Public Finance - Penn Hills School District
Client: Penn Hills School District
Transaction Type: General Obligation Bonds
- In 2009, the School District utilized the Build America Bonds (“BAB”) Program that was enacted under the ARRA of 2008.
- In January of 2019, the School District was placed into Financial Recovery Status by PDE and a Chief Recovery Officer was appointed to develop and implement a recovery plan. The School District’s rating fell to Caa2, the lowest in Pennsylvania.
- The 2020 Bonds were issued as tax-exempt bonds to refund the Series of 2009. The lower tax-exempt interest rates provided savings to the School District of $13.4M. The savings were enhanced significantly by Boenning & Scattergood’s ability to market the bonds without a material amount of premium bonds after the redemption date.