Credit: Tom Sofield/LevittownNow.com
The Bristol Township School District is starting the new year with the likelihood of owing more money.
To complete roof work at the aging Harry S. Truman High School and construction on the new Keystone Elementary School in Croydon, the district will recommend to the school board that the school system should take on $9 million to $12 million in bonds.
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According to a public notice, the board is expected to consider the bond issue Tuesday at 7:30 p.m. during their meeting inside the Benjamin Franklin School on Mill Creek Road in Levittown.
The money is needed as the district construction fund shrinks due to projects already in the works. As of October, the fund was at $44 million and it was down to $29 million by mid-December, according to district business manager John Steffy.
The new bond issue, which is on top of $120 million in bonds out already for the three elementary school construction project, will be needed to complete Keystone and Truman’s roof, officials said. The Keystone project started behind schedule and is reported to have cost overruns.
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The new bond comes just a few months after Moody’s Investors Service downgraded the Bristol Township School District’s bond rating to AAA from A. The rating service said at the time that a further deterioration of reserves and significant decline in tax base would continue to harm Bristol Township.
