PPPCSPatterson Park Public Charter School (Baltimore, MD)
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In spring 2011, the PPPCS ranked 15th out of 115 BCPS elementary schools in the percentage of students scoring proficient or advanced on Maryland State Assessments.
Despite this solid performance, PPPCS failed to achieve Adequate Yearly Progress (AYP), a measure required under the federal No Child Left Behind law.
Following closing on the bonds, PPPCS and BCPS entered into a memorandum of understanding, allowing for a trustee intercept of PPAs for the benefit of bondholders.
PPPCS recently created a direct support organization (DSO) and transferred a significant portion its cash and cash equivalents to the DSO.
PPPCS faces financial challenges similar to those experienced by other charter school borrowers, including limited balance sheet resources and a high pro forma debt burden.