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It may have come with a lower interest rate but the unforeseen variables of a Build America Bond pushed the Los Alamos Public School board members to approve pursuing tax-exempt bonds to finance the construction project at Los Alamos High School.
Duane Brown, a bond attorney with the Modral Firm in Albuquerque, and Kevin Powers of RBC Capital Investment in Albuquerque, spoke to the board during its regular meeting Tuesday night at Mountain Elementary School.
The Build America Bond, or a qualified school construction bond, is part of President Obama’s American Recovery and Reinvestment Act and the state, municipality or county issues these debt securities to finance capital expenditures. The requirement, Business Services Director John Wolfe told the Monitor Wednesday, is that only American products are used in the projects.
Wolfe continued to explain that the bond is authority provided by the state. The district still needs to sell the bonds.
One of the big considerations Brown and Powers presented to the board is that if the district pursues a qualified school construction bond, it is bound to follow the IRS rules, which have not been finalized.
Plus, Wolfe said any delay caused by waiting for the rules to be completed could impact the construction project.
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