrooms, technology and recreations facilities our students use every day are integral to their educational experiences,” said Cuomo. “By modernizing critical educational infrastructure and hardware, we are building strong foundations for the next generation of leaders to learn and innovate and set them on the path to success.”
Nine other school districts in New York's southern tier also received DASNY bonds, including the neighboring Unadilla Valley ($6.9 million) and Sidney ($9.8 million) school districts.
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