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UPSD Limits Size of Future Tax Hike
Written by Bradley Schlegel, Staff Writer
2018-01-18

            Last week, the Upper Perkiomen School Board voted to limit the rate at which real estate taxes can be raised for the 2018-19 school year.

            On January 11, the members approved an Accelerated Budget Opt-Out Resolution that sets the limit at a 2.9 percent millage rate increase, the highest rate allowed by law.

            Dr. John Farris cast the lone vote against the resolution.

            In other news, the members voted to resume the process of borrowing the funds to construct the new middle school. Hofkin cast the lone vote in opposition of a motion to authorize the school district's financing team to proceed with borrowing $26.520 million through a general obligation bond.

            In 2016, the board received a loan totaling $9.615 million with a rate of 3.3 percent. This year, the district was awarded a $9.870 million loan at 2.78 percent.

           In October, Jamie Doyle, a managing director of Public Financial Management, provided an estimate that the bond would receive an interest rate of approximately 3.75 percent. Doyle, appearing before the board during a public meeting, told members the rate would probably be higher than the initial two bonds because this one is a non-bank qualified loan.

           The bond proceeding will occur during the middle of the month through an internet auction, according to Sandra Kassel, the district's business administrator. She told the board that increased demand for bonds could earn the district a better interest rate than initially estimated.

            District officials plan on applying for a fourth loan in 2019 for a total of $9.9 million, according to the analysis. However, that amount could be reduced or eliminated, according to Kassel.

            "We're only going to borrow what we need," she said in October. "We're putting in place a plan to reduce the tax impact over that time."

            The procedure had been delayed since December 4, when the members voted to terminate the project and table a motion to move forward with the borrowing.

            Last week, the members also voted to move forward with an offsite plan to install sidewalks on either side of Montgomery Avenue between Walt Road and Sixth Street in Upper Hanover and Pennsburg.

            President Kerry Drake, Melanie Cunningham and Hofkin voted against a motion that authorizes the district to purchase, and if necessary, authorize the use of eminent domain to acquire the required property. Drake said he opposed the inclusion of eminent domain, the power of the state to take private property for public use with compensation to the owner.

            In October, the board approved an action item to pay a Souderton company $8,400 to appraise six properties along Montgomery Avenue. Only Hofkin voted against the motion to contract with the Indian Valley Appraisal Company.

            According to Solicitor Ken Roos, the district needs to acquire a portion of each parcel to construct the sidewalks required by the Upper Hanover board of supervisors.

            The property owners include William H. Chrisman Jr., 801 Montgomery Ave.; Brandon M. and Jennifer L. Hafler, 606 Montgomery Ave.; Donna M. Ossman, 604 Montgomery Ave.; William F. Kurz, HTB Holdings, LLC and Stanford L. Large, 704 Montgomery Ave.


 

 

 

 

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