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LEHIGH VALLEY WEATHER

Article By: Debbie Galbraith dgalbraith@tnonline.com

In the Feb. 24 issue of The Press, we reported the East Penn School District will be working with Public Financial Management, as financial advisor, Rhoads & Simon LLP, as bond counsel and Worth, Magee & Fisher, P.C. as solicitor to the district in conjunction with the issuance of General Obligation Notes, Series of 2016, for the purpose of restructuring the Series of 2011 Bonds and paying the costs of issuing the 2016 Notes as the board looks to finalize the 2016-2017 budget. In the meeting story, we reported an estimated savings over a two year period which is not correct.

According to EPSD Interim Business Manager Denis McCall, approximately $14 million of debt is scheduled to be paid back in the next two years. Scott Shearer, managing director of Public Financial Management told the board it could shift about $3.5 million in debt from the next two years to 2018-2019, 2019-2020 and 2020-2021. By doing this, it will actually cost the district approximately $193,000 in interest. This option was proposed to help balance the 2016-2017 budget. The board will need to approve the final proposal before moving forward. The Press apologizes for the error.