JOHNSTON, R.I. (WPRI) — The R.I. Health and Educational Building Corporation (RIHEBC) has issued an $85 million bond for the town of Johnston.
The money will be used for district-wide school facility improvements.
In April, Johnston residents voted to approve a $215 million bond that would repair and reconstruct the town’s schools.
With the bond’s approval, Johnston’s schools will be consolidated into four buildings. Those buildings will include a brand new early childhood center and elementary school, as well as completely renovated middle and high school buildings.
“This $85 million bond issue was sold to investors at a premium of $8.5 million, generating a total of $93.5 million to pay for Phase 1 of Johnston’s school facility improvement plan. The 30-year bond has an all-in cost to borrow of 4.63%,” said Kim Mooers, Executive Director of RIHEBC.
Mayor Joseph Polisena previously told 12 News the town’s schools have been deteriorating over the years to the point where they’re insufficient.
“They are just old,” Polisena said. “You can only put so much caulking around the windows. This is a cafeteria and they use it as a gym.”