LH to refinance bonds to fund infrastructure projects
Laurel Highlands School District will receive $4.5 million to spend on two infrastructure projects as part of a bond issue to refinance outstanding debt.
The school board last week approved a general obligation bond issue in an amount not to exceed $7.25 million.
The bond restructures portions of four of the district’s 2012 series and 2015 series general obligation notes that are set to mature in February that cumulatively carry outstanding debt of about $1.7 million.
New money the district will receive in the refinancing will fund a roof replacement at R.W. Clark Elementary School, which is estimated to cost $950,000, and new boiler and central air conditioning systems at Laurel Highlands Middle School, which carries a tentative price tag of $3.5 million. The board approved last month for a bond issue for the two projects to move forward.
The new bond is set to mature in 2039.
The bond refinancing resolution passed on a 7-2 vote, with school directors Beverly Beal and Tom Landman opposing the measure.
Landman, who opposed the air conditioning project last month because he did not feel it was a necessary expenditure for the district, said he could not vote to approve this resolution for the same reason. Landman said the air conditioning would likely not be used more than 10 days during the school year.
School director Debra Bortz said she reluctantly voted in favor of the refinancing because she considered it a necessity. She voiced concern over the large expense to the district.
“There are necessary things that have to be done in a school district. That’s the only reason why I’m voting for this, to get the jobs done that have to be done,” Bortz said.
District solicitor Gary Frankhouser said current project costs are estimates that could change once specifications are written and the projects bid out.
The district last month hired Garland Inc. to supply materials and oversee the roofing project. District Superintendent Dr. Jesse Wallace said Garland will bid out the project and ensure prospective contractors are reputable.
Eckles Architecture and Engineering was hired as the design architect and construction manager for the boiler and air conditioning project. According to Wallace, the current boiler units are 25 to 30 years old and of necessity to replace. The middle school does not currently have air conditioning.