Tredyffrin‑Easttown board adopts reimbursement resolution as district advances capital projects and potential bond plan

The Tredyffrin‑Easttown School Board on Feb. 26 adopted a resolution allowing the district to declare official intent to reimburse capital expenditures from future bond proceeds, giving the district flexibility to use bond funds to repay general‑fund spending on projects now under way or under study.

Board finance staff and outside advisors told the board the resolution is a routine financing tool that would allow the district to reimburse expenditures retroactively (up to 60 days) or for up to three years forward, reducing pressure on the general fund if the district issues bonds. Mr. McDonald said the resolution would cover capital expenditures including athletic‑field work, other infrastructure projects, and the potential purchase of the 1200 West Swedesford Road property.

The finance report presented earlier to the board put current revenue at roughly $149 million (about 87 percent of budget) and noted expenses and encumbrances near $148 million. Advisors from Raymond James and PFM reviewed possible bond sizing and timing, and staff said a borrowing on the order of $100 million spread over several years is under consideration, with a target to issue bonds in or around June depending on market conditions and bids.

Facilities updates accompanying the financing discussion included summer‑2024 projects (HVAC and network upgrades at several schools), a distributed antenna system (DAS) and emergency radio upgrades with bidding expected in May and construction likely June–September, and athletic‑field preliminary work. Facilities reported a low bid for tree removal on the athletic‑fields project that came in 25 percent under budget and that professional services fees remain within the planned budget.

Board members asked for clarifications on scope and limits; Mr. McDonald said the resolution does not impose a new cap beyond the amount described in the financing materials and emphasized that it creates flexibility rather than obligating a specific borrowing. The board moved and approved the resolution by voice vote.

Next steps: staff will continue to refine the capital sources‑and‑uses schedule, develop a parameters resolution to guide the financing team, and bring potential bond‑authorization items back to the board for formal consideration in upcoming meetings.