The Neshaminy School Board will be voting on a bond parameters resolution at Tuesday evening’s meeting.
The resolution, if approved, will allow the district to borrow $53.9 million to finance $20.9 million in renovations for three schools and build a new $33 million elementary school in Lower Southampton. Along with the $53.9 million bond, the district would restructure existing debt. The borrowed money would be paid off by 2037 and end up costing the district $108 million.
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Michael Lilly of RBC Capital Markets said the impact on the yearly district budget would not exceed $400,000. He added the time for the district to act is now because “interest rates are very favorable.”
“The district will not have to raise yearly taxes one dime (due to the bond),” board member Stephen Pirritano said. “It does extend our debt but it will be achieved without raising taxes one dime.”
Officials said if the parameters are approved Tuesday night, the bond sale would happen in late February to lock in rates and settlement would be in late March.
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Also at Tuesday’s meeting, business administrator Markowitz will put the annual comprehensive financial report up for discussion.
