South Fayette looking to refinance bonds

Published Nov 22, 2013 at 3:21 pm (Updated Nov 22, 2013 at 3:21 pm)

The call dates are fast-approaching on two of the South Fayette School District’s bonds, and Jamie Doyle of Public Financial Management told the board of directors at its Nov. 19 meeting that it may be a good time to refinance the debt.

Doyle told the board that if the bonds are refinanced, it would “simply replace the higher rates with today’s lower interest rates, much like you’d refinance your house.”

The district has two bonds from 2004 – series A and series B. Doyle said the current interest rates on the bonds are between 3.5 and 4.35 percent. Doyle said depending on the bids, the rates could be reduced to between 0.88 and 3.14 percent.

Doyle said conservatively the district could save about $621,000 on the Series A bonds with $211,000 in savings realized this calendar year. She said refinancing the Series B bonds could net the district about $199,000 in savings.

If the board approves the refinancing, Doyle said a competitive Internet sale for the best rates could be held sometime in January. The board could take a vote on the matter at its Nov. 26 meeting.

Also at the meeting, the board voted unanimously to award a bid for a 72-passenger bus to Bluebird at a cost not to exceed $86,045. Board member William Sray was absent. After inspection, the bus will go into the district’s fleet in about a week.

Other business

• Several awards and recognitions were handed out at the Nov. 19 meeting.

Dr. Bille Rondinelli, superintendent of South Fayette, presented the 2013 Arts Education School Board Leadership Award. The board won the award earlier this month in Harrisburg for its dedication to keeping the arts in school. The district also presented plaques to Dr. Sarah Tambucci, director of the Arts Education Collaborative and Dr. Linda Hippert, executive director of the Allegheny Intermediate Unit.

Sam Depe III, owner of Hickory Heights Golf Club, was recognized for his support of South Fayette’s golf program. Student Corey Long was also recognized for winning the Class AAA WPIAL individual golf championship. The high school’s cross country team was recognized as WPIAL Class AA champions.

South Fayette was recognized as winners of the 2012-13 PIAA District VII Sportsmanship Award. A banner was presented at the meeting to Joe Farkus, athletic director at the district.

Rondinelli also announced that the district received recognition on the National Advanced Placement Honor Roll.

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