Upper St. Clair School Board may refinance bonds
After members of the High School Chanteclairs sang the national anthem to open their Oct. 27 regular meeting, the Upper St. Clair School Board recognized the District’s National Merit Scholarship Semifinalists and Commended Students.
Upper St. Clair’s National Merit 2015 Semifinalists are John B. Benhart, Ananya W. Cleetus, Dilanka T. Dharmasena, Rishabh Kewalramani, Madeline E. Kulp, Melissa Levine, Eliana M. Ondrejko and Tony Wang.
The District’s National Merit 2015 Commended Students are Morgan C. Cook, Domenick J. D’Amico, Julia de la Parra, Douglas K. Hapeman, Jeff W. Huo, Brian J. Kaplan, Riley O. Kohler, Meredith McDonough, Charles R. Mertz, Kevin P. Monpara, Deepika P. Narayanan, Shivani N. Patel, Julia K. Pfatteicher, Teja S. Polisetty, Lauren Schoeppner, Alexis L. Scott, Sriparna Sen, Deepikaa Sriram, Kelley A. Stehura, Jonathan W. Summers, Brian Tsui, Brooks W. Wilding, Olivia Wright and Jeffrey C. Zhang.
The board also heard comments from Frosina Cordisco, director of business and finance, and Mike Bova of Boenning & Scattergood about a bond refinancing opportunity. Cordisco told the board that market conditions are favorable for refinancing 2009 bonds, which are callable Jan. 15, 2015. She estimated a five percent savings by refinancing, money she recommended be used to lower the District’s debt servicing.
Bova told the board that if strong market conditions continued to hold, a potential savings of $243,000 could be realized. He said it was possible that a bond purchase agreement could be presented in November or December to lock in rates.
In a unanimous vote, the board approved Boenning & Scattergood as investment banker for the 2014 refinancing opportunity and approved to proceed with preparation for financing. The board also approved Clark Hill PLC as bond counsel for the 2014 refinancing.
In other business, the board approved an administrative salary plan for 2014-12015. Thirty-six thousand dollars will be used for merit increases and $18,000 will be used for market adjustments to compensation.
Also approved was a $2,500 per year lease with the Carrick Sportsman Club for use of their rifle range for the High School Rifle Team. The range, located in South Park about eight miles from USC High School, will be leased from November through February. Cordisco said the rifle team will have exclusive use of the facility during their regular twice weekly practices and competitions.