Last October, Hingham voters approved the construction and design of a brand new middle school under the direction of the Massachusetts School Building Authority, and on Friday morning the first shovel was put in the ground.
43.87% of the new $60 million school will be reimbursed by the MSBA and Town Administrator Ted Alexiades explained Hingham’s triple-A bond rating will save taxpayers even more, “We borrowed $20 million on a short-term one-year note and the interest we received for that was .1995%, not to be confused with 1.9% but actually .2 of a full percentage point, so an amazing rate.”
State Treasurer Steve Grossman attended the groundbreaking ceremony and said the MSBA has spent $8.8 billion on Massachusetts schools since its creation in 2004.
According to the State Treasurer, the small contribution by taxpayers as helped the MSBA model school program take off, “The one penny of the sales tax equals about $665-670 million. We’re doing literally billions of dollars of projects, as we speak, all over the Commonwealth. The demand is there, the need is there.”
Hingham is joined by Duxbury, East Bridgewater, Plymouth, and Marshfield as towns that voted in favor of, or are currently under construction of a model school.
The new Hingham Middle School is slated to open September 2014.
(State Treasurer Steve Grossman)