In 1991 Independence Local School District began researching financing alternatives when it was recommended that they construct a new middle school building. A few years after two ballot defeats by voters in 1995 and 1996, the District entered into a joint use agreement with the City. The District would build a new high school, convert the existing high school into a middle school and have the City pay for a field house and other joint use facilities. This plan was approved by voters in February of 2002. The total financing for a new high school and the City’s joint use facilities was estimated to be approximately $33,000,000. In April, 2002 the district sold $15,000,000 of bond anticipation notes while it was beginning to prepare the bond issue for marketing. In addition to p

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