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Successful Bond Sale will Fund Elementary School and Related Road Improvements

Post Date:09/11/2017
The Board of Mayor and Aldermen tonight approved the largest bond sale in the City's history. Proceeds will fund a new Germantown Municipal School District elementary school and related road improvements along Forest Hill Irene Road. The board voted to approve the sale in a vote of 4 to 0 with Alderman Massey abstaining.

Earlier today, 10 financial institutions submitted bids for $29,275,000 in Germantown bonds. Fifth Third Securities, Inc. of Cincinnati was the winning bidder submitting a total interest cost of 3.1%. "We are very happy with the results of the bond sale," said City Administrator Patrick Lawton. "The results are even better than we anticipated," he added. The sale comes after both Moody's and Standard and Poor's recently reaffirmed the City's triple-A bond rating.

The Germantown elementary student population exceeds optimum capacity, even after the recent completion of the $12 million addition at Riverdale School. Both Farmington and Dogwood Elementary schools currently hold classes in portables. Bond proceeds will fund land, site work, construction and equipment for the new 500-plus seat school along with necessary safety improvements to Forest Hill Irene Road leading to the new school. "This is an exciting day for our City," said Mayor Mike Palazzolo. "We are excited to be able to help fund the growth and continued success of Germantown Municipal School District," he added.
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