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.”