SalemNews.com, Salem, MA

Local News

May 13, 2013

Public hearing set for Higgins School project

(Continued)

“I don’t think you could have a better time for borrowing,” he said.

“We’ll be thrilled with 3 percent,” Schaffer said.

Schaffer said the cost could hinge on when the city actually borrows the money. Borrowing on such a project is generally spread out over a matter of years. The first borrowing is slated for $9.1 million in June 2014.

Yet, it might develop that the city is better off to borrow more money now, even before it’s needed, in order to get the best rate for the city. Waiting could mean that rates will climb in the interim.

“It’s very complicated,” Schaffer said.

Another helpful development is the new policy of the School Building Authority. In years past, cities and towns were asked to spend for school construction upfront and then wait for reimbursement. Today, the state pays as the project proceeds.

Text Only | Photo Reprints
Local News

AP Video
Judge Ponders Overturning Colo. Gay Marriage Ban Airlines Halt Travel to Israel Amid Violence NYPD Chief Calls for 'use of Force' Retraining VA Nominee McDonald Goes Before Congress Bush: Don't Worry, Sugarland Isn't Breaking Up US Official: Most Migrant Children to Be Removed Police Probing Brooklyn Bridge Flag Switch CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City Diplomatic Push Intensifies to End War in Gaza Cat Fans Lap Up Feline Film Festival Michigan Plant's Goal: Flower and Die Veteran Creates Job During High Unemployment
Comments Tracker