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Steelton‑Highspire board hears plan to borrow $11.96 million to cover unpaid bills
Summary
At a board meeting, the district’s independent financial adviser outlined a proposed guaranteed lease revenue bond of roughly $11.96 million to convert unpaid vendor bills and current‑year deficits into longer‑term debt; the board discussed two amortization options and a March parameters resolution timeline.
At a regular meeting of the Steelton‑Highspire School District board, the district’s independent financial adviser, Miss Doyle of PFM, presented a proposed long‑term financing to address unpaid bills and ongoing budget shortfalls.
"The point is to issue long term debt to finance district unpaid bills from prior years," Miss Doyle said, walking the board through market conditions, the IRS working‑capital tests and a sample transaction structure using a lease/sublease with the State Public School Building Authority. She told the board the administration’s preliminary borrowing request is $11,960,000, of which about $9,077,000 could qualify as tax‑exempt and roughly $2,880,000 would be taxable under current estimates.
The pres…
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