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Board approves bond resolution to finance North Brandywine Middle School
Summary
The Coatesville Area School District board approved a resolution authorizing the district to initiate tax-exempt borrowing of up to $100,000,000 to fund demolition and new construction of North Brandywine Middle School; bond counsel outlined required state and federal steps.
The Coatesville Area School District on July 28 approved a bond resolution that authorizes district officials to initiate a tax-exempt financing to borrow up to $100,000,000 to pay for the demolition and new construction of North Brandywine Middle School. Helen Espenschade, bond counsel with the firm Lamb Macrilane, told the board the resolution and related bond purchase agreement set parameters for the sale and the disclosures the district must make under state and federal rules.
"If you adopt the resolution this evening, it will authorize ... to borrow up to a maximum of a $100,000,000 for the project described, which is, and relates to the demolition and new construction of North Brandywine Middle School," Espenschade said. She outlined that the documents also address creation of a sinking fund, appointment of a paying agent, continuing disclosure obligations, and federal tax rules for tax-exempt bonds.
Board members did not ask for further changes before a formal roll-call vote later on the agenda. The motion to approve the bond resolution passed by roll call. The board will next execute the bond purchase agreement and file the required applications and disclosures to proceed with the financing.
