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Downingtown Area SD staff outline $81 million maximum bond parameters; expect about $67 million issuance
Summary
District finance staff recommended a maximum-parameters resolution that would advertise up to $81 million (a legal ceiling) and authorize up to $30 million of new money; presenters said the district expects to issue closer to $67 million, with a maximum interest rate listed at 6%.
Downingtown Area School District finance staff told the school board they will seek authorization to advertise a maximum-parameters bond resolution that lists $81,000,000 as the legal ceiling and a 6% maximum interest rate, while cautioning that the district expects to actually issue a lower amount.
At the meeting, a representative from Raymond James said the $81 million figure is an inflated ceiling required by state filing rules and that the likely issuance will be closer to $67,000,000, which would cover restructuring of prior series and…
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