Souderton Area School Board Refinancing Debt
Souderton Area School District officials are paying down what's owed on the new high school in Franconia with $700,000 realized from the sale of the parking lot across the street from the old high school in Souderton Borough. The remaining $33,000,000 debt will be restructured with a new bond issue to take advantage of lower interest rates. District officials expect to save about $1,000,000 in debt service costs over the 20-year life of the new bonds. The school district still has more than $6,000,000 coming from the sale of the old high school campus. Settlement on the building and nearby stadium is scheduled for next March while the closing on the remaining property is expected 14-months after that.