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Bonds may cost $6.6M in interest

Oct 06, 2015 - Pittsburgh Tribune Review

Penn Hills school officials Monday estimated that bonds to help pay daily expenses will cost the district $6.6 million in interest payments.

Despite a junk bond rating, Penn Hills officials closed on a $20 million bond issue with BNY Mellon on Sept. 30 to help pay day-to-day expenses.

The district is grappling with a deficit that officials this spring estimated is as much as $30 million.

Bond counsel Anthony Ditka of Dinsmore & Shohl said the district will pay 3.5 percent i...