Tuesday, June 11, 2013

North Star Charter Renegotiates Debt, Stays Open

Posted By on Tue, Jun 11, 2013 at 4:34 PM

Parents and school officials at Meridian's North Star Charter School breathed a sigh of relief Tuesday afternoon as the school announced it had successfully completed negotiations to keep the school's doors open.

In early April, parents received letters from school officials that warned of a notice of defect, the first step toward the possible closure of the school, due to a pending $640,000 budget shortfall.

"We are extremely pleased to deliver this good news," Jim Miller, Chairman of North Star's Board of Directors said Tuesday. "Everyone associated with North Star fought hard to ensure our school remains a viable option for local students."

A new forebearance agreement will temporarily lower the amount the school will pay to bondholders for the 2014 fiscal year. The school will also immediately begin negotiating with bondholders to work on a long-term agreement.

Meanwhile, school officials said they would beg addressing what it calls a community need to add an additional kindergarten and first grade class.

North Star Charter School is scheduled to begin its 2013-2014 school year Thursday, August 22.

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