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Cheltenham SD proposes two‑step $30 million borrowing for Glenside, Cedarbrook projects
Summary
District finance staff and PFM outlined a two‑step bond plan totaling about $30 million to fund Glenside and Cedarbrook, with a $50 million maximum parameters resolution (including a possible 2019 refunding) to be considered Oct. 14; staff estimated roughly a 1% tax increase tied to early debt service.
Cheltenham School District finance staff and Benjamin, a financial advisor with PFM, presented a two‑step borrowing plan on Oct. 7 to fund the Glenside and Cedarbrook projects that would total about $30,000,000 and use a maximum parameters resolution up to $50,000,000.
Benjamin, financial advisor with PFM, summarized the proposal: “So if you total those 2 projects, you come up with about $30,000,000.” He described a two‑step approach to phase in debt service so the district would not incur the full interest burden at once.
The plan calls for a bank‑qualified first issuance of about $9,750,000 that would settle Dec. 1, 2025, followed by a larger non‑bank‑qualified second borrowing in 2026 of roughly $20,250,000 once final project costs are known. Both borrowings are…
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