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Article: $53.1 million MPS plan backed Interest-free bonds would pay for several projects
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- October 8, 2009
- Author:
CopyrightCopyright 2009 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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By LARRY SANDLER and ERIN RICHARDS
Milwaukee Public Schools could borrow up to $53.1 million
interest-free to create new science and engineering laboratories,
build a community learning center and repair aging schools, under a
plan backed Wednesday by a Common Council committee.
If the plan wins final approval from the full council, federal
stimulus dollars would pay the interest on the bonds and property
taxes would be used to repay the principal. The School Board has
voted to seek up to $53.1 million of the $72.1 million maximum that
the federal government authorized for MPS borrowing, but the city
issues school bonds.
Wednesday's vote by the council's Finance & Personnel Committee
calls ...