Upper St. Clair considers bond refinancing
Favorable market conditions have Upper St. Clair School District considering the refinancing of their 2011 Series D bonds.
Mike Bova of Boenning & Scattergood spoke at the USC school board’s Sept. 12 committee of the whole meeting, explaining that the refinancing could potentially save the district $900,000.
Frosina Cordisco, USC director of finance, said the majority of funding realized by the bond refinancing could be used to offset the district’s PSERS payment. Upper St. Clair’s PSERS payment for 2016-17 is $10.235 million, paid in four installments throughout the year. The district receives a total of $5 million from the state for PSERS, also paid four times during the year.
The board voted to approve Boenning & Scattergood as investment banker for the 2011 Series D bond refinancing and to proceed with preparations for financing.
The board also approved Clark Hill as bond counsel for the 2016 refinancing at a cost of not more than $18,000 plus expenses.
In other business, the board is expected to vote on a hazing policy for the district at its Sept. 26 meeting.
Dr. Patrick O’Toole, USC superintendent of schools, said the district already addresses harassment and bullying in the student handbook, but the hazing policy will bring the district in compliance with a state statute.
We want to make sure there is no improper activity as a condition of membership in any type of organization said Dr. O’Toole.
“Our policy makes it clear that we take hazing seriously.”