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April 18, 2007

The issue: The Washington County Board of Education approved a partnership with the Maryland Economic Development Corp. to fund the Barbara Ingram School for the Arts, in part financing the $9 million project with bonds that the school system would pay back with an interest rate of about 5.5 percent.

What's new: Some Washington County Commissioners said Tuesday they have concerns that the funding plan could cost more for taxpayers because the interest rate is higher for the MEDCO bonds than if the county borrowed the money.

What's next: A lease on the school property between the school system and the City of Hagerstown needs some tweaking. A nonprofit organization needs to be identified as the lessor of the building in order to qualify for certain grants and credits.

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