State Treasurer Tim Cahill, Chairman of the Massachusetts School Building Authority (“MSBA”) and Katherine Craven, MSBA Executive Director, today announced that the MSBA has made a $5,034,313 payment to the Town of Ashland. This payment was made to help the town pay down its remaining debt from projects at Ashland Middle/High School, David Mindess Elementary and Henry E. Warren Elementary. This payment replaces eight annual payments the MSBA would have made to the town over the next eight years.
To date, the MSBA has made approximately $6.8 billion in reimbursements to cities, towns and regional school districts for school construction projects. These timely payments have saved municipalities over $2.8 billion in avoided local interest costs and have provided much needed cash flow to municipalities in these difficult economic times.