The Butler Area School District is considering a bond refinancing that could include borrowing to pay for maintenance projects.
At their meeting Monday night, the board approved a motion to authorize administrators to work with PNC investment bankers and bond counsel for the purpose of refinancing a series of floating rate bonds issued in 2007.
The district currently has debt service through 2035 but it would cost around $2 million to change the variable rate bonds to a lower fixed rate. This refinancing could also include borrowing up to $10 million to address immediate capital project needs such as roofs, HVAC equipment, and sidewalk repairs. That would result in an even lower fixed rate and only two more years of debt service.
This process is still in the very early stages and will continue to be discussed at public school board meetings in March and April.
