Powered by

Expert: Penn Hills loan could worsen stability :

May 21, 2015 - Pittsburgh Tribune Review

Cash-poor Penn Hills School District sailed into uncharted financial territory when it borrowed $12 million to keep the lights on after failing to secure a bigger loan, experts say.

The district is one of three in the state to seek a loan for operational expenses in the past three years.

"We've seen a bunch in tough financial shape, but not like this," said state Auditor General Eugene DePasquale. "Schools taking loans in and of themselves is pretty commonplace for a whole host of...