Central Greene refinances $17 million
WAYNESBURG – The Central Greene School Board voted Tuesday to refinance more than $17 million in bonds and will realize $565,000 in savings, according to the district’s investment banker. Directors approved the refinancing after meeting with investment banker Tom Kinney of HT Capital Markets and bond counsel Chris Brewer of law firm Thorp, Reed and Armstrong.
Kinney outlined the terms of the $17,345,000 refunding, which covers the 1996 and 2001 bond issues. He said the board is taking advantage of low interest rates to refinance the bond issue.
“The rates are lower than what you have outstanding now,” he said. “The debt service remains the same, the length is the same, and you’ll be $565,000 to the good.”
Kinney said the cost to issue the new bonds will be $200,000.
Business manager Walter Stout said the bond issues were taken out in 1993 and 1994 for construction of a new Waynesburg Central Elementary School, for renovations to Waynesburg Central High School and Perry Elementary School, and other capital projects.
He said proceeds from this refinancing will go into an account for capital projects and will be spent on items the board deems necessary. A district wide facilities feasibility study is presently in progress, which should lead to a listing of building issues that may need addressed.
“At this point, we’re not sure what the money will be used for, especially because we won’t have the money until the middle of January,” Stout said.
Stout said the district has a total debt of $33,441,000 and will pay an average of $1.525 million annually in repayment of the bond issues until 2027.
Among other business, the board also approved the first reading of a student wellness policy and a board governance standards/code of conduct.
The board approved an agreement with Southwestern Pennsylvania Human Services CARE Center to allow center representative s to conduct urinalysis or mouth swab tests of high school students enrolled in the CARE program.
Superintendent Dr. Jerome Bartley said the center works with students dealing with drug and alcohol abuse or come from homes where abuses have occurred. Students have been identified for the program and will be the only ones tested, he said.
“There’s really not much for us to do, other than provide a facility for the testing,” he said.
Bartley also announced that the district’s report card is now available at www.paayp.com, and noted that Margaret Bell Miller Middle School and Perry Elementary School will receive Keystone Achievement Awards next week for making adequate yearly progress on state standardized tests for two consecutive years.
The board’s next meeting is scheduled for Jan. 17.