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Franklin Area SD board authorizes bond team, votes to delay cyber-charter payments amid multimillion-dollar shortfall
Summary
Facing delayed state aid, the Franklin Area School District board authorized bond counsel and an underwriter and voted 6–1 to temporarily delay tuition payments to cyber charter schools while the district explores a bridge loan and other cash-flow options.
The Franklin Area School District Board of School Directors voted Thursday to authorize a bond team and to temporarily delay tuition payments to cyber charter schools as the district grapples with cash-flow pressure from a delayed state budget.
Doctor Thomas, the district superintendent, told the board the Commonwealth ‘‘owes the district over 8,000,000’’ and that federal reimbursements of about $228,000 have also been held. With reserves being used and program cuts under consideration, he told the board administration is preparing to pursue a line of credit or bridge loan that would likely not be needed until January but…
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