The Mars Area School Board is moving forward with a plan that is expected to save the district over a million dollars.
By a vote of 5-4, the board approved a motion to refinance a series of general obligation notes from 2014 once a guarantee of $1.3 million in savings has been achieved. Board members Anthony Depretis, Megan Lenz, Christine Valenta, and Sallie Wick voted against this proposal.
The board chose to authorize this new series of bonds following a second presentation by representatives of PNC Bank Tuesday night. The board also considered waiting 19 months to make a similar refinancing and if financial conditions remained the same, they could have ended up saving about $2 million.
This refinancing is expected to save the district over $85,000 annually on debt service payments.
