The Los Alamos Public School Board unanimously approved Tuesday to allow the District to borrow $5 million.
The borrowing is part of the remaining installment of the District’s 2009 $40 million incremental bond authorization.
Board President Kevin Honnell said the money will be used to tear down sections of Los Alamos Middle School in June.
He said the voters got a good deal on the bond too. The interest on the bond will be 1.76 percent – the lowest rate the District has ever received on a bond issue.
“I’m glad to get a good return,” he said.
There were ten bids on the bond. The lowest bid came from FTN Financial Markets out of Tennessee.