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Susquehanna Township SD reviews parameters for up to $18 million 2025 bond authorization
Summary
Bond counsel presented a parameters resolution authorizing up to $18 million in general obligation bonds for capital projects, including a new school and administrative offices at 4401 Deer Path Road; district staff said the final issuance is expected to be under $15 million and will be secured by the district's full taxing power.
Erica Weibel, bond counsel with McNees Wallace & Nurick, told the Susquehanna Township School District board that a parameters resolution on the meeting agenda would authorize the district to issue general obligation bonds, series of 2025, in a maximum principal amount of $18,000,000.
Weibel said the district will use the proceeds to fund capital work, including construction related to the building at 4401 Deer Path Road that will house fifth- and sixth-grade classrooms and administrative offices, other district capital projects, and the costs of issuing the bonds.
The resolution is prepared under the Local Government Unit Debt Act and authorizes district officers and counsel to make required filings with the Pennsylvania Department of Community and Economic Development and to take steps necessary to close the sale. "The resolution in front of you authorizes the district to issue its general obligation bonds series of 2025 in the maximum principal amount of $18,000,000," Weibel said. She added that the $18 million figure is a maximum to give the financing team flexibility at pricing and that the district expects the eventual issuance to be under $15,000,000.
Weibel said section 4 of the draft resolution describes the security for the bonds as a pledge by the district of its full faith credit and taxing power. She also told the board that the financing timetable remains on schedule and that the district had a bond rating call scheduled with Moody's Investors Service the following day.
Board members did not ask for changes to the resolution during the presentation. The parameters resolution was presented as an item on the agenda for the evening; the transcript records the presentation and that the resolution had been circulated to the working group. The transcript does not record a separate roll-call vote specifically on the parameters resolution in the excerpt provided.
The board packet and the final bond documents — including the final principal amount and pricing — will reflect the final terms when the sale is completed and filings with the Department of Community and Economic Development are made.
