North Penn School District officials are borrowing money.
The school board has authorized a $20,000,000 bond issue. The debt will be repaid over 10 years using a wrap around schedule that puts the emphasis on interest payments initially but calls for a big principal payment before the end of the bond term. Some of the borrowed money will be used to reimburse the district general fund for rennovations that have already been made at General Nash Elementary School. The rest will be used for additional upgrades at Nash as well as at the high school and Inglewood and North Wales Elementary Schools. District officials say the bond issue is probably the last borrowing North Penn will do for the next few years. The district has a AA2 credit rating. That puts it in a position to borrow at low interest rates.