Bonds may cost $6.6M in interest
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...