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Trustees approve bond resolution authorizing up to $8 million in bonds at existing millage
Summary
The board approved a bond resolution authorizing the district to seek bonds not to exceed $8 million while holding the millage at 48 mills; the final issuance amount will depend on county calculations of revenue at that millage.
The Chester County Board of School Trustees voted unanimously to approve a bond resolution authorizing the district to pursue bonds not to exceed $8 million, with the district indicating it would not raise the millage rate beyond the existing 48 mills.
Board members explained the $8 million cap reflects a maximum authorization; the actual amount would be determined by the county's calculation of what funds 48 mills would generate at the time of issuance. The board said smaller projects could be included depending on the final proceeds and that the district already has an outstanding $480,000 long-term debt that it plans to pay from the proceeds; after that payoff, the district said it would have no remaining long-term debt obligations and future bond proceeds could be used fully for capital projects.
The board's bond attorney, identified in the meeting as Franny, was present to answer questions. A board presenter, Mr. Damron, had earlier provided data to the board about the bond program. The motion to approve the bond resolution passed by unanimous voice vote.
