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CASD approves sale of bonds
Wednesday, February 27, 2013
By Jeff Corcino Staff Writer
The Clearfield Area Board of School Directors voted to approve the sale of $18.65 million in bonds to finance the high school and elementary school projects at its meeting Monday night.
The sale is one of a series of bond issues the district is undertaking to finance a $35 million expansion and renovation project at the high school and a $10.6 million expansion and renovation project at Clearfield Elementary School.
The projects would allow the district to consolidate all of its classrooms into the two buildings and close the middle school, Centre Elementary and Bradford Elementary.
The construction projects are scheduled to be completed in the fall of 2014.
According to Jamie Doyle of Public Financial Management of Harrisburg, the school district's bond counsel, the district was able to receive a very low interest rate on the bonds due to the district's prudent financial management and near historic lows on interest rates.
She said the winning bidder for the bonds was Robert Baird at an interest rate of 3.19 percent and a term of 25 years.
When all costs are included the effective interest rate on the bond is 3.38 percent, Doyle said
And because the district has an A1 credit rating from Moody's, Robert Baird didn't require the district to have bond insurance, saving the district approximately $58,000.
Sam Maney, business administrator for the school district, said the new bonds do not significantly increasing the district's debt payments because the district has old debt that is expiring.
The district has one more bond issue planned in 2014 for $8.1 million for 25 years. The district had two previous bond sales of $9.82 million and $9.995 million. When sales are completed, the total borrowing would be $46.6 million.
In other business, the board voted to:
• approve the following personnel changes: appointments, Jeff Kavelak, middle school head softball coach; Darla Kurnal, substitute elementary and special education teacher, Hanna McCracken, substitute teacher; Brent Lykens, volunteer baseball coach; Jillian Stewart, volunteer track coach; Vickie Morgan, mentor for Jennifer Poletti; Brandon Coleman, middle school assistant softball coach; and Jessica Johnson, substitute speech teacher.
Leaves: Jennifer Squires, FMLA leave from March 11 to May 1 and Mistie Flanagan, special education classroom assistant.
Create a temporary special education personal care assistant at Clearfield Elementary and change a part-time special education PCA at Centre Elementary to a full-time position.
• approve the following activities requests: Bradford Township Elementary second grade to go to Penn's Cave on May 21, and grade 4 students to go to Lincoln Caverns on May 31.
The high school marching band to participate in the 2013 Indianapolis 500 Festival Parade. The band would depart on May 24 and return on May 27. In addition to the parade the band is also visiting King's Island Amusement Park. Cost to the district would be five substitutes for faculty members who assist with the band.
The Spanish Club to travel to Pittsburgh on May 8 to attend a Spanish themed luncheon cruise on the Gateway Clipper. Cost to the district is three substitute teachers.
The high school show choir and jazz band to travel to New York City on March 27 to see the musical "The Newsies." Cost to the district is one substitute teacher.
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