Seneca Valley board planning for renovations
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Seneca Valley officials expect to start making more detailed plans for school renovations and other projects next month.
On Monday, school board members appointed Janney Montgomery and Scott LLC as the underwriter for a $5.2 million bond issue and appointed Dinsmore and Shohl LLP as bond counsel.
"There will be more direction related to the project after we get the funding rolling," said Lynn Burtner, business manager.
School board members met last week with Robert Aumer of Janney Montgomery and Scott LLC to talk about the district's options.
Mr. Aumer said the district can borrow up to $5.2 million before the end of the year without affecting its bond rating. He said interest rates range between less than 1 percent and 2 percent.
This loan would span 12 years with the district's loan payments increasing only about $130,000 per year in the first 10 years.
The bulk of the loan would be paid off in the last two years, Mr. Aumer said.
Last week, school officials discussed the need to replace aging roofs, cooling systems, lighting and other items in various buildings.
Bob Cook, director of buildings, grounds and security, has put together a three-year plan to address those needs at a cost of about $6 million.
Ms. Burtner said an additional $1 million is available through a 2010 bond issue.
School board members also talked about buying new band uniforms and building a marquee off of Interstate 79 with the bond money.
First Published September 20, 2012 5:42 am