{"id":3014,"date":"2026-07-23T19:44:26","date_gmt":"2026-07-23T19:44:26","guid":{"rendered":"https:\/\/corporate-movers-usa.com\/?p=3014"},"modified":"2026-07-23T19:44:26","modified_gmt":"2026-07-23T19:44:26","slug":"the-philly-school-board-just-voted-to-borrow-600-million-to-pay-its-bills","status":"publish","type":"post","link":"https:\/\/corporate-movers-usa.com\/?p=3014","title":{"rendered":"The Philly school board just voted to borrow $600 million to pay its bills"},"content":{"rendered":"<div>\n<div>\n<div><audio><\/audio><\/div>\n<\/div>\n<p>The Philadelphia school board on Thursday moved to borrow $600 million to pay employees and keep the lights on over the next several months.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=3012\">North Philly\u2019s Kahleah Copper is heading to the 2026 WNBA All-Star Game as a replacement selection<\/a><\/p>\n<div><\/div>\n<p>The temporary borrowing, authorized at a special school board meeting, comes in two tranches \u2014 $200 million this month, and $400 million in September.<\/p>\n<div><\/div>\n<div><\/div>\n<p>Borrowing to pay bills is a rite of summer for the district, the only school system in Pennsylvania unable to raise its own funds. The school board has had to issue tax and revenue anticipation notes for 43 of the past 45 years, officials said. Last year, the district authorized borrowing up to $1.5 billion because the state budget had not yet been passed.<\/p>\n<div><\/div>\n<p>\u201cSimply put, it helps ensure our schools have the cash flow needed to open on time, pay employees and vendors, and continue serving students without interruption,\u201d school board president Reginald Streater said at the meeting, which was held virtually.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=3010\">Ravi Coltrane joins \u2018one of the greatest orchestras in the history of the world\u2019 to celebrate his legendary father\u2019s 100th birthday<\/a><\/p>\n<div><\/div>\n<p>Rates are not locked in, but chief financial officer Michael Herbstman said if the transactions happened now, the first borrowing, which is set to happen Tuesday through Bank of America, would come at a rate of 3.4%, and the September public borrowing would have a rate of 2.85%.<\/p>\n<div><\/div>\n<p>The move, then, will mean millions in borrowing costs for the school system.<\/p>\n<div><\/div>\n<p>Philadelphia, the nation\u2019s ninth-largest school system, has about 114,000 students in 216 traditional public schools, and about 65,000 more in 83 charter schools. The district has a budget of about $4.6 billion.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=3008\">Founder of Kensington anti-violence nonprofit arrested for knife attack on SEPTA train, authorities say<\/a><\/p>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Borrowing to pay bills is a rite of summer for the district, the only school system in Pennsylvania unable to raise its own funds.<\/p>\n","protected":false},"author":1,"featured_media":3013,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Philly school board just voted to borrow $600 million to pay its bills - Corporate Movers USA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/corporate-movers-usa.com\/?p=3014\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Philly school board just voted to borrow $600 million to pay its bills - 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