NORTH PENN SCHOOL DISTRICT
School Board Policy
9356
BYLAWS OF THE BOARD
Method of Operation
Long-Term Borrowing
In any case where the District finances an expenditure of funds, through the issuance of bonds or
through the use of any bond fund, the payback period (term of bond issue) shall not exceed the
expected useful life of the asset or assets improved or acquired by the expenditure. Further,
notwithstanding the useful life of the asset or assets in question, in no case shall the term of the
bond issue exceed twenty (20) years.
The issuance of long-term bonds to finance current operations is strictly prohibited. However, the
District may incur debt through the issuance of long-term bonds for the purpose of refunding prior
bond obligations provided that there is a significant savings to the District in the transaction.
Policy
Adopted:
Reviewed:
BOARD POLICY 9356
9/24/09 srk November 20, 1997
September 24, 2009