At a special meeting Wednesday night, the Penns Manor School Board approved a tax and revenue anticipation note.
The resolution that was adopted authorizes the issuance and sale of the note in an amount not to exceed $3.5 million to provide money to meet the district’s current expenditures. The proposal that was accepted came from First Commonwealth Bank and carries an interest rate of 7.5%. Once state subsidies start to come in, the district would use that money to repay the loan.
The board will meet for its regular meeting on November 12th
