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Exeter Township School Board authorizes $4.065 million note to finance ground‑mount solar project
Summary
After a presentation from PFM and counsel, the board adopted a resolution authorizing a $4,065,000 general‑obligation note to finance a district ground‑mount solar PV system; presenters said grants and estimated energy savings would offset much of the cost.
The Exeter Township School District board voted Feb. 18 to authorize a $4,065,000 general‑obligation note to finance a ground‑mount solar photovoltaic project for the district.
PFM Financial Advisors presented results of a bank RFP and, with financial advisor Stifel, recommended M&T Bank as the winning bidder. PFM said the district would borrow roughly $4.0 million to cover a project cost the district provided of approximately $3,980,000 and expects about $2,100,000 to arrive over time from grants and other funding sources. The advisors described a wrap‑around debt service structure with an amortization of roughly 11 years and showed projections that, if supplemental funding arrives and estimated avoided electric costs materialize, the district’s annual debt service could ultimately be lower than its current debt payments.
PFM estimated avoided electric costs of about $250,000 per year based on engineers’ projections; the firm also emphasized the loan’s prepayment provisions and no‑penalty prepayment terms offered by the recommended bank. Bond counsel Peter Edelman of Stevens & Lee said the resolution was drafted in compliance with the Pennsylvania Local Government Unit Debt Act and noted the district would pledge its full faith and taxing power to secure the obligation.
Board discussion touched on structure, timing and public posting of the presentation materials; administrators said the presentation would be posted on the district website. After discussion the board adopted the resolution by roll‑call vote (recorded as seven yes, two absent). By adopting the resolution the board took the formal step required under state law to proceed with the financing and settlement (presenters indicated a potential settlement date of March 24 if the board moved forward).
