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Toxic Finance: Underinvestment in Philadelphia's School Buildings, 1993-2021

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Title: Toxic Finance: Underinvestment in Philadelphia's School Buildings, 1993-2021
Language: English
Authors: David I. Backer, Camika Royal
Source: Journal of Educational Administration and History. 2025 57(1):74-91.
Availability: Routledge. Available from: Taylor & Francis, Ltd. 530 Walnut Street Suite 850, Philadelphia, PA 19106. Tel: 800-354-1420; Tel: 215-625-8900; Fax: 215-207-0050; Web site: http://www.tandf.co.uk/journals
Peer Reviewed: Y
Page Count: 18
Publication Date: 2025
Document Type: Journal Articles
Reports - Research
Descriptors: Educational Finance, Investment, School Buildings, Expenditures, Public Schools, School Districts, Bond Issues, Costs, Debt (Financial), Educational Policy, Racism, Social Systems
Geographic Terms: Pennsylvania (Philadelphia)
DOI: 10.1080/00220620.2024.2368770
ISSN: 0022-0620
1478-7431
Abstract: Public school districts in the United States borrow over a trillion dollars for their facilities each year from the municipal bond market, yet more than half of these school buildings need significant repair. In this paper, we examine the relationship between a single school district infamous for its infrastructure needs, the School District of Philadelphia (SDP), and municipal bond market lending practices. Using a critical school finance framework, we ask what role municipal market lending has played in the SDP's toxic schools. After a review of relevant literatures, we estimate the total interest on debt for capital expenditure the district paid, as well as total costs of bond issuance, between 1993-2021, adjusted for inflation. We find that the district paid as much as $3.64 billion in interest on debt for capital expenditure and other purposes, and $145 million in costs of issuance for bonds during the period. Discussing the historical and policy context of this finding, we argue that Philadelphia's schools are toxic because their financing has been toxic.
Abstractor: As Provided
Entry Date: 2025
Accession Number: EJ1459236
Database: ERIC
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  Data: Toxic Finance: Underinvestment in Philadelphia's School Buildings, 1993-2021
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  Data: Routledge. Available from: Taylor & Francis, Ltd. 530 Walnut Street Suite 850, Philadelphia, PA 19106. Tel: 800-354-1420; Tel: 215-625-8900; Fax: 215-207-0050; Web site: http://www.tandf.co.uk/journals
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  Data: <searchLink fieldCode="DE" term="%22Pennsylvania+%28Philadelphia%29%22">Pennsylvania (Philadelphia)</searchLink>
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  Data: 10.1080/00220620.2024.2368770
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  Data: Public school districts in the United States borrow over a trillion dollars for their facilities each year from the municipal bond market, yet more than half of these school buildings need significant repair. In this paper, we examine the relationship between a single school district infamous for its infrastructure needs, the School District of Philadelphia (SDP), and municipal bond market lending practices. Using a critical school finance framework, we ask what role municipal market lending has played in the SDP's toxic schools. After a review of relevant literatures, we estimate the total interest on debt for capital expenditure the district paid, as well as total costs of bond issuance, between 1993-2021, adjusted for inflation. We find that the district paid as much as $3.64 billion in interest on debt for capital expenditure and other purposes, and $145 million in costs of issuance for bonds during the period. Discussing the historical and policy context of this finding, we argue that Philadelphia's schools are toxic because their financing has been toxic.
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        Value: 10.1080/00220620.2024.2368770
    Languages:
      – Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 18
        StartPage: 74
    Subjects:
      – SubjectFull: Educational Finance
        Type: general
      – SubjectFull: Investment
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      – SubjectFull: School Buildings
        Type: general
      – SubjectFull: Expenditures
        Type: general
      – SubjectFull: Public Schools
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      – SubjectFull: School Districts
        Type: general
      – SubjectFull: Bond Issues
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      – SubjectFull: Costs
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      – SubjectFull: Debt (Financial)
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      – SubjectFull: Educational Policy
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      – SubjectFull: Racism
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      – SubjectFull: Social Systems
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      – SubjectFull: Pennsylvania (Philadelphia)
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      – TitleFull: Toxic Finance: Underinvestment in Philadelphia's School Buildings, 1993-2021
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