Abington School District reviews parameters resolution to authorize up to $270.45 million in bonds for middle school project

Raymond James representatives reviewed a parameters resolution that would authorize the remaining borrowings for the Abington School District middle school project, stressing flexibility in timing and structure and explaining the tax impact to residents.

Lauren Stadel of Raymond James told the meeting the district previously borrowed about $15,000,000 and is contemplating two additional series: roughly $136,900,000 later this summer or early fall and a final issuance of about $133.5 million, likely in 2028. She said the resolution is written to permit issuing the balance of the voter‑authorized $285,000,000 in one or more series but that total borrowing must remain within the voter limit.

The resolution filed for consideration sets a maximum remaining principal of $270,445,000, Raymond James said. The firm recommended a 30‑year level debt amortization so repayments match a final maturity in 2056 and to avoid stretching debt longer than necessary.

“The level debt structure saves approximately $95,000,000 in interest expense in today’s rate environment,” Presenter (Raymond James) said, adding the approach keeps the estimated taxpayer impact at about $54 per month for the median assessed home while the electoral debt is outstanding. Presenters cautioned that interest‑rate movement and final construction bids could change the timing and size of future issues.

Ally Mackey of Raymond James reviewed the issuance schedule: a community informational session about how residents can buy district bonds is planned for May 28; staff will prepare issuance documentation in June; a preliminary official statement and rating work are scheduled for July; bond insurers will be asked for quotes; and the team could lock rates in early August to target a September 1 settlement if market conditions allow.

A committee member asked whether the May 28 session would include guidance on pooling resources so residents without $5,000 to buy an individual bond could still participate. Mackey said Raymond James’ investment group would address those questions at the session and that the event will include an educational element for residents and students.

Bond counsel Ellen Enters, joined by Colleen Degnan of McNeese Wallace and Nurick, described the resolution as a parameters resolution required under the Local Government Unit Debt Act that: sets maximum aggregate and annual issue amounts; caps interest rates for any series at 6%; appoints Raymond James as underwriter and Manufacturers & Traders Trust Company as paying agent; and requires filings with the Department of Community and Economic Development and a tax opinion when bonds are issued.

Enters emphasized proceeds are limited to the Abington School District middle school project and cannot be used for other projects unless the district returns to the electorate for permission. When asked whether under‑budget proceeds could be reallocated, bond counsel replied they could only be used to pay down the bonds unless the electors approve a change.

The parameters resolution was reviewed and explained to the board; the transcript records the presentation and clarifying questions but does not show a formal vote or final action on the resolution within the provided segments. The district and Raymond James signaled the next public step is the May 28 informational session, followed by staff work on documentation and rating steps in June–July and a potential rate lock in early August that could enable settlement around Sept. 1.