Mars Area completes financing for elementary school project
ADAMS TWP — During its work session meeting Tuesday, Mars Area School Board unanimously approved the final round of bond financing for ongoing elementary school renovations.
“We’ve done two bonds already and this is the third bond to finish that project,” said John Kennedy, school board president.
The bidding process comes next, Kennedy said.
The board authorized the issuance of up to $7.3 million in general obligation bonds, which the district will repay over time with interest. The previous bond, issued in 2025, was $10 million, said Debbie Brandstetter, district business manager.
The board intends to sell about $6 million in bonds, but the larger issuance allows for flexibility with interest rates and unexpected costs, said Anthony Ditka, school board bond counsel.
Before the vote, Ditka made a presentation to the board in which he said the bonds are expected to be sold on Oct. 21 to PNC Capital Markets, which has been Mars Area’s investment banker for some time. The sale will tentatively close in November.
The successful vote also authorizes Ditka and his team to file a resolution with the Pennsylvania Department of Community and Economic Development for review.
“Anytime a local government in the commonwealth wants to borrow money, you have to go through DCED,” said Ditka.
In a response to board member Justin Miller’s inquiry, Ditka said if the district needs more money to complete the project than the cap approved — which Ditka said was unlikely — that would necessitate another round of financing.
“I’m hoping, since we’re nearing the end of the road here, that we have a pretty good idea of what’s left,” he said.
On the other hand, if there’s funds left after the project is complete, the resolution is worded to allow spending on the district’s other capital projects without needing to start over, said Ditka.
