WILLIAMSTOWN, Mass. — The Mount Greylock Regional School building project is on track to hit a couple of milestones this week.

 

On Monday, the School Committee will float $30 million worth of bonds to pay for the renovation and expansion addition to the junior-senior high school.

 

On Friday, representatives of the Massachusetts School Building Authority — which is paying for about 60 percent of the reimbursable aspects of the $64.8 million project — will be in town for a ceremonial ground-breaking.

 

At its Sept. 20 meeting, the School Committee discussed the details of the bond issue, which will occur on Monday morning.

 

Clark Rowell of Unibank told the committee that the bond sale, which occurs electronically at 11 a.m. Monday, should be smooth and over in just a few minutes.

 

The uncertainty as of the Sept. 20 — and right up until the time of sale — is the interest rate that the district will have to pay on the bond.

 

"The expectation is rates will come in within our projected range, but it is a marketplace," said Hugh Daley of the School Building Committee's finance working group. "We won't know until that Monday. Right now, it's all working according to plan."

 

Rowell agreed.

 

"Hugh is right about being conservative,” he said. "Rates have been creeping up since early July, but the are still extremely attractive.”

 

The school district is helped by its bond rating, finalized this fall by Moody’s.

 

"You are now rated double-A3, which is a fine rating,” Rowell said. "You’re going to do fine in the market.

 

"I expect we’re going to see no fewer than four, maybe eight to 10 bids.”

 

The Sept. 20 prospectus from Moody’s explains how the bond rating was achieved.

 

"The Aa3 rating reflects a modest tax base with above average wealth levels, stable financial position with limited reserves, manageable debt burden and low pension liability," the prospectus reads.

 

The district will receive a signing certificate of award on Monday afternoon, Rowell said. The committee agreed to meet on Monday at 7 p.m. for what is expected to be a very brief discussion and vote to approve the bond.

 

Later in the project, there likely will be a "clean up" bond once the project's final costs are determined.

 

Meanwhile, the building project itself is well under way and has seen a slight acceleration in its schedule. Tri-District Superintendent Douglas Dias told the Williamstown Elementary School Committee last week that the builder is aiming to begin foundation work on the new three-story academic wing this fall rather than next winter, as originally planned.

 

Mount Greylock is aiming to have the academic wing open and ready for business by spring 2018.