ADAMS TWP — The Mars School Board is considering taking out a bond issue of up to $9 million to pay for upgrades and construction projects.

Financial professionals from Janney Montgomery Scott told the board Tuesday night that while experts expected interest rates to have increased, they are at the lowest rate in the past year.

Superintendent Wesley Shipley outlined the projects that the bond issue would pay for.

Those include the renovation of the administration offices, construction of the two ball fields at the Centennial School, a districtwide telephone system upgrade, air conditioning in the gymnasiums at the high school and middle school, replacement of the driveway from the Centennial School to Route 228, and renovations at the middle school.

“Those are the kinds of capital projects we’re looking at this time,” Shipley.

Three borrowing scenarios were presented to the board for $5 million, $7 million and $9 million.

Bond counsel Bob Ohmer explained that while the higher amounts would extend the term of the loan, the low interest rates would be favorable for borrowing up to $10 million.

Ohmer said the current interest rates, depending on the term of the loan and other factors, are 3.5 to 3.73 percent.

He said the district could pay more than the minimum amounts each month to shorten the term of the loan and save on interest.

The board voted to direct Janney Montgomery Scott to prepare the bond issue. The vote does not commit the board to take out the bond.