The Morning Call reports (read it here) that the NASD Board voted to stop using debt swaps, if it doesn’t cost extra money to do so.
Bethlehem School District’s debt swaps cost taxpayers over $10M.
According to the article NASD was told, “unlike Bethlehem's transactions, Nazareth's included no undisclosed payments and no conflicts of interest, the board was told.”
Also of note in the article, “A recent audit by the state attorney general's office focused on the Bethlehem Area School District and advised every local government or authority that has debt swaps to end them as soon as possible.”
The NASD is currently carrying $103M in debt.
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