TURBOTVILLE -- The Warrior Run school board authorized the sale of $6.47 million in bonds to finance renovations and refinance older bonds during Monday's school board meeting.
The bond sale will refinance the remainder of the 2001 and 2002 bond issues and provide $5 million for renovations at the high school-middle school complex. Interest on the new bonds will average 3.496 percent, and refinancing the older bonds will save the district about $18,000 in interest costs. The new issue will be paid off in 2020.
According to Jamie Shelby, of Baird Public Investment Advisors, the district is rated A-plus by Standard and Poor, a bond rating service, which is why the rates are so low. He said the district's sound financial condition makes its bonds attractive to investors.
In a related matter, the board approved several contracts for the first phase of the renovations. Silvertip Inc. was approved for heating, ventilation and air-conditioning work at a price of $866,000, and Keister Construction was awarded a contract for general work at a price of $74,000. PDG was the successful bidder for asbestos removal at a cost of $8,700.
Five bids were opened for coal for the Turbotville and Watsontown elementary schools, ranging from $164 to $179 a ton. Dubrovick Coal, of Washington, Pa., was the successful bidder at $164 per ton. The buildings each use about 200 tons per year.
The board approved the retirement of Larry Boyer, middle school principal, after 37 years of service. He was recognized as Pennsylvania conservation teacher of the year during his classroom career.
Following the meeting, an executive session was held to discuss two personnel matters.
Board members Norman Eisley and Steven Fairchild were absent.
News
Warrior Run OKs sale of $6.47M in bonds
Money will pay for renovations, refinance older bond issues
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