FINANCIAL_SERVICESAPPROVED

Philadelphia AVTS Awards Financial Services Contract to Bank of America N.a. (July 2026)

The School District of Philadelphia Board approved a direct purchase agreement with Bank of America, N.A. for up to $600 million in Tax and Revenue Anticipation Notes, Series A of 2026-2027. The facility includes an initial $200 million advance on July 28, 2026, variable or fixed interest options, and an unused fee on undrawn capacity.

Status
APPROVED
Document date
July 23, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Bank of America N.a.
Agency
Philadelphia AVTS · PA

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TerraCycle logo
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WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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Scope & details

The full contract record, as filed.

Contract amount
Not-to-exceed $600,000,000 aggregate principal amount; initial advance $200,000,000 with potential increases up to an additional $400,000,000 (not to exceed $600,000,000 in the aggregate)
Contract type
FINANCIAL_SERVICES
Contract term
Notes issued on or about July 28, 2026 with advances through the Advances Termination Date; maturity date June 30, 2027
Renewal date
2027-06-30
Renewal
Single fiscal-year tax and revenue anticipation notes maturing June 30, 2027; no renewals described, but Additional Notes may be issued under separate resolutions subject to statutory limits.
Document type
AgendaPacket
Source document
The School District of Philadelphia AgendaPacket Public Meeting 2026-07-23

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Philadelphia AVTS?

Bank of America N.a. was awarded this financial services contract by Philadelphia AVTS, as recorded on July 23, 2026. The contract value is Not-to-exceed $600,000,000 aggregate principal amount; initial advance $200,000,000 with potential increases up to an additional $400,000,000 (not to exceed $600,000,000 in the aggregate).

How much is the Bank of America N.a. contract with Philadelphia AVTS worth?

The Bank of America N.a. contract with Philadelphia AVTS is valued at Not-to-exceed $600,000,000 aggregate principal amount; initial advance $200,000,000 with potential increases up to an additional $400,000,000 (not to exceed $600,000,000 in the aggregate), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in The School District of Philadelphia AgendaPacket Public Meeting 2026-07-23 (AgendaPacket), dated July 23, 2026 from Philadelphia AVTS. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Bank of America N.a. hold?

Bank of America N.a. may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Bank of America N.a.'s profile

What is Philadelphia AVTS currently buying?

Explore Philadelphia AVTS's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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