Penn-Trafford School Board OKs bonds for school remodeling project
The Penn-Trafford School Board has committed to issuing more bonds to pay for the $31 million high school remodeling project.
Officially, the school board voted 6-0 Monday night to authorize the issuing of as much as $16.4 million in bonds. However, officials and district consultants say the actual amount financed will end up being less than that.
The school board already generated about $19 million worth of revenue through bond issues in 2012 and 2013, and officials estimate less than $13 million will be issued in the coming months to complete the financing.
All along, the school board has pledged to finance the project by rolling over expiring debts into this project.
“We're still within our existing debt structure,” said Brett Lago, the district's business manager.
The district's financial consultants will continue to monitor the bond market as the school board decides whether to approve another bond issue or two.
Penn-Trafford officials also are holding out hope that some reimbursement might be available through the state Department of Education's program known as PlanCon. State legislators recently lifted a two-year moratorium on funding for new projects, but some districts with projects already in the pipeline have been waiting for payments they were counting on to recoup costs.
“I guess we'll take that as a good sign,” Assistant Superintendent Scott Inglese said of the moratorium's end.
Chris Foreman is a staff writer for Trib Total Media. He can be reached at 412-871-2363 or email@example.com.