South Fayette to borrow $4.8 million for school construction
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South Fayette is preparing to borrow $4,855,000 for the intermediate school that is under construction on the Old Oakdale Road campus. The school is for grades three, four and five.
Finance director Brian Tony said tonight the bonds will fund the balance of the $30,599,000 project.
During their workshop meeting on Sept. 18, school board members approved working with financial advisor Public Financial Management and bond counsel Dinsmore & Shohl to issue the bonds. Final board approval is expected in October.
To fund the majority of the project, the school board previously borrowed $25,744,000 in low-interested bond money through the Qualified School Construction Bond federal stimulus program. The district anticipates paying back less than the face value of that loan.
First Published September 25, 2012 9:17 pm