At a special meeting Wednesday night, the Penns Manor School Board approved a tax and revenue anticipation note.
The resolution that was adopted authorizes the issuance and sale of the note in an amount not to exceed $3.5 million to provide money to meet the district’s current expenditures. The proposal that was accepted came from First Commonwealth Bank and carries an interest rate of 4.7%. Once state subsidies start to come in, the district would use that money to repay the loan.
Superintendent Daren Johnston said if the district uses all $3.5 million, it will also be on the hook for $165,000 in interest payments. To compare, if the district increased taxes to the act one index limit, it would bring in $238,000 in new money.
The board will meet for its regular meeting on November 12th
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