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Waterford — The town's debt service, including interest, will be reduced by more than $100,000 a year for the next 20 years, as approximately $2.4 million in eligible reimbursement construction costs for the new high school has been approved by the state.
Superintendent of Schools Jerome Belair said Tuesday that the additional eligible costs will save "both principle and interest" when the town applies for long-term bonds.
Eligible project costs — $49.2 million — for the estimated $68.3 million construction project have increased by $6.9 million and are reimbursable by 34.64 percent rate, or approximately $2.4 million.
Belair said as more information comes in, the town may find opportunities to go back to the state and apply for additional eligible construction costs.
The town was approved for renovate-as-new status in December of year and the State Department of Construction Services Bureau of School Facilities Unit examined about $15 million in previously ineligible construction costs for the new high school.
On Monday, students will attend classes for the first time in the new building.
Before students went on their spring break this week, they received a copy of their schedules and were able to enter the new building to find their classrooms.
"They had a chance to see their lockers and they were very excited," Belair said. "They were thrilled. They were amazed at the size of their new lockers, the Lancer Cafe, the new media center and they loved the size of the classrooms."