TribLIVE

| Neighborhoods

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Penn Hills school board votes to borrow $3M through tax anticipation note

Email Newsletters

Click here to sign up for one of our email newsletters.

'American Coyotes' Series

Traveling by Jeep, boat and foot, Tribune-Review investigative reporter Carl Prine and photojournalist Justin Merriman covered nearly 2,000 miles over two months along the border with Mexico to report on coyotes — the human traffickers who bring illegal immigrants into the United States. Most are Americans working for money and/or drugs. This series reports how their operations have a major impact on life for residents and the environment along the border — and beyond.

Wednesday, July 9, 2014, 1:39 p.m.
 

With no state money or real-estate tax-collection revenue on hand, Penn Hills school board officials voted 5-0 on Wednesday night on a tax anticipation note, which will allow the district to borrow $3 million cash on a short-term, extremely low-interest basis to help get through July.

“We are just trying to anticipate having cash flow because the state has not released any money to the district, and real-estate collections don't usually start coming in until mid-August,” Business Director Richard Liberto wrote in an email.

“Usually in July we receive, from the state, about $1.2 million and another $6 million,” he said.

It will help the district “get through the next month or so until we get some revenue in, and then we just give it right back to PNC,” Liberto said. The total interest charge, if the district took the full 60 months to pay it back, would be $5,000, he added.

For more information, call 412-793-7000.

Patrick Varine is a staff writer for Trib Total Media. He can be reached at 412-320-7845 or pvarine@tribweb.com.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Penn Hills

  1. Historic Morrow house in Penn Hills up for sale
  2. Penn Hills officials defend plans for new municipal building
  3. Penn Hills’ Tumulty adds WPIAL Hall of Fame to list of accomplishments
  4. Penn Hills appoints school director