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Trustees OK sale of last block of construction bonds

January 14, 2011

Big Spring Independent School District trustees authorized the sale of the final block of voter-approved construction bonds during their regular meeting Thursday evening.

Voters approved the issuance of $60 million in bonds in May, and almost $53 million of those were sold in September.

However, officials held $6.7 million in bonds in abeyance, hoping to qualify for financing under the Qualified School Construction Bond program, a federally-backed system which features ultra-low interest rates.

But school officials discovered the QSCB program might be more trouble than it's worth. “There were too many unknowns with QSCB,” said Vince Vialle, an investment advisor with Specialized Public Finance of Lubbock, who has assisted the district through the bond-sale process. “We knew there would be several strings attached, and it wasn't a certainty we'd get the designation, anyway.”

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