SUBURY — A $3 million bond issue resolution is on the agenda for next week’s Shikellamy school board meeting.
Board members decided during a work session Thursday night to vote on the proposed financing for energy infrastructure upgrades.
The issue likely will pass. Most members seemed to favor it, although director Lori Garman said she preferred a $2.5 million scenario.
The vote will be March 11. The meeting begins at 7 p.m. in the Island Park Administrative Center, 200 Island Blvd.
The desired upgrades are primarily at the Beck Elementary School, with some work planned for the C.W. Rice Middle School.
A financial analysis of the $3 million bond issue and of a possible $2.5 million one were presented to the board by Jamie Doyle, consultant with the PFM Group of financial advisers, Harrisburg.
Doyle said the good news is that interest rates continue to remain extremely low.
She said she needs authorization to proceed this month if the district wants to lock in an interest rate for bonds to be sold in May with money to be made available in June.
A $3 million bond issue would cost $3.8 million repaid over 15 years, Doyle said. Annual cost of the debt service would require roughly the equivalent of 1.46 mills annually, or $1.46 for every $1,000 of assessed property value, at the present level of property assessment in the district.
That does not mean taxes would go up that much, only that an equivalent amount is needed to make the debt payments. The money could be provided otherwise in future budgets or in some measure if there is an increase in the tax base — the amount of property available to tax.
Moreover, the purpose of the loan is to provide for energy infrastructure improvements designed to save money.
District Business Manager David Sinopoli said the improvements being discussed are expected to save at least $200,000 a year in energy costs.
They include a complete heating and air conditioning system overhaul at Beck and a conversion from oil to natural gas-fueled heating at Rice. Also planned are lighting upgrades for efficiency throughout the school system.
The $2.5 million bond issue plan would cost $3.2 million to repay in 15 years and require a 1.22-mill equivalent annually.
An alternate resolution providing for a $2.5 million bond issue will be prepared and will be available for the board to vote on if it chooses, as well one for the $3 million proposal.
On Monday, Shikellamy teachers agreed to a new 5-year employment contract offered by the school board. The school year will be extended by one day to 185 days, and the teachers will receive an average 3 percent annual pay raise on top of step raises for longevity and extra course credits earned.
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Shikellamy board mulls $3M bond issue for energy work
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