The Butler Area School District is moving forward with a bond refinancing that will include borrowing to pay for maintenance projects.
At their meeting Monday night, the board approved a resolution to refinance a series of floating rate bonds issued in 2007 and borrow an additional $12 million for a total of $45 million in general obligation notes to be issued sometime over the next month.
The district would save around $2 million to change the variable rate bonds to a lower fixed rate and only extend their borrowing for an additional two years from 2035 to 2037.
The borrowing of new money will allow the district to address capital project needs that keep students safe, warm, and dry such as roofs, HVAC equipment, and sidewalk repairs. The timeline of the capital projects work has not yet been determined.
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