Revenue bonds for Newark Charter, Delmarva Power, Goldey-Beacom top Monday agenda for state finance panel

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The Delaware Council on Development Finance is expected to sign off on revenue bonds for Newark Charter School, Delmarva Power and Goldey-Beacom College at a meeting on Monday.

Okaying the bonds is generally a formality. While the state board must approve the bonds,  the buyer of the bonds, not the  State of Delaware, assumes the financial risk.

The $40 million proposed for the charter school led to some confusion among some who thought the request involved taxpayer funds.

The popular school wants  to build a junior high school at its campus near the Maryland line on Elkton Road.

The school remains controversial in some circles, due to its five-mile-limit that typically excludes students from Bear, Wilmington and other areas. The limit is in place as a way to deal with a waiting list. The school has not indicated it has any plans to add another campus.

See agenda below: 

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Critics continue to claim that some charter schools and affluent affluent public school districts “skim the cream” of top students and motivated parents who do not need more intense assistance.  That leaves poorer districts struggling for funds as more wealthy schools add enrichment programs that attract top students, they claim.

The state has injected some added funds into poorer public districts. Those efforts may be in jeopardy as the state faces a big budget deficit.

Charter schools are financed by the state’s student aid formula but have to pay start-up costs. Newark Charter was able to raise needed start-up funding and took advantage of vacant “flex” office and industrial space in setting up shop.

Other requests include Delmarva Power refinancing $78 million in revenue bonds used for its natural gas system.

Goldey-Beacom College, a private institution,  is seeing $20 million to finance a new building and other projects at its campus in Pike Creek.

Also on the agenda is Nanticoke requesting a modification of a previous loan. The health system was acquired by Salisbury’s Peninsula system.

STF Technologies, Newark, is requesting a $50,000 grant from the
Delaware Strategic Fund Technical Innovation Program. 

The meeting at 9 a.m. will be available on Zoom or dial-in, with the exception of an executive session that typically focuses on troubled loans issued by the state.

Click here to register for the meeting.

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