Butler School Board votes to borrow $9.6 million
BUTLER TWP — The Butler School Board Monday night voted to borrow about $9.6 million for capital projects.
A bond issue will be taken out before the end of the year and the district plans to refinance some of its other debt in June.
The savings from the refinancing will mirror the added debt service payments of the bond issue, meaning there will not be an effect on the 2016-17 budget, said Alisha Reesh of Janney Montgomery Scott, the district's bond underwriters.
The term of the bond will be 18 years and the district is anticipated to pay $5.349 million in interest over its term.
“It's a drop in the bucket compared to the need, but it's also a drop in the bucket compared to the liability to let them go,” school superintendent Brian White said.
Included on the list of projects are:
$1,010,000 for roof replacement at the Senior High School
$950,000 for a roof replacement at Center Township Elementary School
$550,000 for stadium turf replacement
$500,000 for roof replacement at Emily Brittain Elementary School
$500,000 for roof replacement at Connoquenessing Elementary School
$500,000 for roof replacement at Center Avenue Community School
$470,000 for 10 catch basin replacements at the Intermediate High School
