posted by Mike Madison at 7:44 PM /
School Director Jo Posti has posted her thoughts to explain her support of the Mt. Lebanon School Board's recent decision to authorize the sale of $69 million of bonds to finance the ongoing high school renovation project.
It appears that the District can apply the proceeds to immediate cash obligations in connection with design fees, which are substantial.
The District has not said how much the project will cost in total. Nor has the District decided how to pay for the whole thing.
Read her discussion in full, here.
It appears that the District can apply the proceeds to immediate cash obligations in connection with design fees, which are substantial.
The District has not said how much the project will cost in total. Nor has the District decided how to pay for the whole thing.
Read her discussion in full, here.
1 Comments:
Why is the Board exceeding their debt limit without a referendum?
What they are doing is violating the spirit of the law if not the letter of the law.
Debt limits were set by the Legislature to keep inexperienced school board members from getting into financial trouble. Unfortunately an Administrator recommended a Financial Advisor who told the Board how to evade the limit without a referendum.
This transaction will cost an extra $1,000,000 in interest costs because we borrowed the money before we needed it according to a statement made by the Financial Advisor.
All three candidates up for reelection voted to exceed the debt limit without referendum - shame on all of them and the Administrator and Financial Advisor who told them how to evade State law.
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