RIHEBC Closes On $74 Million Bond to Finance Cumberland School Construction & Renovation Projects
PROVIDENCE, R.I. – On July 26th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $74,125,000 bond issue for the Town of Cumberland to finance the construction, renovation, improvement, alteration, repair, furnishing and equipping of schools and school facilities throughout the Town.
“As a partner to Rhode Island's public school districts, RIHEBC is pleased to provide over $74 million in bond financing to help Cumberland Public Schools meet their facilities needs through new school construction and renovation projects,” said Kim Mooers, Executive Director of RIHEBC. “The 30-year bond’s all-in cost to borrow was 4.19% and was rated AA+ by S&P. The bond was sold at a premium of $3.5 million, producing additional funds for Cumberland to invest in their school facilities.”
“The Town of Cumberland is committed to investing in our public school facilities to ensure that our students have access to the modern, 21st century learning environments they deserve,” said Mayor Jeffrey Mutter. “We want to thank RIHEBC for their assistance in providing this financing, which will allow us to move forward on several school construction and renovation projects.”
# # #
About RIHEBC
Since 1966, 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