Storm forces Phila. district to delay bond sale

Posted: November 01, 2012

Sandy even interfered with the Philadelphia School District's huge bond sale.

The district had been scheduled to go to the financial markets Tuesday to sell $300 million in bonds to bridge its operating deficit. Because the markets were closed Tuesday, the district will put the bonds on the market this coming Tuesday instead.

The change was announced during a special School Reform Commission meeting that had been scheduled Wednesday morning for the commission to vote on the deal. An abbreviated session was adjourned until the following Wednesday, when the commission is scheduled to convene at noon to vote on the sale.

In September, the SRC approved a tough five-year financial plan for the district as a prelude to the sale of bonds to raise money to cover a deficit of more than $200 million in the current $2.5 billion budget, as well as a shortfall anticipated in the fiscal year that begins July 1. - Martha Woodall

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