RIHEBC Closes On $3.1 Million Bond Issue To Finance Upgrades and Improvements to Upper School and Lower School Buildings For the Paul Cuffee School
PROVIDENCE, R.I. – On November 15th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $3.1 million bond issue for the Paul Cuffee School, a Providence-based public charter school. Proceeds will be used for improvements to both the Upper School and Lower School for, among other projects, roof, mechanical systems, and cooling and heating systems.
“RIHEBC’s mission is to help Rhode Island’s health and educational institutions meet their facilities needs, and that’s exactly what this $3.1 million bond issue will do for the Paul Cuffee School,” said Kim Mooers, Executive Director of RIHEBC. “Proceeds from this bond funding will allow for the renovation of the Cuffee School’s Upper School building and upgrades to their Lower School building. The interest rate on the 20-year bond is 4.43%.”
“We waited many years to acquire the Upper School and, having completed this acquisition, this bond allows us to do the necessary upgrades immediately. We want to thank RIHEBC for working with us to issue this bond to help us meet our facilities goals and our mission of meeting the individual needs of Providence’s diverse students through a maritime-themed curriculum that promotes social and civic skill-building, and outstanding academic learning,” said Chris Haskins, Head of School. “Owning our Upper School building gives us greater flexibility and opportunities. We’re also pleased that this bond will allow us to invest in upgrades at our Lower School.”
Since 2006, RIHEBC has provided more than $2 billion in bond financing for public school facilities projects across Rhode Island.
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The R.I. Health and Educational Building Corporation for the past 56 years has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $10 billion in tax exempt bonds and is the largest financing agency of the state. rihebc.com – Twitter: @RIHEBC1