Mayor James J. Fiorentini > Press Release
February 29, 2008
MAYOR: “EXPANDED HIGH SCHOOL PROJECT SHOULD GO FORWARD”
Mayor James J. Fiorentini today recommended that the expanded High School renovation project proceed.Fiorentini said that a drop in municipal bond interest rates, combined with the City’s improved bond rating and the ability to space the project out over a number of years, would make it possible to undertake the expanded project.
Fiorentini said that he would appear before the City Council Tuesday night to ask that they authorize the expanded project and proceed forward.
Fiorentini said that after review and consultation with the Department of Revenue, he was told the City does not have to include funding in next year’s budget, a fact which Fiorentini called “critical” to the decision.Fiorentini said that he would recommend that the project be put out to bid in sections so that the city could accept, or reject, portions of the project making the costs manageable.
Fiorentini also said that a review with his bond counsel and financial analysts showed that the city’s improved bond rating, combined with declining interest rates on municipal bonds, meant the city would be able to afford the project.
Fiorentini said that despite the city’s difficult budget for next year, he believed that the city was on a good footing overall to afford this.He called fixing the high school “an investment worth making.”
Fiorentini credited the State legislative delegation, led by State Representative Brian Dempsey, with making this possible:
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