General News: NYMA to Finalize Loan on Friday
July 09, 2010
The board of trustees of New York Military Academy today announced that it would extend by one week to July 16th its target date for closing on a loan agreement with a group of local business leaders and alumni to provide the necessary funding to open the school for the 2010/2011 school year and beyond.
In a prepared statement, the board said that “the reason for the extension is to provide attorneys for the group with additional time to prepare the loan documents, and to give the board ample opportunity to review them, as well as to issue the required notification of the Board meeting to finalize the agreement.”
The statement concluded that further details on the status of the academy are pending final agreement on the terms of the loan and receipt of the loan.
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