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Board approves $12 million bond to fund Riverdale improvements


The Germantown Board of Mayor and Aldermen has approved a resolution to issue up to $12 million of general obligation bonds to finance improvements to Riverdale Elementary School.
Board members unanimously approved the resolution Monday night during their regularly scheduled semi-monthly meeting. The bond sale will occur on Feb. 22.
The funds will be used to finance the addition of seventh and eighth grade classes at Riverdale, along with other capital improvements.
“The funding provided by this bond issue will allow the city to enhance our public school district,” said City Administrator Patrick Lawton.
Alderman Dave Klevan noted that the city looked into the possibility of the issuance of citizen bonds for the project.
“I made a request when this came up,” he said, “so that interested people in our community would have an opportunity to put their money somewhere other than a place that might get a quarter of a percent in a savings account.
“If we were to do it,” he continued, “it would double the cost of issuance, plus it takes local financial institutions to help you through this process. The knowledge locally, because it has never been done, wasn’t there.
“I still think,” he concluded, “that it would be a great option for people in the community who would like to invest. I just wasn’t prudent.”

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