Norwin School Board directors took steps this week to borrow close to $20 million over the next 16 months to pay for roofing and paving, among other projects.
The board approved borrowing the money in two installments — a $9.95 million bond issue in March and another $9.95 million scheduled for February 2024.
The first bond is to be repaid in 20 years and the second bond is to be repaid in 19 years.
The annual payments on the bonds will be exceed $800,000 and will require either a two-mill tax increase or cuts in other spending, according to Ryan Kirsch, business affairs director.
PFM Financial Advisors of Pittsburgh will serve as the district’s financial adviser.
Director Alex Detschelt opposed floating the bonds. He said he could not trust the board majority to manage the existing budget, which he says includes unnecessary spending.
“I don’t trust you managing $20, let alone $20 million,” Detschelt said.
Detschelt’s political allies on the board, Bob Wayman and Shawna Ilagan, also opposed the bond issue.
The district has an $82.6 million annual budget.
