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Abington officials outline plan to borrow up to $285 million for new middle school; early borrowing would phase tax impact
Summary
A financial adviser presented an early schedule for issuing up to $285 million in general obligation bonds to finance a new Abington middle school. The district also approved a reimbursement resolution to allow general‑fund coverage of early project costs that will later be paid from bond proceeds.
Abington school leaders on Sept. 30 heard a detailed financing presentation about the $285,000,000 referendum-approved middle school project and approved a reimbursement resolution that would let the district temporarily cover early project costs from the general fund until bond proceeds are available.
The district’s invited financial adviser, Audrey Baer of Piper Sandler and Company, laid out an early borrowing scenario that would phase the work and the borrowing in three pieces rather than all at once. “For estimate’s sake and to start the discussions, we are looking at potentially 3 borrowings, $20,000,000, $135,000,000, and $130,000,000 in the coming years,” Baer told the board, stressing the figures are early estimates and will change as bids and timing are finalized.
The presentation emphasized that market factors reduce the bond proceeds below the ballot amount: fees, original issue discounts/premiums,…
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