TC approves school building project

January 11, 2012

EAST GREENWICH - The town’s $52 million school bond, approved by voters in 2008, turned out to be a bargain.

The Town Council wrapped up much of the bond’s financial business last night by formally approving a final school building improvement project budget in the amount of $48,787,600, well below the bonding authority granted by resident.

Town Manager William Sequino Jr. estimated that the town saved $2.6 million in interest and bond issuance costs, with School Building Systems, supervisor of the school project, realizing a $613,000 surplus.

For more on this story, check out the Jan. 12 edition of the East Greenwich Pendulum.