May 30, 2013 By Deana Carpenter 3 min read

School directors in South Fayette voted unanimously at a May 28 meeting to refinance a series of 2003 bonds, which will net a savings of $523,000 to the district.

Jamie Doyle of Public Finance Management told the board that by refinancing the bonds, the district won’t be extending its debt, but simply replacing the higher interest rates with today’s current, lower interest rates. The final payoff of the bonds will remain Oct. 1, 2025.

She said today’s rates are between 1.55 percent and 3.56 percent, and the savings of $523,000 represents 6.68 percent of the principal amount being refinanced. Doyle said she recommends refinancing when a net savings of two percent can be achieved, so the 6.68 percent is very good.

She added that she has “high hopes” that when the bonds go to auction, the rates will come in even lower.

The internet sale of the bonds will be held June 18, when the new interest rate will be set, and the bonds should close by the end of July. “This is a very attractive opportunity,” Doyle said.

The school board is set to tour the new intermediate school on June 25, prior to the board’s voting meeting. The tour is not open to the public and is an opportunity for the board to see the progress being made on the school. An official grand opening of the school to the public will take place Aug. 10.

With the opening of the new school, the district will no longer have need for four classroom trailers currently being used at the middle school. Dean Stewart, director of maintenance, said he has contacted several companies and no one wants to haul out the trailers. He said one company quoted him $24,000 to remove the trailers. The district paid $28,000 for the four used trailers some years ago.

Stewart said they are fine for use until the end of the school year. “They are usable, just not sellable,” Stewart said. He said he is thinking about listing the trailers for free on an online auction site.

The board unanimously approved two change orders for the new school, totaling $3,787, which included $1,113 for a duct detector and $2,674 for electric for the gymnasium window shade monitors.

The board unanimously approved Tucker Arensberg, P.C. to remain as school district solicitor at a monthly retainer of $400, the same rate since the 2004-05 school year. The board also unanimously approved Dr. Wayne DiBartolo as school district dentist for the 2013-14 school year at a rate of $2.75 per student, the same rate since the 2004-05 school year. Dr. Michael Speca and Preferred Primary Care Physicians were approved as school district physicians for the 2013-14 school year at a rate of $130 per hour, the same rate as the past four years.

Laurie Gray, elementary school principal, updated the board on kindergarten enrollment. She said 204 kindergarteners are registered for the 2013-14 school year. Gray projects between 232 and 236 kindergarteners will be registered by the time school starts in the fall.