{"id":22769,"date":"2020-05-06T12:44:47","date_gmt":"2020-05-06T18:44:47","guid":{"rendered":"https:\/\/www.skyhinews.com\/?p=64516"},"modified":"2020-05-06T12:44:47","modified_gmt":"2020-05-06T18:44:47","slug":"east-grand-oks-lease-purchase-agreement-to-fund-security-improvements","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/krky\/local-news\/east-grand-oks-lease-purchase-agreement-to-fund-security-improvements\/","title":{"rendered":"East Grand OKs lease-purchase agreement to fund security improvements"},"content":{"rendered":"
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The entrance to East Grand Middle School is one of the major security projects the district is undertaking with funds from the BEST Grant.<\/strong>
Amy Golden \/ agolden@skyhinews.com<\/em><\/figcaption><\/div>\n<\/figure>\n

The East Grand School District has approved a certificate of participation to fund its contribution for $8 million in security upgrades.<\/p>\n

Last year, the board of education obtained<\/a> a $2.1 million BEST Grant from the state for safety and security improvements at the school district. Under the terms of the grant, East Grand was required to come up with $5.9 million in matching funds.<\/p>\n

Part of the contribution is being paid from the district\u2019s reserves, but there are not sufficient funds to cover the full $5.9 million. The district is therefore using a COP for its contribution with the BEST projects.<\/p>\n

The COP approved by district officials last month is a lease-purchase agreement. In it, the district will convey a long-term leasehold interest in Fraser Valley Elementary to lender Zions Bancorporation for a lump sum payment up to $6 million.<\/p>\n

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