Greater New Bedford RVTHSD,
Massachusetts - State Qualified General
Obligation School Bonds

Greater New Bedford Regional Vocational Technical High School District Massachusetts

Invest in the New Bedford Regional Vocational High School to help finance the cost of building additions and renovations. The bonds are offered through a competitive issuance and are subject to price changes and availability.


Issuance characteristics
  • Credit enhanced
  • Bank qualified
  • Contains callable maturities
  • Tax exempt
  • General Obligation
  • Competitive sale

About this bond issuance

  • Purpose

    The bond proceeds will be used for an addition to and renovation of Greater New Bedford Regional Vocational Technical High School

  • Obligor

    Greater New Bedford Regional Vocational Technical High School District, Massachusetts

  • Issuer

    Greater New Bedford Regional Vocational Technical High School District, Massachusetts

  • Authority

    The Bonds are authorized under Chapter 428, Section 6(d) of the Acts of 1971, as supplemented by Chapter 769 of the Acts of 1972, and Chapter 70B of the Massachusetts General Laws, as amended, and a vote of the District on October 9, 2012 authorizing an addition to and renovation of Greater New Bedford Regional Vocational Technical High School, the single facility operated by the District. This project was supported in part by a grant from the Massachusetts School Building Authority ("MSBA"). Borrowing authorization totals $17,099,808. The total project cost was approximately $16,254,793. The MSBA awarded a grant totaling $12,258,642. The MSBA approved the final audit of the project on February 15, 2017.

    The Bonds were authorized to be issued as qualified bonds within the meaning of Chapter 44A of the Massachusetts General Laws, as amended, by a vote of the Municipal Finance Oversight Board of The Commonwealth of Massachusetts on September 4, 2013.

    The District issued $2,000,000 par amount of state qualified general obligation bonds against this authorization on December 17, 2013. The District currently has $1,925,000 par amount of bond anticipation notes outstanding for this purpose, which will be retired at their current maturity of July 21, 2017 with Bond proceeds and available funds, including MSBA grant funds.

  • Security

    The Bonds will be general obligations of the District, and, to the extent not paid from other sources, will be payable as to both principal and interest from sums which are annually apportioned to the City of New Bedford and the Towns of Dartmouth and Fairhaven, Massachusetts (the "Member Municipalities") in accordance with an agreement (the "District Agreement") among the Member Municipalities and the District (a copy of the District Agreement is available upon request). Sums so apportioned to, and appropriated by the Member Municipalities are payable from taxes which may be levied upon all taxable property subject to the limit imposed by Chapter 59, Section 21C of the General Laws.

  • Trustee

    Paying Agent: The Treasurer and Receiver-General of the Commonwealth of Massachusetts

  • Special attributes

    Optional Redemption

    Bonds maturing in the years 2017 through 2025, inclusive, are not subject to redemption prior to their stated dates of maturity.

    Bonds maturing on and after June 1, 2026 are subject to redemption prior to maturity, at the option of the District, on and after June 1, 2025, either in whole or in part at any time, and if in part, by lot within a maturity, at par plus accrued interest to the date set for redemption.

    Mandatory Redemption

    Term Bonds, if any are specified by the successful bidder, will be subject to mandatory redemption on June 1 in each year or years immediately prior to the stated maturity of such Term Bonds (the particular Bonds of such maturity to be redeemed to be selected by lot) as indicated on the cover page of the Preliminary Official Statement at the principal amount thereof plus accrued interest to the redemption date.

  • Sale conditions

    The bonds are offered through a competitive issuance and are subject to price changes and availability.

About the issuer

Contact information
Address
1121 Ashley Blvd New Bedford MA 02745
Website

Ratings

Issuance credit ratings

S&P

Aa3

Moody's

Fitch

Financing team

Neighborly Securities
Neighborly is a co-manager on this issuance.