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Chambersburg board authorizes roughly $6.5 million bond for capital projects
Summary
The board approved a general obligation bond resolution (item 10.02) to finance capital projects; district advisors cited a AA3 credit affirmation from Moody’s and estimated settlement in mid‑December.
The Chambersburg Area School District board authorized a general obligation bond resolution to raise approximately $6.5 million for capital projects, passing the resolution by roll call 8–0. Finance advisor and bond counsel outlined the financing timetable, credit rating and next steps before the vote.
Bond counsel said Moody’s had affirmed a AA3 credit rating for the district, allowing the district to proceed to market with favorable terms. Counsel and the district’s financing team said they would lock in interest rates the following Wednesday and expected settlement and funding to occur in mid‑December, around Dec. 11.
During the presentation, the finance adviser said all documents were prepared with counsel and the solicitor, and that the district planned to report final interest rates and exact payment schedules when pricing is completed. The speaker described the issue as “about a 6 and a half million dollar bond issue” and indicated the resolution before the board represented an initial procedural step to authorize the financing.
Doctor Diller moved the bond resolution; Mister Hayduk seconded. The board conducted a roll‑call vote and the motion passed 8–0.
The district will return to the board with exact interest rates and payment schedules once the pricing is locked; settlement and availability of funds were projected for mid‑December.
