Upper St. Clair School District considering bond refinancing
Members of the Upper St. Clair Board of School Directors heard from Michael Bova of Boenning & Scattergood about a possible refinancing of the district’s 2011 Series B Bonds.
Bova spoke at the board’s March 14 committee of the whole meeting, and explained to that there were opportunities in the bond market for a lower interest rate. He suggested the board adopt a parameters resolution, which would provide the best opportunity to take the bonds to marketplace.
Lisa Chiesa of Clark Hill, LLC, bond council, explained to the board the parameters that should be included in the resolution.
A board meeting was convened, and in a 7-0 vote, the board approved a debt ordinance for possible refinancing of the district’s 2011 Series B Bonds, with parameters that the aggregate sale not exceed $11 million, and that the savings realized be not less than $600,000. Absent from the meeting were Buffy Hasco and Barbara Bolas.
Any savings from the bond refinancing must be used for capital projects.
During the same meeting, the board received an update from David McLean of McLean Architects LLC about the bid opening for the high school stadium turf replacement.
McLean said there were two options for the replacement turf, and Field Turf was the low bidder for both. For option one, a premium turf, the base bid was $483,000; option two, regular turf, had a base bid of $425,000. The cost for add-alternates – lacrosse lines at $8,600 and a center logo at $10,125 – was the same for both options. Both field options have a 10-year warranty.
McLean explained that the premium turf option had thicker blades of turf, faster drainage and a cryogenic rubber that tended to stay in place more efficiently, resulting in less field maintenance.
Board member Harry Kunselman was in favor of excluding the center logo to reduce costs, saying that he thought it was unnecessary at this time. Board member Amy Billerbeck questioned if there might be a way to partner with the football boosters to have them pay for the logo.
McLean also reported that bid opening for the paving projects at Streams Elementary School and the High School is scheduled for March 23. McLean said that they should have a recommendation for the paving project for the board’s March 28 meeting.
The board is expected to take action on both the paving project and the stadium turf replacement at the March 28 meeting.