TREASURER CAHILL PRESENTS $19.7 MILLION CHECK TO LOWELL FOR A NEW MOREY ELEMENTARY SCHOOL

BOSTON, MA – State Treasurer Tim Cahill, Chairman of the Massachusetts School Building Authority ("MSBA"), and Katherine Craven, MSBA Executive Director, were in Lowell today to celebrate the MSBA’s partnership and financial commitment to the City by presenting a $19,798,661 check for the new Morey Elementary School. The check represents the maximum amount the City of Lowell can receive from the MSBA.

"The new Morey Elementary School is an important construction project to this community and I am pleased to present this check." Treasurer Cahill said. "By participating in the MSBA’s Progress Payment system the taxpayers of Lowell saved approximately $9 million in avoided local interest costs."

"Without our quick and effective payment system, the taxpayers of Lowell would have been paying off our portion of this project until the year 2027," MSBA Executive Director, Katherine Craven said.

"Thanks to the Commonwealth of Massachusetts the Highlands section of Lowell now has a new school for the education of their children. My mother, who taught the first grade at the old Morey School, would be so proud," said Representative Kevin Murphy.

"It’s great to see my old elementary school become a 21^st century education center. It’s something I take great pride in having been a part of," said Senator Steven C. Panagiotakos.

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 has reformed the Commonwealth’s formerly rampant and unsustainable program, which had accumulated $11 billion in debt. In 2007, as a result of programmatic reforms and sound fiscal management, the MSBA was able to reopen a sustainable, reformed grant program. 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. In its five year history, the MSBA has made approximately $6.5 billion in reimbursements to cities, towns and regional school districts for school construction projects. These timely payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to municipalities in these difficult economic times.

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