Marple Newtown board authorizes bonds for elementary project, posts $119.32M proposed budget for public inspection

The Marple Newtown School Board on April 28 authorized the district to issue new bonds to finance a planned elementary school addition and to refund outstanding 2016 bonds, and it approved a motion to publish the proposed 2026–27 budget, $119,320,000, for public inspection.

A financial adviser presenting the plan told the board the proposal includes roughly $35,000,000 of new money for the elementary construction and about $25,700,000 to refund 2016 bonds, producing a net borrowing amount of about $38,700,000 after adjustments. "We're looking at, right about now, $35,000,000 of what we call new money for the construction project and then $25,700,000 to refund the 2016 bonds," the presenter said, describing sources and uses and the plan to finalize offering documents and take orders next week with a projected closing by June 3.

The presenter outlined pricing mechanics and debt-service structuring, saying the district's all-in TIC (true interest cost) is a little over 4% under current market expectations and that the financing is structured to front-load annual refunding savings of about $1,400,000. Board members asked about refinancing options if rates fall; the adviser said the bonds will be sold with a 10-year call at par and that techniques to refinance earlier exist but can be complex and sometimes taxable.

Separately, the board approved the proposed final budget for 2026–27 in the amount of $119,320,000 and directed that it be posted for public inspection; the president noted the proposed final may change before final adoption. Both the bond authorization motion and the budget notice were approved by voice vote during the meeting.

Next steps: the administration and adviser said offering documents will be finalized this week, orders will be taken next week, and closing is expected by June 3. The proposed budget will be available for public inspection per the board motion.