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Chester-Upland School District approves $19.25 million short-term revenue anticipation note
Summary
At a special Aug. 28 meeting, the court-appointed receiver and elected school board unanimously approved a $19,250,000 tax- and revenue-anticipation note with a 5.33% interest rate to bridge district cash flow until state subsidy payments arrive; public comment raised questions about collateral and affordability.
The court-appointed receiver and the elected school board for the Chester-Upland School District met in a special public session on Thursday, Aug. 28, and unanimously approved a resolution authorizing a tax- and revenue-anticipation note (series 2025) in the amount of $19,250,000 to provide short-term liquidity.
The measure, introduced as business agenda item B‑1, was amended on the floor to correct inconsistencies in paperwork before the final vote. Unidentified Speaker 1, presiding over the meeting as receiver, said the district expects to use the first state subsidy payment to repay the note and added, "The note is not callable until 12/30/2025." The loan interest rate disclosed at the meeting was 5.33%.
Why it matters: Board members and district officials said the borrowing is…
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