Loyalsock schools to consider refinancing bond

Seeking to refinance a 2014 issue bond, the Loyalsock Township School Board approved a motion which authorizes Audrey Bear, Piper Jaffrey & Co. to begin the process which offers an opportunity to refinance, not an obligation to do so.

A representative of the group told the board that interest rates are now at a point where a savings of $157,935 is projected over the life of the new 2020 bond, which will have a debt period of 2027.

The district had established a threshold of 2 percent savings in order to consider refinancing. If the amount of savings realized by refinancing goes below 2 percent, the board would not move forward with the action.

In other actions, the board approved a request from Ryan Bulgarelli, the district’s band director, for about $5,000 to help students finance a trip to Florida where the band will perform at Disney World.

The total cost of the trip is in excess of $80,000 — band members are raising funds and also paying individual costs. Bulgarelli noted that some of the students in need of assistance have been in the band for several years, but would not be able to go on the trip without the additional funds.

In other business, the board adopted the 2020-21 school calendar.

The board approved the Intermediate Unit No. 17 general operations budget for the fiscal year July 1, 2020, through June 30, 2021.

It approved hiring: Hannah Paulhamus, part-time paraprofessional, $10.70 per hour; Ashley Stout, part-time paraprofessional, $10.94 per hour; and Ronda Edwards, substitute food service employee, $10 per hour.

The board also approved a request by Andrew Baker to take approximately seven students to the VEX Robotics Competition in New Jersey. The students, members of the Technology Students Association, will compete in the event.

The board will hold a closed hearing at 6 p.m., Feb. 19, followed by a public hearing in the board conference room, 1605 Four Mile Drive.

The next regular meeting will be at 7 p.m. March 11 at the same location.


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