MSBA Invites Three Schools into the Eligibility Period

November 14, 2012

MSBA Invites Three Schools into the Eligibility Period

State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Jack McCarthy, MSBA Executive Director, today announced that the MSBA Board of Directors has invited three Massachusetts schools into the Eligibility Period, which is the initial phase of the MSBA capital pipeline.

This vote initiates a 270-day period for the District to complete preliminary requirements. Upon timely and successful completion of these requirements, the District becomes eligible for invitation into the Feasibility Study phase, subject to a successful vote of the MSBA Board of Directors.

“I’m delighted that these schools have entered the MSBA capital pipeline,” said Treasurer Grossman.  “We look forward to working collaboratively with local officials to develop the best solutions to meet the districts’ educational needs in a fiscally responsible manner.”

Invitations were approved for the following schools:

District School
Holyoke McMahon Elementary School
Scituate Gates Intermediate School
Woburn Wyman Elementary School

The Eligibility Period assists the MSBA in managing its financial resources by helping to identify a District’s financial and community readiness to enter the capital pipeline at an early stage in the MSBA process. It also assists Districts by providing a definitive schedule and identifying needs for planning and budgeting.

“600,000 of the 953,000 students enrolled in Massachusetts public schools have benefited from MSBA funding at one time or another,” said Executive Director McCarthy. “I’m delighted to report that the number has gone up by several hundred after today.”

The MSBA partners with Massachusetts communities to support the design and construction of educationally-appropriate, flexible, sustainable, and cost-effective public school facilities. Since its inception, the Authority has made over $9 billion in reimbursements for school construction projects. These timely payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities.