Mt. Pleasant to refinance bond, earn district $580,000
Mt. Pleasant Area School Board will see savings in the amount of $580,000 coming its way very soon.
Investment banker Robert Aumer with Janney Montgomery and Scott reported to the board Tuesday the refinancing of a bond issue will result in the substantial savings that will be spread out over six years.
With interest rates just higher than two percent, a savings was expected, but Aumer said the final savings was more than $100,000 more than had been estimated last November when he first came to the board to talk about the opportunity.
The district will see a savings of $110,000 in bond payments for the first year, approximately $80,000 the next four years and about $65,000 the final year.
Aumer said while the savings can be used in any way the district sees fit, he reminded the board the savings will last just these six years — after that the district will go back to paying what it had annually before the refinance.
The total amount of the new bond issue the district will be securing will be in the amount of $5,420,000.
While Director Denver Hudec was absent, all other board members voted in favor of adopting a debt incurring resolution to refund the existing bond indebtedness of 2008 for savings purposes.
In a work session meeting following the special meeting, directors approved several resolutions that will be on the agenda for the board's regular meeting next Monday.
Some of the resolutions that directors will be asked to approve include the Westmoreland Intermediate Unit general operating budget for July 1 of this year through June 30 of next year totaling $5,361,530 with the district's contribution of $17,426.68.
Under building and grounds, directors will look at approving the payment of construction and capital project bills, awarding bids to the lowest responsible bidders for masonry and paving and sealing projects.
The board will consider approving several improvement projects at different schools throughout the district that will be paid for from the capital improvements account.
The board will be asked to consider an agreement with the University of Pittsburgh at Greensburg for the student-teaching program that will be effective from 2013-17. This will allow students at that school who are enrolled in the education program to meet student teaching requirements within the Mt. Pleasant Area School District.
Rachel Basinger is a freelance writer.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Audit: Westmoreland records were at risk in transfer to computer system
- Salem teen surprised with Westmoreland Fair Queen win
- Hours to be reduced at Ruffsdale post office
- 9 displaced by fire in Grapeville
- Man admits preying on Lower Burrell neighbor, taking more than $100K in money, goods
- Catholic Diocese of Greensburg injunction becomes permanent
- Monessen man’s homicide trial set
- Ex-worker admits to taking money from Penn Township Sewage Authority
- Mt. Pleasant police chief Ober retires
- Penn Township hires public works director
- North Huntingdon man pleads guilty in road rage case