Loyalsock Township School Board OKs $9M bond for building renovation
Loyalsock Township School Board has authorized bond counsel to secure a bond in the amount of $9 million for funds used for capital building projects.
Daniel Egly, district business manager, said the bond is needed to cover the total additional cost of projects planned for the high school, middle school and elementary school.
The projects are a new gymnasium at the high school, five classrooms and cafeteria expansion at the high school-middle school complex and four classrooms and a kitchen expansion at Donald E. Schick Elementary School, Egly said.
The district already borrowed $9.9 million, he said.
Costs have increased for materials. The expected impact on taxpayers is $120,000 to $180,000 over the first three years. The building starts at the elementary school about May 16, he said.
Parts of the high school-middle school projects are expected to begin after that.
The general contractors are ECI for the high school and Lobar for the elementary school.
Superintendent Gerald L. McLaughlin appreciated the board’s decision with the interest rates as low as they are now. The bond and borrowing will be paid off in 2039 as scheduled.
The board voted 7-0 for approval with Charles W. Edmonds and Valerie N. Komarnicki absent.