Reimbursements, recently approved by state officials, will save the Penn Hills School District more than $800,000 in debt-service payments on bonds the district used to build the new elementary school and high school.
The Penn Hills School board voted 7-0 to approve Pennsylvania Department of Education PlanCon Part H documents at the Oct. 27 meeting.
The Pennsylvania Department of Education will reimburse Penn Hills 16.1 percent of a Series A $24.9 million bond from 2009, which will save the district $85,320 in accrued interest, and 11 percent of a Series B $104.7 million bond from 2009, which will save the district $735,443 in accrued interest.
PlanCon is the state Education Department’s acronym for Planning and Construction Workbook, which allows districts to seek partial reimbursement on construction projects.
Funds for the projects were frozen in 2012 until $21.6 million in payments for 41 schools throughout the state were approved Sept. 26.
Kelsey Shea is a staff writer for Trib Total Media. She can be reached at 412-320-7845 or [email protected].