TREASURER CAHILL PRESENTS $20.4 MILLION CHECK TO SWAMPSCOTT FOR NEW HIGH SCHOOL

BOSTON, MA – State Treasurer Tim Cahill, Chair of the Massachusetts School Building Authority ("MSBA"), and Katherine Craven, MSBA Executive Director, were in Swampscott today to present a $20,453,578 check; to mark the occasion of the final payment for the new 185,000 square foot High School.

"The new Swampscott High School is an important construction project to this community and I am pleased to present this check. By participating in the MSBA’s Progress Payment system the taxpayers of Swampscott saved approximately $11.5 million in avoided local interest costs," said Treasurer Cahill. "That’s $300 a year for each Swampscott taxpayer. And that means a lot in these tough economic times."

"Without our quick and effective payment system, the taxpayers of Swampscott would have been paying off our portion of this project until the year 2027," MSBA Executive Director, Katherine Craven said. "It is great to be back in Swampscott to see how well the building has been maintained."

"This building is more than just bricks and mortar -- it is the essence of our community. Thanks to the hard work of so many volunteers in the town and cooperation and funding from the MSBA, all of Swampscott can learn and gather in this beautiful building," said Representative Lori Ehrlich.

"It is a great day for all of those who worked hard to make this project a reality. The state’s investment in this school ensures that Swampscott will have a state of the art facility that will provide a first class learning space for students and educators for many years to come," stated State Senator Thomas M. McGee.

The MSBA is collaborating with municipalities to equitably invest $2.5 billion in schools across the Commonwealth by finding the right-sized, most fiscally responsible and educationally appropriate solutions to create safe and sound learning environments. The MSBA is committed to protecting the taxpayer’s dollar by improving the school building grant process and avoiding the mistakes of the past in the funding and construction of school facilities.

To date, the MSBA has made approximately $6.4 billion in reimbursements to cities and towns for school construction projects. Those payments have saved municipalities millions of dollars in interest costs and reinvigorated a system that once had $11 billion in outstanding obligations.

For more information on the Massachusetts School Building Authority please visit http://www.massschoolbuildings.org/.

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