Peters Township School Board authorizes $9 million bondPublished Mar 20, 2013 at 10:34 am (Updated Mar 20, 2013 at 10:34 am)
The Peters Township School Board was into spending, or possibly spending, lots of money during a meeting March 18. PTA Area Council has requested a new high school citing overcrowding and security concerns, and there’s the issue of replacing the stadium’s aging artificial turf.
In an effort to save money and to add another $3 million to the general fund for building projects, the school board authorized a $9 million bond, $6 million of which was a refinance of a 2008 bond at a nearly 2.9 percent interest rate for 15 years. Recalling and reissuing the bond at a lower interest rate will save the district nearly $400,000.
The bond is on top of a $5 million bond issued last year to finance a $2.5 million project to rehabilitate the athletic fields above Pleasant Valley Elementary School. The remainder of that bond was to finance correction of a pyrite issue at McMurray Elementary School. No action has been taken on the pyrite problem, with a less expensive fix a possibility.
As for the remaining $3 million from the bond authorized March 18, the district has three years to use the money for capital projects. Currently, the district has the borrowing capability of an additional $30 million with the amount increasing as the already-issued bonds are paid down.
In other action, the board:
• Created six tutors, if needed, with the option of adding more for an after school tutoring program to assist students in preparing for the Keystone Examinations. The total cost is expected to be $1,600. Three teachers are for Algebra I, two teachers for biology and one teacher for literature. The exams cover only those three subjects.
• Amended the collective bargaining agreement between the district and the Peters Township Federation of Teachers to offer an early retirement incentive to change the required retirement age from 62 to 60 years of age, and to change the minimum years of service from 33 years to 30 years. Additionally, teachers planning on taking the early incentive must notify the district by May 1.
• Approved the Western Area Career and Technology Center annual budget of $6,233,351. The district’s share is estimated at $140,307 for 16 students. The share is a decrease of $20,204 from the previous budget, due to fewer Peters Township students attending WACTC.
• Changed Caralee Rabe to lead custodian at the high school at $17.60 an hour, and hired Petrina DeNillo as a part-time secretary at the high school at $13.96 an hour.