Monessen School District could soon recoup significant savings by refinancing its bonds.
During the school board’s monthly meeting Tuesday, a motion was passed to engage Dinsmore & Shohl LLP to initiate the procedure to refinance the district’s 2012 and 2014 general obligation bond.
According to the district’s business manager, Jeff Festor, the district is authorizing that law firm to proceed with an information-gathering process before making a decision to refinance its bonds.
“We have an opportunity to refinance our bonds and take advantage of some lower interest rates,” he said. “Right now, we are projecting to save about $300,000 if we refinance the bonds. That’s money that can be used for other needs for our district.”
Festor added that the board could vote on refinancing its bonds during a February or March meeting. Monessen’s bonds are set to be paid off in 2030.
In other business, the board:
n Accepted the resignation of Mikey Blainefield as varsity head football coach. Interviews for a replacement will be conducted at the end of the month.
n Hired Matthew Strine as high school/middle school STEM teacher and Randall Duke as high school/middle school science teacher.
n Learned that phone issues affecting the district have been successfully corrected.