Radnor board approves parameters for up to $12M bond to advance new Ithan Elementary School

The Radnor Township School District board on Oct. 28 approved a parameters resolution allowing the administration and financial advisor to proceed with a third borrowing for the new Ithan Elementary School project, described as not to exceed $12,000,000. The resolution authorizes staff to work with PFM Financial Advisors, Stifel (lead underwriter) and RBC (second underwriter) to sell bond series in calendar year 2025 under bank-qualified status.

Board members moved and seconded the resolution and approved it by roll call, with the board indicating unanimous support (9–0). The parameters resolution sets the maximum borrowing and authorizes the procedures and advisors needed to structure and market the bonds; final sale terms and timing will be determined by staff and the financial advisors as the transaction is prepared for market.

Finance committee members had discussed Ithan financing in committee work leading up to the vote; facilities staff and the committee also reported recent permit approvals that the administration said keep the Ithan schedule on track for next-month actions and a planned presentation prior to the board’s formal project vote. The board did not provide additional details of final interest rates, repayment schedules, or the specific calendar date of a bond sale during the meeting.

Next steps identified by the board and administration include moving forward with underwriting and market preparations under the parameters the board approved; the administration will return with final bond details when available.