The East Penn Board of School Directors Monday night authorized Public Financial Management (PFM) of Harrisburg to move forward with the refinancing and consolidation of two East Penn General Obligation Bonds – one from 2007 and the other from 2008 – with an anticipated net savings to the district of $250,000.
PFM managing director Scott Shearer came before the board to discuss the potential refinancing, stating that if current trends in the financial market hold steady for the next several months, East Penn will likely realize just under $100,000 in savings in the current fiscal year and approximately $150,000 in 2013-2014.
“The market changes day by day,” Shearer told the board during his financial report. “We like to leave as much flexibility for our clients as possible.”
Shearer said he expects to be back before the board in January 2013 to talk about the next step in the refinancing process.