The Herald, Sharon, PA Published Thursday, October 16, 2003

Board likely to borrow
up to $4.5 million

By Kristen Garrett
Herald Staff Writer

Faced with a lack of state money and no indication when it will arrive, Sharon school directors are expected to borrow up to $4.5 million to keep the schools running.

Business Manager James Wolf told directors Wednesday he will most likely be out of money to pay bills by Oct. 31. While some directors in Pennsylvania have talked about shutting down their respective schools, Wolf said borrowing money seems to be the most viable option for Sharon.

"It's just a real mess," he said.

If state legislators don't pass an education budget by January, the district will be over $3.4 million in debt, Wolf said.

The district can borrow the amount of its projected debt plus 5 percent of last year's total budget which equals $4.5 million, Wolf said.



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