Norwin OKs $6.4 million bond issue; restructures administration
Norwin stands to save about $300,000 over the next 11 years by refinancing a $6.6 million debt this month.
The Norwin School Board Monday authorized the refinancing of the debt from a 2011 bond issue, a move that will save the district the money because interest rates will be lower than in 2011.
“The market is cooperating very nicely,” said Jamie Doyle, managing director for Public Financial Management Financial Advisors LLC, which is handling the bond issue for the district.
Doyle told the board the estimated savings is calculated after all underwriting fees and the state share of the savings.
Ryan Kirsch, director of business affairs, said the bulk of the savings for Norwin would be realized over the first several years. The district would save on average of $50,000 on its debt payments in those first several years, Kirsch said.
In a move to cut administrative costs for the 2019-2020 school year, the board approved combining the jobs of assistant superintendent for secondary education and assistant superintendent for elementary education, into a new position of K-12 assistant superintendent.
The restructuring comes as Timothy Kotch, assistant superintendent for secondary education, is retiring at the end of the school year. Natalie McCracken is the assistant superintendent for elementary education.
Barbara Viola, board president, declined to comment on the filling of any positions “until the board has finished the administrative restructuring, from the top down.”
The district is conducting a search to replace Superintendent William Kerr, who will retire at the end of the school year.
As part of the restructuring of the administration for the next school year, the board reassigned Troy Collier to be the middle school assistant principal for the next school by eliminating the half-time jobs of assistant principal at Hillcrest Intermediate and the middle schools. The decision last year to eliminate the full-time position of middle school assistant principal drew criticism from parents.
Collier had been assistant middle school principal for several years before being furloughed from that position and then designated as the assistant principal for both schools.
Lisa Banasik, the associate director of special education and student services, was assigned to the job of assistant principal at Hillcrest Intermediate for next school year after eliminating her job as of June 30. She had previously been assistant principal at Hillcrest Intermediate.
Joe Napsha is a Tribune-Review staff writer. You can contact Joe at 724-836-5252, [email protected] or via Twitter .