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Plum Borough SD board signs resolution to proceed with $10 million bond sale, approves routine year-end fiscal items
Summary
The Plum Borough SD board approved a formal resolution to incur debt and set parameters for the sale of up to $10,000,000 in bonds (sale expected June 24, settlement July 29), and approved routine year-end finance authorizations including investment and transfer authority; credit rating remains at A2.
The Plum Borough School District board on June 17 approved a formal resolution authorizing the district to incur debt and set parameters for the sale of the next $10,000,000 in bonds, administration said. The bonds are slated to be sold June 24 with settlement expected July 29, and district officials said Moody’s assigned an A2 rating to the issuance.
Administration presented the resolution as the second step of a three-step financing plan and said the formal action allows staff to proceed to the next phase of the sale. “This is step 2 in what is expected to be your 3 step plan,” the district’s bond advisor said at the meeting. Officials said the district will be notified of market rates after the sale and then finalize documents that will lock in repayment terms.
In the same finance report, the board approved standard year-end items to cover the period between June and school startup in August: authorization for the chief financial officer to invest district funds per board policy; permission for the CFO to make necessary year-end budget transfers for fiscal 2024–25 (to be presented to the board in October 2025); and authority for the CFO to enter into insurance contracts not to exceed $485,000.
Separately, the board moved forward a resolution authorizing member districts of Forbes Road CTC to adopt a financing plan that will allow building construction to proceed; administration said each participating district must pass similar language to enable the sale of financing for the project.
The board conducted voice votes on the consent and finance items; the record reflects the motions passed during the action portion of the meeting. One board member publicly abstained on the monthly budget item because it involved a personal financial connection disclosed on the record.
Next steps: bonds will be sold next week, administration will monitor market rates and return to the board with final terms and settlement details.
